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  1. Second-best source-based taxation of multinational firms
    Autor*in: Becker, Johannes
    Erschienen: September 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    I consider a continuum of multinational enterprises (MNEs), which differ in profitability. MNEs employ capital, shift profit to tax havens and may relocate their production facilities to other countries. Source countries provide public inputs and... mehr

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    I consider a continuum of multinational enterprises (MNEs), which differ in profitability. MNEs employ capital, shift profit to tax havens and may relocate their production facilities to other countries. Source countries provide public inputs and levy taxes. I derive optimal policy choices for different government objectives (to maximize tax revenue, national income or the representative household’s utility) allowing for an unrestricted set of tax policy instruments - in contrast to most existing work on corporate taxation. With observable productivity types, source governments set type-dependent lump-sum taxes and attain the first-best allocation. With unobservable productivity types, the optimum source-based tax system consists of a small lump-sum tax (driving low-profit types out of the market) and positive marginal taxes on reported profit. Optimal marginal tax rates on capital inputs are positive if more profitable firms employ more capital. Optimal public inputs are lower than in the first best if they are of higher value to more profitable firm types. I use a sufficient statistics approach (following Saez 2001) to express optimal tax and input choices as functions of elasticities of observable choice variables. Finally, I use the model to evaluate tax policy measures, e.g. the introduction of an effective minimum tax on profits in tax havens, and to derive the welfare properties of tax competition with an unrestricted set of tax instruments.

     
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    hdl: 10419/245510
    Schriftenreihe: CESifo working paper ; no. 9329 (2021)
    Schlagworte: corporate taxation; multinational firms; optimum taxation; tax competition
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  2. Profit shifting and equilibrium principles of international taxation
    Autor*in: Francois, Manon
    Erschienen: July 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We study the choice between source-based and destination-based corporate taxes in a two-country model, allowing multinational firms to use transfer pricing to allocate profits across tax jurisdictions. We show that source-based taxation is a Nash... mehr

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    We study the choice between source-based and destination-based corporate taxes in a two-country model, allowing multinational firms to use transfer pricing to allocate profits across tax jurisdictions. We show that source-based taxation is a Nash equilibrium for tax revenue maximizing jurisdictions if domestic and foreign firms generate large revenues. We also show that destination-based taxes are a Nash equilibrium when firms generate low revenues, which implies the presence of multiple equilibria. Both the source and the destination principle coexist in equilibrium when domestic and foreign corporate revenues are intermediate. However, the source principle always tax-dominates the destination principle.

     
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    Schriftenreihe: CESifo working paper ; no. 9211 (2021)
    Schlagworte: tax competition; multinational firms; corporate taxes; transfer pricing
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  3. Organizational capacity and profit shifting
    Autor*in: Bilicka, Katarzyna; Scur, Daniela
    Erschienen: September 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper analyses the effect of a firm’s organizational capacity on the reported profitability of multinational enterprises (MNEs). Better organizational practices improve productivity and the potential taxable profits of firms. However, higher... mehr

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    This paper analyses the effect of a firm’s organizational capacity on the reported profitability of multinational enterprises (MNEs). Better organizational practices improve productivity and the potential taxable profits of firms. However, higher adoption of these practices may also enable more efficient allocation of profits across tax jurisdictions, lowering actual taxable profits. We present new evidence that MNE subsidiaries with better such practices, when located in high-tax countries, report significantly lower profits and have a higher incidence of bunching around zero returns on assets. We show these results are driven by patterns consistent with profit-shifting behavior. Further, using an event study design, we find that firms with better practices are more responsive to corporate tax rate changes. Our results suggest organizational capacity, especially monitoring-related practices, enables firms to engage in shifting profits away from their high-tax subsidiaries.

