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Investment and Financing Strategy of a Multinational Enterprise under Alternative Tax Designs
Gérard, Marcel; Princen, Savina - CESifo - 2012
This paper investigates the consequences of a series of alternative international tax designs on the strategy of a multinational enterprise regarding the cross border distribution of its investment and the choice of its financing behavior. We start with a world where no international tax rules...
Persistent link: https://www.econbiz.de/10010877861
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The Capital Structure of Multinational Companies under Tax Competition
Panteghini, Paolo - CESifo - 2006
This article studies the relationship between debt policies of multinational companies (MNCs) and governments’ tax strategies. In the first part, it is shown that the ability to shift income from high- to low-tax countries affects MNCs’ financial choices. In the second part we show how...
Persistent link: https://www.econbiz.de/10005765711
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Tax Rate Uncertainty and Investment Behavior
Niemann, Rainer - CESifo - 2001
This paper deals with the effects of tax rate uncertainty on risk-neutral and risk-averse investment behavior. We … as under risk aversion, increased tax rate uncertainty has an ambiguous impact on investment behavior, depending on the … investor’s utility function and the investment project’s structure of cash flows and depreciation deductions. The popular view …
Persistent link: https://www.econbiz.de/10005766096
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Profit Shifting by Debt Financing in Europe
Barion, Francesca; Miniaci, Raffaele; Panteghini, Paolo; … - CESifo - 2010
This article aims at analyzing the link between subsidiaries’ capital structure and taxation in Europe. First we introduce a trade-off model, which studies a MNCs’ financial strategy and shows how debt policy allows multinational groups to shift profits from low-tax to high-tax...
Persistent link: https://www.econbiz.de/10008534057
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Group Taxation, Asymmetric Taxation and Cross-Border Investment Incentives in Austria
Niemann, Rainer; Treisch, Corinna - CESifo - 2005
In 2005, Austria modified its group taxation regime and now provides an option for cross-border loss-offset. We analyse the combined impact of Austria's new group taxation and loss-offset limitations on cross-border investment decisions of domestic corporations. Monte Carlo simulations in an...
Persistent link: https://www.econbiz.de/10005094358
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Tax Incentives and Business Investment: Evidence from German Bonus Depreciation
Eichfelder, Sebastian; Schneider, Kerstin - CESifo - 2014
In this paper, we use an exogenous variation in tax regulations to analyze the impact of bonus depreciation programs on … business investment. To promote economic convergence of Eastern and Western Germany after reunification, bonus depreciation tax … the theoretical literature, there is empirical evidence for strong and significant effects of the bonus depreciation …
Persistent link: https://www.econbiz.de/10010775097
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Do Dividend Taxes Affect Corporate Investment?
Alstadsæter, Annette; Jacob, Martin; Michaely, Roni - CESifo - 2014
We test whether dividend taxes affect corporate investments. We exploit Sweden’s 2006 dividend tax cut of 10 percentage points for closely held corporations and five percentage points for widely held corporations. Using rich administrative panel data and triple-difference estimators, we find...
Persistent link: https://www.econbiz.de/10011067198
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Credit Constraints and FDI Spillovers in China
Agarwal, Natasha; Milner, Chris; Riaño, Alejandro - CESifo - 2013
This paper examines whether credit constraints affect Chinese firms’ absorption of productivity spillovers from foreign firms. Using firm-level data for 2001-2005, we find evidence of positive spillovers originating from FDI from countries other than Hong Kong, Macau and Taiwan for non-state...
Persistent link: https://www.econbiz.de/10010674453
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Transfer Pricing: Roles and Regimes
Nielsen, Søren Bo - CESifo - 2014
Against a background of rather mixed evidence about transfer pricing practices in multinational enterprises (MNEs) and varying attitudes on the part of tax authorities, this paper explores how multiple aims in transfer pricing can be pursued across four different transfer pricing regimes. A MNE...
Persistent link: https://www.econbiz.de/10010877968
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Do Transfer Pricing Laws Limit International Income Shifting? Evidence from European Multinationals
Lohse, Theresa; Riedel, Nadine - CESifo - 2013
In recent years several countries have augmented their national tax laws by transfer pricing legislations which intend to limit the leeway of multinational firms to exploit international corporate tax rate differences and relocate profit to low-tax affiliates by distorting intra-firm transfer...
Persistent link: https://www.econbiz.de/10010877984