Der Beitrag untersucht für am SMI kotierte Unternehmen, ob diese Aktienrückkäufe als Substitute oder Komplemente für Nennwertrückzahlungen und Dividendenzahlungen verwenden. Durch die Verwendung einer Regressionsanalyse können unternehmensspezifische Faktoren wie der Verschuldungsgrad und...

The increased use of information and communication technologies (ICT) leads to new ways of doing business internationally. Nowadays, firm-specific intangible assets as well as services often constitute the most important factors for the creation of value. Besides, geographic distances tend to be...

In this paper the impact of the corporate tax systems of the 15 EU-member states on the investment and the financing decision of an US multinational corporation is analysed. The calculation of the resulting effective marginal tax rates (EMTR) closely follow the model of King and Fullerton. There...

Die grenzüberschreitende Betriebsaufspaltung wird in der Literatur häufig als interessantes steuerliches Gestaltungsinstrument ausländischer Investoren bezeichnet, insbesondere weil sich dadurch die Gewerbesteuerbelastung reduzieren lassen soll. Der Beitrag untersucht an hand einer...

The multinationalization of corporate investment in recent years has given rise to a number of international tax avoidance schemes that may be eroding tax revenues in industrialized countries, but which may also reduce tax burdens on mobile capital and so facilitate investment. Both the welfare...

This paper is concerned with tax-planning strategies of multinational corporations. A theoretical analysis discusses the choice of the capital structure in a setting where intercompany loans can be used to shift profits to low-tax countries. Empirical evidence is provided using micro-level panel...

This paper presents a theory model that simultaneously accounts for the financing decisions and ownership structure in affiliates of multinational firms. We find that affiliates of multinationals have higher internal and overall debt ratios and lower rental rates of physical capital than...

Numerous (high-tax) countries presume that multinational firms use their transferpricing policies to shift profits into countries with lower tax rates. To avoid the corresponding loss in tax revenues, tax authorities develop constantly tightening rules to curb transfer-price distortions....

Die Steuerplanung internationaler Unternehmen, die durch geschickte Kombination von Regelungen ihre Steuerbelastungen gegen null senken, und die Steuerpolitik einiger Länder stehen in der öffentlichen Kritik. Johanna Hey, Universität zu Köln, verweist darauf, dass es bei der Bekämpfung sog....