EUROPEAN ECONOMY EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS

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1 EUROPEAN ECONOMY EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR ECONOMIC AND FINANCIAL AFFAIRS ECONOMIC PAPERS ISSN h://c.uroa.u/conomy_fnanc/ndx_n.hm N 263 Dcmbr 2006 Caal srucur and nrnaonal db shfng by Harry Huznga (Tlburg Unvrsy) Luc Lavn (Inrnaonal Monary Fund) Gaëan Ncodèm (Euroan Commsson)

2 Economc Pars ar rn by h Saff of h Drcora-Gnral for Economc and Fnancal Affars, or by xrs orkng n assocaon h hm. Th Pars ar nndd o ncras aarnss of h chncal ork bng don by h saff and o sk commns and suggsons for furhr analyss. Vs xrssd rrsn xclusvly h osons of h auhor and do no ncssarly corrsond o hos of h Euroan Commsson. Commns and nqurs should b addrssd o h: Euroan Commsson Drcora-Gnral for Economc and Fnancal Affars Publcaons BU1 - -1/13 B Brussls, Blgum ISBN KC-AI EN-C Euroan Communs, 2006

3 Caal Srucur and Inrnaonal Db Shfng Harry Huznga * (Tlburg Unvrsy and CEPR) Luc Lavn (Inrnaonal Monary Fund and CEPR) and Gaëan Ncodèm (Euroan Commsson and Solvay Busnss School (ULB)) Novmbr 2006 Absrac Ths ar rsns a modl of a mulnaonal frm s omal db olcy ha ncororas nrnaonal axaon facors. Th modl ylds h rdcon ha a mulnaonal frm s ndbdnss n a counry dnds on a ghd avrag of naonal ax ras and dffrncs bn naonal and forgn ax ras. Ths dffrncs mar as mulnaonals hav an ncnv o shf db o hgh-ax counrs. Th rdcons of h modl ar sd usng a novl frm-lvl daas for Euroan mulnaonals and hr subsdars, combnd h nly collcd daa on h nrnaonal ax ramn of dvdnd and nrs srams. Our mrcal rsuls sho ha corora db olcy ndd no only rflcs domsc corora ax ras bu also dffrncs n nrnaonal ax sysms. Ths fndngs conrbu o our undrsandng of ho corora db olcy s s n an nrnaonal conx. Ky ords: corora axaon, fnancal srucur, db shfng JEL classfcaons: F23, G32, H25 * Corrsondng auhor. Profssor of Economcs, Darmn of Economcs, Tlburg Unvrsy, 5000 LE Tlburg, Nhrlands, Tl , E-mal: huznga@uv.nl. Th fndngs, nrraons, and conclusons xrssd n hs ar ar nrly hos of h auhors. Thy should no b arbud o h Euroan Commsson or h Inrnaonal Monary Fund. Th auhors hank Julan Alorh, Mchal Dvrux, Jams Hns, Mahas Mors, Johanns Vog, Alfons Wchnrdr, and smnar arcans a h Insu for Fscal Suds n London, Tlburg Unvrsy, h Unvrsy of Cologn, h Unvrsy of Luvn, and h Gnral Drcoras of Economc and Fnancal Affars and of Taxaon and Cusoms Unon of h Euroan Commsson for hr valuabl commns. -1-

4 1. Inroducon In mos counrs, nrs xnss ar dducbl for corora ax uross hl dvdnds hav o b ad ou of n-of-ax corora ncom. Mos ax sysms hus favor db fnanc ovr quy fnanc, bu o dffrn dgrs gvn h dsrson n o corora ax ras. In drmnng hr fnancal srucur, urly domsc frms only hav o dal h h domsc ax sysm. Mulnaonal frms, hovr, fac h mor comlcad choc of drmnng hr ovrall ndbdnss and h allocaon of hr dbs o h arn frm and h subsdars across all counrs n hch h mulnaonal oras. As a consqunc, h fnancal srucur of a mulnaonal frm s xcd o rflc h ax sysms of all h counrs hr oras. In an nrnaonal sng, h ax coss of db and quy fnanc dnd on h combnd ax sysms of h subsdary and arn counrs of h mulnaonal frm. Dvdnds, as ndcad, hav o b ad ou of h subsdary s ncom afr subsdarycounry corora ax and n addon may b subjc o a non-rsdn dvdnd hholdng ax n h subsdary counry. In