Taxation And The Birth Of Foreign Subsidiaries
The paper studies the influence of tax policy on foreign direct investment with a particular emphasis on immature subsidiaries. Among other things it shows that taxes on repatriations reduce the subsidiary's "birth weight", that lump sum taxes reduce its cost of capital, and that the possibility of deferral increases this cost. The paper rejects the popular weighted average specification of the subsidiary's cost of capital.
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|Date of creation:||1990|
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NBER Working Papers
3056, National Bureau of Economic Research, Inc.
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- Bradford, David F., 1981.
"The incidence and allocation effects of a tax on corporate distributions,"
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Elsevier, vol. 15(1), pages 1-22, February.
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- King, Mervyn, 1989. "Economic growth and the life-cycle of firms," European Economic Review, Elsevier, vol. 33(2-3), pages 325-334, March.
- Stiglitz, Joseph E., 1973. "Taxation, corporate financial policy, and the cost of capital," Journal of Public Economics, Elsevier, vol. 2(1), pages 1-34, February.
- Assaf Razin & Joel Slemrod, 1990. "Taxation in the Global Economy," NBER Books, National Bureau of Economic Research, Inc, number razi90-1.
- Sinn, Hans-Werner, 1984. "Die Bedeutung des Accelerated Cost Recovery System fur den internationalen Kapitalverkehr. (The Significance of the Accelerated Cost Recovery System for International Capital Movements. With English s," Kyklos, Wiley Blackwell, vol. 37(4), pages 542-76.
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