المستودع الأكاديمي جامعة المدينة

The impact of thin-capitalization rules on multinationals' financing and investment decisions

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dc.creator Büttner, Thiess
dc.creator Overesch, Michael
dc.creator Schreiber, Ulrich
dc.creator Wamser, Georg
dc.date 2008
dc.date.accessioned 2013-10-16T07:06:29Z
dc.date.available 2013-10-16T07:06:29Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19715
dc.identifier ppn:559685106
dc.identifier RePEc:zbw:bubdp1:7114
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19715
dc.description This paper analyzes the effectiveness of thin-capitalization rules in preventing debt finance by intercompany loans and explores their consequences for corporate decisions. A theoretical discussion emphasizes that limitations of the deduction of interest owed to foreign affiliates would not only affect multinationals' capital structure choice but also investment. An empirical investigation exploits a large firm-level panel dataset of multinationals in order to analyze the impact of thin-capitalization rules on capital structure choice and investment in the OECD and some further European countries in the time period between 1996 and 2004. The results indicate that thin-capitalization rules are effective in curbing tax planning via intercompany loans. However, investment is found to be adversely affected.
dc.language eng
dc.relation Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2008,03
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject G32
dc.subject H26
dc.subject H25
dc.subject ddc:330
dc.subject Corporate Income Tax
dc.subject Multinationals
dc.subject Leverage
dc.subject Thin-Capitalization Rules
dc.subject Firm-Level Data
dc.subject Multinationales Unternehmen
dc.subject Kapitalstruktur
dc.subject Fremdkapital
dc.subject Steuerrecht
dc.subject Steuerwirkung
dc.subject Internationale Finanzierung
dc.subject Investition
dc.subject Deutschland
dc.title The impact of thin-capitalization rules on multinationals' financing and investment decisions
dc.type doc-type:workingPaper


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