     
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    hdl: 10419/245465
    Schriftenreihe: CESifo working paper ; no. 9284 (2021)
    Schlagworte: profit shifting; organizational capacity; monitoring practices; multinational firms
    Umfang: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  4. The effect of outward foreign direct investments on home employment
    evidence using Swiss firm-level data
    Autor*in: Kalambaden, Preetha; Steffen, Daniel
    Erschienen: 2020
    Verlag:  Universität Bern, CRED Center for Regional Economic Development, Bern

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    Schriftenreihe: CRED research paper ; no. 28
    Schlagworte: Foreign direct investments; home employment; multinational firms; globalization
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  5. Multinationals' sales and profit shifting in tax havens
    Autor*in: Toubal, Farid; Laffitte, Sébastien
    Erschienen: 29 October 2021
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP16675
    Schlagworte: multinational firms; International Taxation; Tax avoidance; Transfer Pricing; tax havens,Profit shifting; sales shifting
    Umfang: 1 Online-Ressource (circa 54 Seiten), Illustrationen
  6. Profit shifting and equilibrium principles of international taxation
    Autor*in: François, Manon
    Erschienen: [2021]
    Verlag:  Paris School of Economics, Paris

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    Schriftenreihe: Working paper / Paris School of Economics ; no 2021, 43
    Schlagworte: tax competition; multinational firms; corporate taxes; transfer pricing
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  7. FDI and onshore employment dynamics
    Autor*in: Koerner, Konstantin; Moritz, Michael; Schäffler, Johannes
    Erschienen: 10 May 2021
    Verlag:  Institute for Employment Research of the Federal Employment Agency, Nürnberg

    In this paper, we revisit questions about the onshore employment effects of firms that conduct foreign direct investment (FDI) in countries with substantially lower average wages. Our results derive from the use of rich administrative records on the... mehr

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    In this paper, we revisit questions about the onshore employment effects of firms that conduct foreign direct investment (FDI) in countries with substantially lower average wages. Our results derive from the use of rich administrative records on the universe of employees in German multinational enterprises (MNEs) that were active in the Czech Republic in 2010. Compared with former studies, the unique dataset in this study includes a much higher fraction of small and medium-sized firms and leads to strikingly different results for service MNEs. Applying coarsened exact matching for firms and an event-study design, we show that the domestic employment growth of MNEs decreases relative to that of non-MNEs and that the affected workers are those with low or medium educational attainment in the manufacturing sector and with medium or high educational attainment in the service sector. Regarding workers' tasks, our results do not show that FDI affects routine jobs beyond a worker's skill level. Wir analysieren die heimischen Beschäftigungseffekte von Unternehmen mit Niederlassungen in Niedriglohnländern. Essentiell für unsere neuen Ergebnisse ist die Nutzung administrativer Daten zur Population der deutschen multinationalen Unternehmen, die 2010 in der Tschechischen Republik tätig waren. Im Vergleich zu früheren Studien enthält der Datensatz einen sehr viel höheren Anteil kleiner und mittelständischer Unternehmen. Dadurch weichen unsere Ergebnisse insbesondere im Dienstleistungssektor von der bisherigen Literatur ab. Methodisch verwenden wir Coarsened Exact Matching, um sehr ähnliche Unternehmen zu untersuchen, welche sich ausschließlich hinsichtlich ihrer Investitionsentscheidung im Ausland unterscheiden. In einem Event-Study-Ansatz zeigen wir schließlich, dass das inländische Beschäftigungswachstum von multinationalen Unternehmen im Vergleich zu nichtmultinationalen Unternehmen abnimmt und dass im verarbeitenden Gewerbe Beschäftigte mit niedrigem oder mittlerem Bildungsabschluss und im Dienstleistungssektor Beschäftigte mit mittlerem oder hohem Bildungsniveau davon betroffen sind. In Bezug auf die Aufgaben/Tasks der Angestellten ergeben unsere Resultate keine Hinweise auf Auswirkungen von ausländischen Direktinvestitionen auf Routinetätigkeiten, die über das Qualifikationsniveau hinausgehen.

