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Tax attractiveness and the location of German-controlled subsidiaries

Author

Listed:
  • Deborah Schanz

    (Ludwig-Maximilians-University Munich)

  • Andreas Dinkel

    (Ludwig-Maximilians-University Munich)

  • Sara Keller

    (WHU – Otto Beisheim School of Management)

Abstract

This paper analyzes whether taxation has an influence on the location decisions of multinational enterprises. We employ a novel set of 22 tax variables, such as the taxation of dividends and capital gains, withholding taxes, the existence of a group taxation regime, and thin capitalization rules. Furthermore, we use the Tax Attractiveness Index, a new aggregate measure containing the 22 tax variables. Our count data regression analysis is based on a novel hand-collected dataset consisting of the subsidiaries of German DAX30 companies in 97 countries. Controlling for non-tax effects, we find that a country’s tax environment has a significantly positive effect on the number of German-controlled subsidiaries and, therefore, on the location decisions of German multinational enterprises. Specifically, our analysis reveals that German multinational firms place affiliates in countries that offer favorable statutory tax rates, withholding taxes, double tax treaty networks, and holding incentives. Additionally, we find that the Tax Attractiveness Index has explanatory power in subsidiary location decisions and, therefore, it can be used as alternative composite measure, for example, when 22 single tax variables are not at disposal.

Suggested Citation

  • Deborah Schanz & Andreas Dinkel & Sara Keller, 2017. "Tax attractiveness and the location of German-controlled subsidiaries," Review of Managerial Science, Springer, vol. 11(1), pages 251-297, January.
  • Handle: RePEc:spr:rvmgts:v:11:y:2017:i:1:d:10.1007_s11846-016-0190-3
    DOI: 10.1007/s11846-016-0190-3
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    More about this item

    Keywords

    International taxation; Tax attractiveness; Statutory tax rate; Location decision; Multinational enterprise; Composite index;
    All these keywords.

    JEL classification:

    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • H73 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Interjurisdictional Differentials and Their Effects
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business

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