This paper presents a model that relates a multinational firm's optimal debt policy to taxation and to non-tax factors such as the desire to prevent bankruptcy. The model yields the predictions that a multinational's indebtedness in a country depends on national tax rates and differences between national and foreign tax rates. These differences matter as multinationals have an incentive to shift debt to high-tax countries. The predictions of the model are tested with the aid of a broad European data set combining firm-level data and information on the international tax treatment of dividend and interest streams. Corporate debt policy indeed appears to reflect national corporate tax rates and international corporate tax rate differences but ...
The OECD in its BEPS action plan 4 addresses tax base erosion by profit shifting through the use of ...
This paper examines the impact of local tax rates and capital market conditions on the level and com...
We present empirical evidence suggesting that the effect of the host country corporate tax rate on t...
Abstract: This paper presents a model that relates a multinational firm’s optimal debt policy to tax...
This paper presents a model of a multinational firm’s optimal debt policy that incorporates internat...
This study examines whether national and international tax factors can explain leverage decisions o...
We examine the capital structures of multinational companies. Multinational companies can exploit th...
We study the capital structure of multinationals and expand previous theory by incorporating interna...
This paper analyzes how corporate taxation affects the capital structure of subsidiaries of multinat...
This thesis examines whether multinational companies consider the anticipation of losses when decid...
This article studies the relation between debt policies of multinational companies (MNCs) and govern...
This paper analyzes the impact of taxes and lending conditions on the financial structure of multina...
This article aims to analyze the link between subsidiary capital structure and taxation in Europe. F...
Preliminary Version This paper compares domestically and foreign-owned plants with respect to their ...
We provide new evidence that differences in international tax rates and tax regimes affect multinati...
The OECD in its BEPS action plan 4 addresses tax base erosion by profit shifting through the use of ...
This paper examines the impact of local tax rates and capital market conditions on the level and com...
We present empirical evidence suggesting that the effect of the host country corporate tax rate on t...
Abstract: This paper presents a model that relates a multinational firm’s optimal debt policy to tax...
This paper presents a model of a multinational firm’s optimal debt policy that incorporates internat...
This study examines whether national and international tax factors can explain leverage decisions o...
We examine the capital structures of multinational companies. Multinational companies can exploit th...
We study the capital structure of multinationals and expand previous theory by incorporating interna...
This paper analyzes how corporate taxation affects the capital structure of subsidiaries of multinat...
This thesis examines whether multinational companies consider the anticipation of losses when decid...
This article studies the relation between debt policies of multinational companies (MNCs) and govern...
This paper analyzes the impact of taxes and lending conditions on the financial structure of multina...
This article aims to analyze the link between subsidiary capital structure and taxation in Europe. F...
Preliminary Version This paper compares domestically and foreign-owned plants with respect to their ...
We provide new evidence that differences in international tax rates and tax regimes affect multinati...
The OECD in its BEPS action plan 4 addresses tax base erosion by profit shifting through the use of ...
This paper examines the impact of local tax rates and capital market conditions on the level and com...
We present empirical evidence suggesting that the effect of the host country corporate tax rate on t...