h arn counry, h dvdnd ncom may agan b subjc o corora ncom ax. If so, doubl ax rlf may or may no b rovdd for h rvously ad corora ncom and non-rsdn hholdng ax. Th ax coss of quy fnanc hus rflc ax ras as ll as h doubl-ax rlf convnon usd by h arn counry. Ths ar collcs dald nformaon on all of hs ascs of h nrnaonal ax sysm for Euroan mulnaonals. A frm s fnancal olcs ar affcd by ax as ll as non-ax consdraons. A nonax consdraon s ha ndbdnss of h ovrall mulnaonal frm should no b oo hgh o k h robably of cosly bankrucy lo. In conras, an advanag of db fnanc s ha rducs h fr cash flo hn h frm and hnc can ac as a dsclnng dvc for ohrs ovrsndng managrs. Th dsclnng rors of db fnanc can xlan gnrally osv db lvls a ach of a mulnaonal s ndvdual sablshmns (.., s arn comany and s forgn subsdars). Ths varous consdraons gv rs o an omal ovrall caal srucur for h ovrall mulnaonal frm for non-ax rasons. Ths ar frs rsns a modl of h omal ovrall caal srucur of h mulnaonal frm rflcng ax and non-ax facors. Gnrally, h ax advanags of db fnanc lad h frm o choos a hghr lvrag han ould b dsrabl for urly non-ax rasons. A h sam m, a chang n ax olcy omally causs h frm o rbalanc s caal srucur n all h counrs hr oras. Scfcally, srongr ncnvs for db fnanc n on counry ncourag db fnanc n ha counry bu a h sam m dscourag db fnanc n ohr counrs o k h ovrall ndbdnss of h mulnaonal n chck. Th modl ylds h rsul ha h omal db o asss rao a any sablshmn of h mulnaonal s osvly rlad o h naonal ax ra and o dffrncs bn h naonal and forgn ax ras. Th rlvan ax ras n hs rgard ar h ffcv ax ras ha ak no accoun any doubl axaon and doubl axaon rlf. Inrnaonal ax ra dffrncs mar, as hy drmn h ncnvs o shf db nrnaonally hn a mulnaonal frm. Nx, h ar rsns vdnc on h mac of axaon on frm ndbdnss for a saml of 33 Euroan counrs ovr h rod usng a unqu frm-lvl daabas on h fnancal srucur of domsc and mulnaonal frms, ncludng hr arn comans and hr subsdars. For sand-alon domsc frms, sma ha a 10 rcn ncras n h ovrall ax ra (rflcng corora ncom axs and non-rsdn dvdnd hholdng axs) ncrass h rao of labls o asss by 1.84%. For -2-

5 mulnaonal frms, h lvrag rao s found o b mor snsv o axaon on accoun of nrnaonal db shfng. As an xaml, can consdr a mulnaonal h o qualszd sablshmns n o sara counrs. A 10 rcn ovrall ax ncras n on counry s found o ncras h lvrag rao n ha counry by 2.44%, hl h lvrag rao n h ohr counry dcrass by 0.6%. Corora db olcy aars o rflc local, sourc-lvl axs rahr han rsdnc-lvl axs lvd on a mulnaonal s orldd ncom, rhas bcaus hs lar axs can ofn b dfrrd. Smlarly, db olcy aars o rflc corora ncom axaon rahr han blaral non-rsdn dvdnd hholdng. In racc, mulnaonals may b abl o avod blaral hholdng axs hrough rangular arbrag nvolvng a condu comany n a hrd counry. Svral auhors consdr h rlaonsh bn frm lvrag and axaon h U.S. daa. Among hs, MacK-Mason (1990) and Gordon and L (2001) dnfy a ax ffc by xlong h dffrn ffcv axaon facd by rvously loss-makng frms and frms of dffrn szs, rscvly. Graham (2000) calculas h valu of h ax bnfs of db fnanc for h U.S. cas. Usng Ialan daa, Alorh and Arach (2001) found a osv ffc for boh h corora and h rsonal ncom ax ras on fnancal lvrag. Suds ha us cross-counry daa hav h advanag ha hy allo for nrnaonal varaon n ax ras. Examls ar Rajan and Zngals (1995) and Booh, Avazan, Dmrgüc-Kun and Maksmovc (2001). Th lar s of auhors