     
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    hdl: 10419/246259
    Schriftenreihe: IAB-discussion paper ; 2021, 9
    Schlagworte: economic integration; foreign direct investment; labor demand; multinational firms; offshoring; skills
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  8. Networked FDI and third-country intra-firm trade
    Autor*in: Okubo, Toshihiro; Watabe, Yuta
    Erschienen: 8 September, 2020
    Verlag:  Institute for Economic Studies, Keio University, Tokyo, Japan

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    Schriftenreihe: KEIO-IES discussion paper series ; DP2020, 014 (8 September, 2020)
    Schlagworte: multinational firms; networked FDI; intra-firm trade; sales and sourcing; third-country
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  9. Technology usage and organizational performance in multi-unit firmstransferring knowledge by transferring individuals
    innovative technology usage and organizational performance in multi-unit firms
    Autor*in: Stadler, Christian; Helfat, Constance E.; Verona, Gianmario
    Erschienen: [2021]
    Verlag:  Tuck School of Business at Dartmouth], [Hanover, NH

    Transferring individuals who possess relevant knowledge from one organizational unit to another – a form of resource redeployment – may help to overcome impediments to knowledge transfer. Despite the promise of this mechanism, which often occurs... mehr

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    Transferring individuals who possess relevant knowledge from one organizational unit to another – a form of resource redeployment – may help to overcome impediments to knowledge transfer. Despite the promise of this mechanism, which often occurs through intra-firm geographic mobility, relatively little research has examined how the knowledge and expertise of individuals interacts with the organizational resources of the units to which individuals move. This study examines whether intra-firm geographic mobility improves organizational performance by providing a conduit for the transfer of knowledge, while accounting for the interaction between individual knowledge and factors at the organization-unit level of analysis. We analyze the performance effects of the transfer of engineers who have expertise in innovative process technologies. The results from a large multinational company show that the innovative process technology-related expertise of an individual engineer who moves to a new organizational unit is positively associated with the performance of that unit, suggesting that intra-firm geographic mobility improves organizational performance by providing a conduit for the transfer of knowledge. The results also show that the technology-related knowledge of engineers is a substitute for organization-level factors when a unit uses only technologies with which it is already familiar, whereas the technology-related knowledge of engineers is a complement to organization-level factors when units introduce new technologies. Thus, individuals who bring novel expertise to their organizational units through intra-firm mobility may be important vehicles for organizational learning and building new competences, helping to diffuse best practice

     
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    Schriftenreihe: [Tuck School of Business working paper ; no. 3779743]
    Schlagworte: knowledge transfer; resource redeployment; strategic human capital; microfoundations; organizational learning; process technology; employee mobility; multinational firms
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  10. The impact of tax and infrastructure competition on the profitability of local firms
    Autor*in: Han, Yutao; Pieretti, Patrice; Pulina, Giuseppe
    Erschienen: November 2020
    Verlag:  Banque centrale du Luxembourg, Luxembourg

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    Schriftenreihe: Working paper / Banque centrale du Luxembourg ; no 149
    Schlagworte: Local firms; multinational firms; tax competition; infrastructure competition; tax harmonization
    Umfang: 1 Online-Ressource (circa 29 Seiten)
  11. R&D internationalization strategies of the world's top corporate R&D investors
    Autor*in: Belitz, Heike; Lejpras, Anna
    Erschienen: 2021
    Verlag:  DIW Berlin, German Institute for Economic Research, Berlin

    This paper contributes to the debate on the internationalization of the R&D activity of multinational enterprises (MNEs). Specifically, we examine the following research questions: (1) What are the determinants of the MNEs’ R&D internationalization... mehr

