-specific data from the Bureau of Economic Analysis, we find that firms with high tax-induced foreign cash have approximately 3 ….3 percent higher domestic liabilities relative to other multinationals, equivalent to $152.2 million more domestic debt per firm …, or approximately $98.9-$141.9 billion in aggregate. We next examine motives for firms with tax-induced foreign cash to …

smoothing behavior in Korea where the tax regime and institutional settings of the financial market are different from those of …'s characteristics, but also by macroeconomic factors such as tax and interest rates. Detailed results are as follows. First, application … smoothing, both tax and interest rates are found to have significantly positive relationships with the degree of dividend …