fnds a ak ffc on lvrag for a ax varabl ha masurs h ax shld of db fnanc. Nx, hr s a s of ars ha consdr h db fnanc of mulnaonals h hr arn comans or subsdars n h Und Sas. Scfcally, Hns and Hubbard (1990), Collns and Shacklford (1992), Froo and Hns (1992), Grubr (1998) and Alshulr and Grubr (2003) rovd vdnc ha U.S. mulnaonal fnancal srucur and h arn of nra-frm nrs and ohr ncom flos ar conssn h ax mnmzaon objcvs. Usng Grman daa, Ramb and Wchnrdr (2004) fnd ha h fnancal srucur of forgn afflas n Grmany ar arly ax movad, and Mnz and Wchnrdr (2005) fnd ha a on rcnag-on ncras n h hos counry's ax ra rass lvrag by abou.4 rcnag-on. Nbrry and Dhalal (2001) fnd ha h db ssuanc locaon of U.S. mulnaonals s affcd by hs frms jursdcon-scfc ax-loss carry-forards and bndng forgn ax crd lmaons on h valu of db ax shlds. Dsa, Foly and Hns (2004) fnd ha boh h nrnal and xrnal fnancng of ouard U.S. FDI s snsv o forgn ax ras. Mlls and Nbrry (2004) analogously fnd ha non-u.s. mulnaonals from counrs h rlavly lo ax ras us rlavly nnsv db fnanc of hr forgn conrolld cororaons n h Und Sas. Jog and Tang (2001) consdr h lvrag of frms n Canada ha may or may no b ar of U.S.-basd or Canadan-basd mulnaonals. Th db-o-asss raos of Canadan cororaons hou forgn afflas ar found o b mor snsv o Canadan ax ras han h db-o-asss raos of U.S. conrolld cororaons locad n Canada. Usng daa for mmbr counrs of h Euroan Unon, Moor and Ruan (2005) xamn h lvrag of 8,500 forgn subsdars. Thy fnd ha lvrag raos of hs subsdars ar snsv o h local corora ax ra, unlss h arn counry oras a forgn ax crd sysm. Ths ar nss h aroachs of h lar o ars by consdrng ho boh mulnaonal frm srucur and h nrnaonal ax sysm affc lvrag n Euro. Hnc, ak no accoun hhr a frm s a arn or a subsdary of a mulnaonal or a domsc frm. A h sam m, accoun for h ax sysms of all h counrs hr h mulnaonal oras. Thus, unlk rvous rsarch, our modlng and our mrcal ork ak a fully mullaral aroach and s h frs o sudy h ffc of axaon on lvrag n a nxn counrs conx. Th man conrbuon of our ar s o xlor n an nrnaonal conx h ossbly ha mulnaonals s h caal srucur of ndvdual subsdars by -3-

6 akng no accoun h ax ra facd by all ohr subsdars of h frm. Our fndng ha subsdary lvrag hn a mulnaonal frm rsonds o blaral ax ra dffrncs vs-àvs boh h arn frm and ohr forgn subsdars rovds drc suor for hs mullaral aroach. In h rmandr, Scon 2 dscrbs h nrnaonal ax ramn of h db and quy fnanc of mulnaonal frms. Scon 3 rsns h modl. Scon 4 dscusss h comany-lvl daa. Scon 5 rsns h mrcal rsuls. Scon 6 concluds. 2. Th nrnaonal ax sysm Ths scon dscrbs h man faurs of h corora ncom ax sysm alcabl o a mulnaonal frm h subsdars n on or mor forgn counrs. 1 To fx das, l us consdr a mulnaonal frm ha oras a forgn subsdary n counry and has h arn frm n counry. Th dducbly of nrs from corora ncom mls ha hr s no corora axaon of nrs o xrnal db holdrs. Dvdnds ad by h subsdary o h arn frm n conras ar gnrally subjc o corora axaon n a las on counry. Th subsdary s ncom n couny s frs subjc o h corora ncom ax n hs counry. Tabl 1, column (a) ndcas h sauory corora ax ra on corora rof for a saml of 33 Euroan counrs n Ths ax ras nclud rgonal and local axs as ll as scfc surchargs. Grmany has h hghs ax ra a 39.6 rcn, hl Cyrus and Lhuana ar a h boom h a ax ra of 15 rcn. Ths and all ohr ax sysm nformaon n hs ar has bn collcd from h