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    This paper contributes to the debate on the internationalization of the R&D activity of multinational enterprises (MNEs). Specifically, we examine the following research questions: (1) What are the determinants of the MNEs’ R&D internationalization level? (2) What types of internationalization strategies - home-base-augmenting (HBA), home-base-exploiting (HBE), technology-seeking (TS), and/or market-seeking (MS) - do the MNE employ? and (3) What are the typical patterns in pursuing different strategy mixes by MNEs? To this end, we merge data on 2,000 global research leaders from the 2012-2014 period with the EPO Worldwide Patent Statistical Database PATSTAT. Based on the final dataset, covering about 1,700 world’s top corporate R&D investors and their patenting activity, we find that about one-fifth focus their patent-relevant R&D activity in their home country only. Our study confirms former results of the literature that R&D offshoring is used by leading R&D performers predominantly to acquire complementary technological knowledge (HBA strategy) and to use their home-based technological advantages to expand their market penetration (HBE strategy). With patent data from the late 2010s, we find a further increase in the proportion of HBA strategies compared to the 2000s. This indicates the growing importance of international knowledge exchange between technologically similarly oriented locations. Hence, the increased attraction of foreign R&D locations is no reason for concern regarding the perceived hollowing-out of the national innovation systems. Indeed, since the advantages built at home are at the core of both the HBA and HBE strategies, the national system of innovation in the home country should support the technological advantages of firms, thereby enabling them to succeed in their R&D activity abroad.

     
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    hdl: 10419/234449
    Schriftenreihe: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 1942
    Schlagworte: R&D; patents; innovation; internationalization; multinational firms; global firms
    Umfang: 1 Online-Ressource (circa 34 Seiten)
  12. The global minimum tax
    Autor*in: Johannesen, Niels
    Erschienen: 2022
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

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    hdl: 10419/258964
    Schriftenreihe: CEBI working paper series ; 22, 01
    Schlagworte: profit shifting; international taxation; global minimum tax; tax avoidance; multinational firms
    Umfang: 1 Online-Ressource (circa 21 Seiten), Illustrationen
  13. Profit-shifting behaviour of emerging multinationals from India
    Autor*in: Das, Khanindra Ch.
    Erschienen: February 2022
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    This paper examines the profit-shifting behaviour of emerging multinational firms from India. It is found that the before-tax profitability of subsidiaries differs according to whether they were established directly or via an Offshore Financial... mehr

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    This paper examines the profit-shifting behaviour of emerging multinational firms from India. It is found that the before-tax profitability of subsidiaries differs according to whether they were established directly or via an Offshore Financial Centre (OFC). The impact of the corporate tax rate on profitability is examined using a fixed-effects model for the period 2010-19. In the case of subsidiaries established via OFCs, a negative relationship between corporate tax rate and profitability is found, indicating profit-shifting behaviour. However, a disaggregated investigation by characteristics of parent firms reveals that the negative relationship holds primarily for via-OFC subsidiaries that belong to multinational firms with limited transactions of intangible assets, lower export intensity, and limited dependence on external commercial borrowing. The evidence of profit shifting is not all pervasive. However, in the presence of these transaction channels, multinational firms establish better control over intra-firm resources, which enables the transfer of resources within the multinational firm when the network of subsidiaries is connected through the OFC. The results are robust to the inclusion of economic and institutional factors pertaining to the host country.

     
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    ISBN: 9789292671525
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    hdl: 10419/259377
    Schriftenreihe: WIDER working paper ; 2022, 21
    Schlagworte: corporate tax; multinational firms; offshore financial centre; profit shifting; panel data; tax haven
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  14. On the origins of the multinational premium
    Autor*in: Fillat, José; Garetto, Stefania
    Erschienen: [2021]
    Verlag:  [Federal Reserve Bank of Boston], [Boston]

    How do foreign direct investment (FDI) dynamics relate to the risk premium of a firm? To answer this question, we compare the stock returns of US firms with different FDI and mergers and acquisitions (M&A) exposure to study the evolution of stock... mehr

