Tax avoidance of multinational entities : an empirical analysis of tax effects on investment, financial structures and repatriation of profits

Harendt, Christoph

Dissertation Harendt_Einreichung.pdf

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URN: urn:nbn:de:bsz:180-madoc-470772
Document Type: Doctoral dissertation
Year of publication: 2019
Place of publication: Mannheim
University: Universität Mannheim
Evaluator: Schreiber, Ulrich
Date of oral examination: 4 October 2018
Publication language: English
Institution: Business School > ABWL u. Betriebswirtschaftliche Steuerlehre (Schreiber 1999-2019)
Subject: 330 Economics
Subject headings (SWD): Steuervermeidung , Multinationales Unternehmen , Empirie , Gewinnverlagerung , Auslandsinvestition , Verschmelzung , Akquisition , Kapitalstruktur , Holdinggesellschaft , Doppelbesteuerungsabkommen
Individual keywords (German): Unternehmensbesteuerung, Steuervermeidung, Multinationale Unternehmen, Empirische Analyse, Gewinnverlagerung, Ausländische Direktinvestitionen, Verschmelzungen, Akquisitionen, Kapitalstruktur, Holdinggesellschaften, Doppelbesteuerungsabkommen, Repatriierungssteuern
Keywords (English): Corporate Taxation , Tax Avoidance , Multinational Entities , Empirical Analysis , Profit Shifting , Foreign Direct Investment , Mergers and Acquisitions , CFC Rules, Capital Structure , Holdings , Double Tax Treaties , Repatriation Taxes
Abstract: In this thesis, I investigate tax avoidance of multinational entities (MNE), which is of interest because of its effects on, e.g., tax revenues or investment incentives. First, I investigate firms that at once have tax avoidance opportunities, since they become part of a MNE through an acquisition. My results support the reasoning that those opportunities positively affect the change of property, plant and equipment (PPE) after acquisitions in countries with a high tax rate (however, only if the anti-avoidance measure controlled foreign corporation rules does not apply). Second, I consider tax avoidance via the specific channel of debt financing and show that measures of this channel increase if one adjusts the consideration of holdings. Third, my results indicate that taxes on profit repatriations have negative effects on fixed assets, but positive effects on internal financial assets. Those opposing effects may explain insignificant effects on total assets. However, those findings cannot be confirmed in the context of double tax treaties, which often reduce such taxes.

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