Inrnaonal Burau of Fscal Documnaon and varous bss of naonal mnsrs of fnanc. For llusrav uross, Tabls 1 o 5, ror h fgurs for h axaon varabls for h yar Th subsdary ays ou s afr-ax corora ncom as a dvdnd o h arn comany. Th subsdary counry may lvy non-rsdn a hholdng ax on hs ougong dvdnd ncom. Blaral dvdnd hholdng axs n Euro for 2003 ar rsnd n Tabl 2. Ths ras ar zro n h majory bu no n all of cass. Scfcally, hy ar zro among long-sandng EU mmbr sas on accoun of h Parnsubsdary drcv. N EU mmbr sas such as h Czch Rublc, Hungary, Poland and Slovna sll manan non-zro dvdnd hholdng axs vs-à-vs consdrabl numbrs of Euroan counrs. Non-EU mmbr sas such as Bulgara, Romana, Russa and Turky smlarly manan non-zro dvdnd hholdng axs n a consdrabl numbr of cass. Th combnd corora and hholdng ax ra n h subsdary counry s sn o b 1 (1 )(1 ) or + -. Th arn counry subsqunly may or may no us s rgh o ax h ncom gnrad abroad. In cas h arn counry oras a rroral or sourc-basd ax sysm, ffcvly xms forgn-sourc ncom from axaon. Th ffcv margnal ax on ncom rord n counry, dnod τ, n hs nsanc quals combnd corora and 1 I s rasonabl o assum ha mulnaonals do no ak no accoun h axaon of dvdnd, nrs and caal gans a h nvsor lvl. Frs, moran nsuonal nvsors such as nson funds may no b subjc o axaon of h nvsor lvl. Scond, rva nvsors gnrally ar subjc o such axaon, bu h nrnaonally dsrsd onrsh of h shars of a mulnaonal frm maks dffcul for hs frms o ak axaon a h rsonal lvl no accoun hn dcdng on hr fnancng. -4-

7 hholdng ax + - n counry. 2 Alrnavly, h arn counry oras a orldd or rsdnc-basd ax sysm. In hs nsanc, h arn counry subjcs ncom rord n counry o axaon, bu gnrally rovds a forgn ax crd for axs alrady ad n counry o rduc h onal for doubl axaon. Th OECD modl ray, hch summarzs rcommndd racc, n fac gvs counrs an oon bn an xmon and a forgn ax crd as h only o ays o rlv doubl axaon (s OECD, 1997). Th forgn ax crd rducs domsc axs on forgn sourc ncom on-for-on h h axs alrady ad abroad. Th forgn ax crd can b ndrc n h sns ha als o boh h dvdnd hholdng ax and h undrlyng subsdary counry corora ncom ax. Alrnavly, h forgn ax crd s drc and als only o h hholdng ax. In hr cas, forgn ax crds n racc ar lmd o rvn h domsc ax lably on forgn sourc ncom from bcomng ngav. In h ndrc crd rgm, h mulnaonal ll ffcvly ay no addonal ax n h arn counry, f h arn ax ra s lss han +. Th mulnaonal hn has unusd forgn ax crds and s sad o b n an xcss crd oson. Alrnavly, xcds +. In ha nsanc, h frm ays ax n h arn counry a a ra qual o h dffrnc bn and +. Th ffcv, combnd ax ra on h dvdnd ncom, τ, hn quals h arn counry ax ra,. To summarz, h h ndrc crd sysm h ffcv ra on ncom gnrad n counry, τ, s gvn by max [, + ]. In cas of a drc forgn ax crd, h mulnaonal analogously ays no addonal ax n h arn counry, f h arn ax ra s lss han. In h mor common cas hr xcds, h frm nsad ays ax n h arn counry a a ra qual o (1 )( ). Th ffcv, o-counry ax ra, τ, h h drc crd sysm s no gvn by + (1 )max[, ]. A f counrs h orldd axaon do no rovd forgn ax crds, bu nsad allo forgn axs o b dducd from h mulnaonal s axabl ncom. Undr hs dducon mhod, forgn axs ar ssnally sn as a ax-dducbl cos of sng busnss a ar h ohr busnss coss. In h scnaro, h ffcv ra of axaon on dvdnds,, s gvn by τ ( )( )( ) Columns (b) and (c) of Tabl 1 rovd nformaon on h doubl axaon ruls ald o ncomng dvdnd. As rflcd n h