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    How do foreign direct investment (FDI) dynamics relate to the risk premium of a firm? To answer this question, we compare the stock returns of US firms with different FDI and mergers and acquisitions (M&A) exposure to study the evolution of stock returns as firms expand into foreign markets. We document three empirical regularities. First, there are cross-sectional risk premia associated with both multinational activity and mergers and acquisitions. Second, firm-level stock returns decline when a firm undertakes M&A activity and with merger deepening. Third, future multinational acquirers already have higher stock returns compared with domestic non-acquirers prior to entering foreign markets, indicating that cross-sectional returns differentials are driven by selection based on common unobserved firm characteristics. We find that CEOs play a role in explaining the relationship between firms' risk premia and foreign expansion. To rationalize these facts, we develop a dynamic model in which management attitudes shape the relationship between firm characteristics, selection into FDI, and risk premia.

     
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    hdl: 10419/250737
    Schriftenreihe: Working papers / Federal Reserve Bank of Boston ; no. 21, 20
    Schlagworte: multinational firms; mergers and acquisitions; management; stock returns
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  15. Measuring firm activity from outer space
    Autor*in: Bilicka, Katarzyna; Seidel, André
    Erschienen: April 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    To understand how global firm networks operate, we need consistent information on their activities, unbiased by their reporting choices. In this paper, we collect a novel dataset on the light that factories emit at night for a large sample of car... mehr

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    To understand how global firm networks operate, we need consistent information on their activities, unbiased by their reporting choices. In this paper, we collect a novel dataset on the light that factories emit at night for a large sample of car manufacturing plants. We show that nightlight data can measure activity at such a granular level, using annual firm financial data and high-frequency data related to Covid-19 pandemic production shocks. We use this data to quantify the extent of misreported global operations of these car manufacturing firms and examine differences between sources of nightlight.

     
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    hdl: 10419/260831
    Auflage/Ausgabe: This draft: April 2022
    Schriftenreihe: CESifo working paper ; no. 9701 (2022)
    Schlagworte: multinational firms; nightlight data; global firm networks
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  16. Measuring firm activity from outer space
    Autor*in: Bilicka, Katarzyna; Seidel, André
    Erschienen: 13 April 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17220
    Schlagworte: multinational firms; nightlight data; global firm networks
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  17. Pennies from haven
    wages and profit shifting
    Autor*in: Alstadsæter, Annette; Bjørkheim, Julie Brun; Davies, Ronald B.; Scheuerer, Johannes
    Erschienen: February 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Increasing attention has been given to the fact that some multinational enterprises shift income to tax haven countries, an activity that generates inequality in corporate taxation. Here, we examine how profit shifting relates to wage inequality.... mehr

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    Increasing attention has been given to the fact that some multinational enterprises shift income to tax haven countries, an activity that generates inequality in corporate taxation. Here, we examine how profit shifting relates to wage inequality. Using rich matched employer-employee data from Norway, we find that profit-shifting firms pay higher wages, particularly among service firms where the wage premium is approximately 2%. Furthermore, this average effect masks significant within-firm heterogeneity with high-skill occupations – and managers in particular – earning higher shifting wage premiums. CEOs particularly gain, with their wages rising nearly 10%. These results thus suggest that profit shifting by multinationals meaningfully contributes to wage inequality, both between and within firms. Finally, our back-of-the-envelope calculations suggest these higher wages would generate additional income tax revenues which would offset around 3% of the fall in Norway’s corporate tax revenues due to profit shifting.

     
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    hdl: 10419/252107
    Schriftenreihe: CESifo working paper ; no. 9590 (2022)
    Schlagworte: profit shifting; tax haven; tax avoidance; multinational firms; wage distribution; inequality
    Umfang: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  18. Do firms or workers drive the foreign acquisition wage premium?
    Autor*in: Rösch, Marcus; Gerritse, Michiel; Karreman, Bas; Oort, Frank van; Loog, Bart
    Erschienen: [2022]
    Verlag:  Tinbergen Institute, Amsterdam, The Netherlands

    We decompose the wage premium after foreign acquisitions of Dutch domestic firms into the constituent firm- and worker-level premia. Firm-level premia grow up to 3.5%, accounting for the majority of the acquisition premium. Worker-level premia by... mehr

