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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/19076| Title: | Taxation and the financial structure of German outbound FDI |
| Keywords: | H25 F23 ddc:330 foreign direct investment financial structure capital structure taxation Auslandsniederlassung Kapitalstruktur Internationale Finanzierung Unternehmensbesteuerung Steuerbelastung Direktinvestition Deutsch |
| Issue Date: | 16-Oct-2013 |
| Description: | The paper analyzes the financial structure of outbound FDI during the period 1996-2002 by drawing on up to 54,022 firm-year observations of 13,758 German-owned subsidiaries. We find that the tax rate in the host country has a sizeable and significantly positive effect on leverage for wholly-owned foreign unlike partially-owned foreign companies. Most of the effect comes from increased intra-company borrowing, while third-party debt is not significantly affected by tax differences. While wholly-owned subsidiaries react more sensitively to tax rate differentials, they are less sensitive to macroeconomic influences like interest rates. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/19076 |
| Other Identifiers: | http://hdl.handle.net/10419/19076 ppn:509697992 |
| Appears in Collections: | EconStor |
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