abl, svral counrs ar sn o dscrmna bn nrnaonal ax ray arnrs and non-ray counrs. Fnland and San, for nsanc, xm dvdnd ncom from ray arnrs, hl hy rovd a drc and ndrc forgn ax crd n cas of non-ray couns, rscvly. No ha sgnng a ax ray maks h grand doubl ax rlf mor gnrous n hs nsancs. Th ndncy o dscrmna doubl ax rlf on h bass of h xsnc of a ax ray maks ncssary o kno hhr a blaral ax ray s ndd ffcv. Tabl 3 ndcas h a bnary varabl hhr any o counrs had a ax-ray n forc by Across h cagors of ray and non-ray counrs, h xmon sysm s sn o b h mos common 2 No ha for h arn frm hav ha h ffcv ax ra on corora ncom quals h sauory ra, or τ =. 3 Mos of h 33 counrs n our saml had such ras h ach ohr. Hovr, h ray nork of som counrs n arcular som of h n EU mmbr sas and som non-eu counrs ar far from coml. In conras, Franc, Grmany, Noray, Poland, Sdn and h Und Kngdom hav a doubl-ax ray n forc h all ohr counrs. No ha h abl s no xacly symmrc bcaus h nry no forc may slghly dffr n ach of h o ray arnrs. -5-

8 mhod of doubl ax rlf, follod by forgn ax crds. A h sam m, ndrc forgn ax crds rgms ar somha mor common han drc forgn ax crds. As an xconal cas, h Czch Rublc s sn o aly h dducon mhod o forgn dvdnds from non-ray counrs, hl Russa and Slovak Rublc rovd no doubl ax rlf a all o such ncom. In racc, mulnaonals us quy as ll as nrnal db o rovd on rsourcs o hr forgn subsdars. Thus, lvrag s lkly o b affcd by h axaon of dvdnds, as consdrd so far, and by h axaon of nrs on nrnal db. To rflc hs n our mrcal ork, us a varabl ϕ o dno h ffcv ax ra on cross-bordr dvdnds,.. τ, mnus an analogous ffcv ra of ax on nrs. Inrs on nrnal db s gnrally dducbl from axabl corora ncom n h subsdary counry. Such nrs ncom hus scas corora ncom ax n h subsdary counry. As n h cas of dvdnds, cross-bordr nrs flos hn h mulnaonal frm may gnrally b subjc d o a non-rsdn hholdng ax n h subsdary counry. L dno h blaral nonrsdn nrs hholdng ax. As sn n Tabl 4, hs ax ras ar mosly zro on a blaral bass for h counrs n our saml, vn f Blgum, Esona, Lava, Porugal and Romana connu o mos osv nrs hholdng axs vs-à-vs almos all counrs n our saml. As ald o nrnal nrs flos, h arn counry has hr man oons rgardng doubl ax rlf: () an xmon, () a forgn ax crd, or () a dducon. Tabl 5 rovds nformaon on h doubl axaon ruls alcabl o ncomng nrs from ray and non-ray sgnaory counrs, rscvly. Th sgnng of a ax ray, f anyhng, maks h doubl ax rlf n cas of nrs flos mor gnrous. Forgn-sourc nrs flos ar sn o bnf from a forgn ax crd n mos counrs, arcularly n h cas of nrs aymns orgnang from ray arnrs. Clarly, h axaon of dvdnd ncom rlav o nrs ncom, ϕ, dnds on h ossbly dffrn ax rlf grand for dvdnds and for nrs. Exrssons for ϕ n h varous ossbl combnaons of doubl ax rlf grand for dvdnd and nrs ncom ar rovdd n Tabl Th modl Th modl consdrs a mulnaonal ha gnrally oras n n counrs. Th mulnaonal s domcld n counry, hl has forgn subsdars n on or mor counrs h asss A.. Th subsdary s fnancd h db L, hch for no ak o b xrnal db, and quy E. Hnc, h balanc sh dny of a subsdary mls A = L + E. Th arn frm fully ons ach subsdary s quy E. In addon, h arn frm ons ousd asss A. Th arn frm n urn can b fnancd hrough hr db L or n + quy E. Thus, h balanc sh dny for h arn can b sad as A E = L + E. L L λ b h rao of db o asss for ach sablshmn of h mulnaonal -.. λ =. Analogously, l f A λ b h db o asss rao for h nr frm,.. n = 1 L = 1 λ f = n. A Alrnavly, can r λ f as h ass-ghd avrag of h sablshmn-scfc db n A raos λ as λ ρ, hr ρ = n ar h asss of sablshmn as a shar of h = 1 A = 1-6-

