Taxes and the location of targets

被引：18

作者：

Arulampalam, Wiji ^{[1
,2
,3
,4
]}

Devereux, Michael P. ^{[2
]}

Liberini, Federica ^{[5
]}

机构：

[1] Univ Warwick, Dept Econ, Coventry CV4 7AL, W Midlands, England

[2] Univ Oxford, Said Business Sch, Ctr Business Taxat, Oxford OX1 1HP, England

[3] IZA, Bonn, Germany

[4] Oslo Fiscal Studies, Oslo, Norway

[5] Swiss Fed Inst Technol, MTEC, CH-8092 Zurich, Switzerland

来源：

JOURNAL OF PUBLIC ECONOMICS | 2019年 / 176卷

基金：

英国经济与社会研究理事会;

关键词：

Multinational enterprises; Cross-border expansion; Target choice; Corporation income tax; Mixed logit; CROSS-BORDER MERGERS; M-AND-A; INTERNATIONAL TAXATION; MULTINATIONAL FIRMS; INVESTMENT; ACQUISITIONS; DETERMINANTS;

D O I：

10.1016/j.jpubeco.2019.05.005

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We use firm-level data to investigate the impact of taxes on the international location of targets in M&A, allowing for domestic acquisitions and heterogeneous responses by companies. The statutory tax rate in the target country is found to have a negative impact on the probability of an acquisition in that country. In addition, the estimated size of the effect is found to depend on whether (i) acquirer is a domestic or a multinational enterprise; (ii) the acquisition is domestic or cross-border; and (iii) the acquirer's country has a worldwide or territorial tax system. (C) 2019 Elsevier B.V. All rights reserved.

引用

页码：161 / 178

页数：18

共 43 条

[1] Multinationals as Arbitrageurs: The Effect of Stock Market Valuations on Foreign Direct Investment [J].

Baker, Malcolm ;

Foley, C. Fritz ;

Wurgler, Jeffrey .

REVIEW OF FINANCIAL STUDIES, 2009, 22 (01) :337-369

[2] International taxation and multinational firm location decisions [J].

Barrios, Salvador ;

Huizinga, Harry ;

Laeven, Luc ;

Nicodeme, Gaetan .

JOURNAL OF PUBLIC ECONOMICS, 2012, 96 (11-12) :946-958

[3] Should countries block foreign takeovers of R&D champions and promote greenfield entry? [J].

Bertrand, Olivier ;

Hakkala, Katariina Nilsson ;

Norbaeck, Pehr-Johan ;

Persson, Lars .

CANADIAN JOURNAL OF ECONOMICS-REVUE CANADIENNE D ECONOMIQUE, 2012, 45 (03) :1083-1124

[4] Location Choices of Multinational Firms: The Case of Mergers and Acquisitions [J].

Bertrand, Olivier ;

Mucchielli, Jean-Louis ;

Zitouna, Habib .

JOURNAL OF ECONOMIC INTEGRATION, 2007, 22 (01) :181-209

[5]

Brakman S., 2007, International mergers and acquisitions activity since 1990, P23

[6] Cross-border mergers and acquisitions and European integration [J].

Coeurdacier, Nicolas ;

De Santis, Roberto A. ;

Aviat, Antonin .

ECONOMIC POLICY, 2009, (57) :55-106

[7] Corporate governance and state expropriation risk [J].

Col, Burcin ;

Errunza, Vihang .

JOURNAL OF CORPORATE FINANCE, 2015, 33 :71-84

[8] Corporate tax elasticities: a reader's guide to empirical findings [J].

de Mooij, Ruud A. ;

Ederveen, Sjef .

OXFORD REVIEW OF ECONOMIC POLICY, 2008, 24 (04) :680-697

[9]

Devereux M.P., 2003, ECON ANAL POLICY, V33, P275

[10] Taxes and the location of production: evidence from a panel of US multinationals [J].

Devereux, MP ;

Griffith, R .

JOURNAL OF PUBLIC ECONOMICS, 1998, 68 (03) :335-367

← 1 2 3 4 5 →