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    We decompose the wage premium after foreign acquisitions of Dutch domestic firms into the constituent firm- and worker-level premia. Firm-level premia grow up to 3.5%, accounting for the majority of the acquisition premium. Worker-level premia by contrast, grow up to 1% and only materialize with delay, as the acquired firms hire workers with higher earnings capacity than domestic firms. Within firms, premia are also higher for workers with a relatively high earnings capacity. Though industry variation and firm size class heterogeneity is considerable, the dominance of firm-level premia suggests that foreign acquisitions change firms beyond a workforce reshuffling.

     
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    Schriftenreihe: Array ; TI 2022, 014
    Schlagworte: multinational firms; foreign acquisition; wage components; labor mobility; matched employer-employee data; AKM
    Umfang: 1 Online-Ressource (circa 50 Seiten)
  19. Multinational firms' organisational dynamics
    competition intensity and the ownership decision under uncertainty
    Autor*in: Navarro, Leandro Gastón
    Erschienen: February 25, 2021
    Verlag:  Verein für Socialpolitik, [Köln]

    I analyse firms organisational choices when they face uncertainty about institutional conditions in foreign locations with heterogeneous final good producers and incomplete contracts. As firms learn about the conditions abroad, the increasing... mehr

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    I analyse firms organisational choices when they face uncertainty about institutional conditions in foreign locations with heterogeneous final good producers and incomplete contracts. As firms learn about the conditions abroad, the increasing offshoring activity increases competition in the final goods market, leading to a progressive vertical disintegration of the supply chains. Initially, the firms that decide to explore offshoring potential choose integration. As competition in final good markets intensifies, the least productive ones among them switch sequentially to arm's length trade. In the fully domestic supply chains, the increasing competition promotes a sequential disintegration of the domestic intermediate input suppliers. I test for the predictions of the model using sectorallevel data for the US manufacturing sectors.

     
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    Schriftenreihe: Jahrestagung 2021 / Verein für Socialpolitik ; 61
    Schlagworte: Firm theory; multinational firms; incomplete contracts; global sourcing; uncertainty; sequential offshoring; information externalities; learning; competition; outsourcing; forward and backward integration; FDI
    Umfang: 1 Online-Ressource (circa 104 Seiten), Illustrationen
  20. Multinational firms in the U.S. economy
    insights from newly integrated microdata
    Autor*in: Kamal, Fariha; McCloskey, Jessica; Wei, Ouyang
    Erschienen: [2022]
    Verlag:  U.S. Census Bureau, Center for Economic Studies, Washington, DC

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    Schriftenreihe: Working papers / Center for Economic Studies, U.S. Census Bureau ; 22, 39 (September 2022)
    Schlagworte: multinational firms; records matching; machine learning
    Umfang: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  21. Activism and trade
    Autor*in: Koenig, Pamina; Poncet, Sandra
    Erschienen: [2018]
    Verlag:  Paris-Jourdan Sciences Economiques, Paris

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    Schriftenreihe: Working paper / Paris School of Economics ; no 2018, 60
    Schlagworte: activism; multinational firms; trade; imports; clothing industry
    Umfang: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  22. Knowledge transfers from multinational to domestic firms
    evidence from worker mobility : a replication-robustness study of poole (2013)
    Autor*in: Haller, Stefanie; Flaherty, Eoin T.; Balsvik, Ragnhild
    Erschienen: September 2023
    Verlag:  CESifo, Munich, Germany

    This paper replicates Poole (2013) using comprehensive Norwegian and Irish register data. Our results largely confirm the evidence documented in Poole for Brazil which suggests that when workers leave multinationals and are rehired at domestic... mehr

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    This paper replicates Poole (2013) using comprehensive Norwegian and Irish register data. Our results largely confirm the evidence documented in Poole for Brazil which suggests that when workers leave multinationals and are rehired at domestic establishments, the wages of their new coworkers who have already been present in the plant increase. However, unlike suggested in the original article there is little indication that these spillovers differ in a statistically significant way across various dimensions of heterogeneity for any of the three countries.