9 frm s oal asss. Throughou, ll assum ha h asss A of subsdary and h arn frm s ousd asss A gvn. 4 In dcdng s fnancal srucur, h mulnaonal frm aks axaon as ll as nonax facors no accoun. 5 To sar h h lar, h mulnaonal rcognzs ha hghr lvrag ncrass h chanc of bankrucy. W ll assum ha h arn frm rovds crd guarans for h dbs of all s subsdars. Ths mls ha h chanc of bankrucy of h ovrall mulnaonal frm dnds on h frm-d lvrag raoλ f. Scfcally, ll assum ha xcd bankrucy coss, C f, of h frm ar quadrac n h ovrall lvrag rao λ and rooronal o h frm s ovrall ousd asss as follos 6 C f γ = ( λ ) n 2 f ( 2 = 1 f A ) Nx, s rcognzd ha lvrag may brng bnfs n ha dsclns local managrs and algns hr ncnvs mor closly o hos of h frm. Hgh lvrag a a subsdary may, for nsanc, srv o rvn local managrs from ovrsndng on rks for hmslvs o rvn d jur bankrucy of h subsdary. On h ohr hand, hgh lvrag may hav h dsadvanag of makng local managrs oo rsk-avrs o h on hr hy do no mak arora local nvsmn dcsons. In hr cas, h ncnv ffcs of lvrag ar assumd o sm from h local lvrag raoλ for sablshmn. 7 On h bass of hs ncnv consdraons alon, l λ * b h omal lvrag rao a ach of h mulnaonal s sablshmns. Dvaons of h lvrag rao a any sablshmn from h lvl λ * ar assumd o mly ncnv-rlad coss o h frm. Ths coss ar assumd o b quadrac n λ and no hy ar rooronal o h ousd asss follos: A (1) a sablshmn as C μ * 2 μ * = ( λ - λ ) A 2 λ A =1,, n (2) 2 2 No ha hs cos funcons ar scald o qual zro f h db raos λ ar zro, hch mls ha C can b of hr sgn. Nx, l V l and V u b h valus of h lvrd and comlly unlvrd mulnaonal frm, rscvly. Th o ar dffrn on accoun of h ax bnfs of db fnanc and of h (n) non-ax coss assocad h db fnanc. Scfcally, V L and V u ar rlad as follos V L = V u + n = 1 n τ L C C (3) f = 1 4 In rsons o a chang n E, h arn frm hus ll chang hr L or E rahr han A. 5 S Hovakman, Hovakman and Thranan (2004) for a rcn dscusson of h horcal and mrcal lraur on arg caal srucurs rflcng varous coss and bnfs of db and quy. 6 Bankrucy coss ar ncurrd by loss-makng frms and hnc ar assumd no o b dducbl from axabl corora ncom. 7 Hghr local lvrag may b dsadvanagous f ncrass h robably of losss ha canno b crdd agans rofs mad lshr n h frm. Losss ha ar no crdabl r dfnon rduc h afrcorora-ax ncom of h frm on-for-on. For hs rason, assum ha h coss assocad h hghr lvrag a h sablshmn lvl ar no dducbl from axabl corora ncom. -7-

10 τ hr agan s h ra of axaon of dvdnd ncom rlav o nrs ncom n local akng no accoun h ovrall nrnaonal ax sysm. Th mulnaonal frm s objcv s o maxmz s ovrall frm valu V L n h lvragd sa. Is nsrumns ar h db lvls L a ach sablshmn. 8 Th frs ordr condons.r.. L rn n rms of lvrag raos - ar gvn by * τ γλ f μ( λ λ ) = 0 =1,, n (4) Th frs ordr condons jonly allo us o solv for h omal valu of λ as follos: * n λ = β 0 λ + β1τ + β 2 ( τ τ j ) ρ j =1,,n (5) j μ hr β 0 = ( ), γ + μ 1 γ β1 =, and β 2 = ( ). γ + μ μ( γ + μ) * In xrsson (5), h rm β 0 λ s h omal lvrag rao a all sablshmns on h bass of all non-ax consdraons, or quvalnly f all hτ s ar qual o zro. Th * rm β 0λ can b sn o balanc h xcd coss of bankrucy (h a valu of λ abov * zro) agans h coss of dvang from h omal valu of h lvrag rao