International Taxation and Multinational Activity
James R. Hines
University of Chicago Press, Feb 15, 2009 - Business & Economics - 288 pages
Because the actions of multinational corporations have a clear and direct effect on the flow of capital throughout the world, how and why these firms behave the way they do is a major issue for national governments and their policymakers. With an unprecedented ability to adjust the scale, character, and location of their global operations, international corporations have become increasingly sensitive to the kind and degree of tax obligations imposed on them by both host and home countries. Tax rules affect the volume of foreign direct investment, corporate borrowing, transfer pricing, dividend and royalty payments, and research and development. National governments that tax the profits of international firms face important challenges in designing tax policies to attract them. This collection examines the global ramifications of tax policies, offering up-to-date, theoretically innovative, and empirically sound perspectives on a problem of immense significance to future economic growth around the globe.
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1 Has US Investment Abroad Become More Sensitive to Tax Rates?
2 Tax Sparing and Direct Investment in Developing Countries
3 Does Corruption Relieve Foreign Investors of the Burden of Taxes and Capital Controls?
4 Transaction Type and the Effect of Taxes on the Distribution of Foreign Direct Investment in the United States
Is There Evidence of Changes in Behavior?
The Effect of Permanently Reinvested Foreign Earnings on Stock Prices
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aﬀect after-tax allocation average eﬀective tax average tax rates beneﬁts capital controls CFCs coeﬃcient column companies corporate corruption deﬁned dependent variable diﬀerent dividend taxes dividends domestic eﬀect of tax eﬀective tax rates equation excess credit ﬁnancial ﬁnd ﬁnding ﬁrm’s ﬁrst ﬁscal ﬂows foreign aﬃliates foreign direct investment foreign earnings foreign income foreign investment foreign patents foreign source foreign tax credits foreign tax rate Glenn Hubbard growth Grubert and Mutti high-tax Hines host countries host-country tax income shifting income taxes industry inﬂuence intraﬁrm trade balances investors Japan Japanese and U.S. Japanese ﬁrms low-tax countries output percent productivity proﬁts R&D expenses reﬂect regression repatriation reported royalties sample speciﬁcation statutory tax rate tax competition tax eﬀects tax havens tax liability tax policy tax sparing agreements taxation technical change transfer pricing U.S. Department U.S. ﬁrms U.S. MNCs U.S. multinationals U.S. parent U.S. tax United
Page x - RELATION OF NATIONAL BUREAU DIRECTORS TO PUBLICATIONS REPORTING CONFERENCE PROCEEDINGS Since the present volume is a record of conference proceedings, it has been exempted from the rules governing submission of manuscripts to, and critical review by, the Board of Directors of the National Bureau.