     
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    Schriftenreihe: CESifo working papers ; 10654 (2023)
    Schlagworte: multinational firms; wage spillovers; worker mobility; replication
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  23. Multinational firms in tax havens
    corporate motives, regulatory countermeasures, and recent statistics
    Autor*in: Olbert, Marcel; Spengel, Christoph; Weck, Stefan
    Erschienen: [2023]
    Verlag:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    We investigate multinational firms' activities in tax havens and regulatory efforts to curb these activities in three steps. First, we discuss the evolution of information exchange and disclosure regimes among tax authorities, with a focus on the... mehr

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    We investigate multinational firms' activities in tax havens and regulatory efforts to curb these activities in three steps. First, we discuss the evolution of information exchange and disclosure regimes among tax authorities, with a focus on the recent Countryby-Country (CbC) reporting regimes, designed to uncover and address tax haven usage by multinational firms. Second, we review existing empirical literature on multinational firms' tax haven utilization, specifically examining the impact of information exchange regulations and Country-by-Country Reporting. Third, we augment the current empirical evidence by presenting tax haven entity statistics from 2007 to 2021 for a representative multinational firm sample, sourced from Bureau van Dijk (BvD) Orbis and the aggregated CbC data provided by the Organisation for Economic Co-operation and Development (OECD). Our analysis suggests that, if exploited systematically, the recent Orbis database provides granular coverage of multinational firms’ subsidiaries worldwide, including tax haven entities in jurisdictions without disclosure mandates and information sharing agreements. Our findings reveal that multinational firms' ownership of tax haven entities peaked in 2015, with over 50,000 legal entities incorporated in tax havens (30,000 in Big8 tax haven jurisdictions). Although the growth of tax haven entities slowed after 2015, the overall number remains substantial as of 2021. Furthermore, European multinationals experienced a modest decline in tax haven entities following the implementation of mandatory private CbCR. We conclude by discussing policy implications and suggesting avenues for future research.

     
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    hdl: 10419/278740
    Auflage/Ausgabe: This version: 27 July 2023
    Schriftenreihe: Discussion paper / ZEW ; no. 23, 036 (09/2023)
    Schlagworte: Tax havens; multinational firms; tax avoidance; Country-by-Country Reporting; transparency; information exchange
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  24. Optimal ownership and firm performance
    an analysis of China's FDI liberalization
    Autor*in: Eppinger, Peter S.; Ma, Hong
    Erschienen: July 2023
    Verlag:  CESifo, Munich, Germany

    Seminal theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first quantification... mehr

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    Seminal theories of the firm posit that firm ownership is allocated to minimize contractual inefficiencies. Yet, it remains unclear how much the optimal ownership choice affects firm performance in practice. This paper provides a first quantification of the gains from optimal ownership within multinational firms, by exploiting a major liberalization of China's policy restrictions on foreign ownership. The liberalization allowed previously restricted firms to become fully foreign owned. We find that these reoptimized ownership choices raise firm output by 40% and productivity by 7.5% on average. An extended property-rights theory of the multinational firm rationalizes these effects and their heterogeneity.

     
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    Schriftenreihe: CESifo working papers ; 10551 (2023)
    Schlagworte: multinational firms; ownership; integration; firm performance; property-rights theory; China
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  25. A global minimum tax for large firms only
    implications for tax competition
    Autor*in: Haufler, Andreas; Kato, Hayato
    Erschienen: April 2024
    Verlag:  Graduate School of Economics, Osaka University, Toyonaka, Osaka, Japan

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    hdl: 11094/95432
    Schriftenreihe: Discussion papers in economics and business ; 24, 06
    Schlagworte: multinational firms; tax avoidance; profit shifting; tax competition
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