λ on h bass of ncnv consdraons. Exrsson (5) furhr conans o ax-rlad rms. Frs, h rm β 1 τ rflcs h mac of axaon on h omal lvrag rao ha ould oban for a urly domsc frm locad n counry. For hs rason, hs rm s dubbd h n domsc ffc of axaon on lvrag. Scond, h rm β 2 ( τ τ j ) ρ j rflcs h j mac of nrnaonal ax ra dffrncs on h omal lvrag n counry on accoun of nrnaonal db shfng. Inrsngly, hs rm gh h nrnaonal ax dffrncs τ τ j by h ass shars ρ j. Ths rflcs ha h cos funcon C mls ha s rlavly anlss o shf (absolu) db no or ou of counry j, f h asss n hs counry ar rlavly larg. Ths scond ffc of axaon on lvrag n counry s namd h nrnaonal or db-shfng ffc. No ha lvrag λ n counry s ngavly rlad o τ j on accoun of h db-shfng ffc. Th horcal quaon (5) gvs rs o h follong rgrsson quaon λ + n = α + β1 τ + β 2 ( τ τ j ) ρ j ε =1,,n (6) j hr α s a counry-scfc fxd ffc and ε s an rror rm. In h bnchmark cas, h saml ll conss of obsrvaons for all subsdars o h xcluson of arn frms. 9 In 8 Th frm rcognzs all subsdary and arn frm balanc sh dns, hch mans ha h E ar codrmnd. -8-

11 racc, a rang of frm-lvl and counry-lvl conrol varabls s ncludd n h smaon. 4. Th daa Th daa on mulnaonal frms ar akn from h Amadus daabas comld by Burau Van Djk. 10 Ths daabas rovds accounng daa on rva and ublcly ond Euroan frms as ll as on hr onrsh rlaonshs. Ths onrsh daa allo us o mach Euroan frms h hr domsc subsdars and subsdars locad n ohr Euroan frms. A frm s dfnd o b a subsdary, f a las 50 rcn of h shars ar ond by anohr sngl frm. A mulnaonal frm has a las on forgn subsdary. Mulnaonal frms nd o rovd consoldad and unconsoldad accounng samns. Consoldad samns rflc h acvs hn h arn comans hmslvs and of all domsc and forgn subsdars. Non-consoldad samns n conras rflc h acvs drcly hn h arn frm and n ach of s subsdars. Th daa us on arn frms and subsdars ar basd on non-consoldad samns. Informaon on h numbr of arn comans and subsdars - domsc and forgn n our daa s s rovdd n Panl A of Tabl 7. Th oal numbr of arn comans s 5,791, hl h oal numbr of subsdars s 13,307. W hav u o 10 yars of daa for ach arn comany and subsdary for a oal of 38,736 arn-yar obsrvaons and 90,599 subsdary-yar obsrvaons. No ha Amadus only rovds nformaon on subsdars locad n on of h Euroan counrs lsd n h abl. 11 Franc, San and h Und Kngdom ach ar hom o a las 4,000 arn comans n h daa s. Each subsdary has a hom counry (.. h counry of s arn comany) and a hos counry hr h subsdary s locad (hrfor, for domsc subsdars, hom and hos counrs ar h sam). For ach counry, h abl lss h numbr of subsdars by hom counry and by hom counry. Th abl rvals ha, for nsanc, Grmany and h Nhrlands ar h hom counry o rlavly many subsdars. Hnc, hr ar rlavly many subsdars h a arn frm n on of hs counrs. Croaa, h Czch Rublc and Romana nsad ar h hos counry o rlavly many subsdars. Panl B of Tabl 7 rovds nformaon on fnancal lvrag and alcabl ax ras. Frs, fnancal lvrag s dfnd as h rao of oal labls o oal asss (s h Andx for varabl dfnons and daa sourcs). Adjusd fnancal lvrag, nsad, s h rao of, n h numraor, oal labls mnus accouns ayabl mnus cash o, n h dnomnaor, oal asss mnus accouns ayabl mnus cash. Ths adjusmns rflc ha accouns ayabl ar labls ha rflc currn oraons rahr han ffors o omz h frm s caal srucur. Smlarly, h subracon of cash rflcs ha cash may b on hand o ay off xsng dbs. In Panl B of Tabl 7, s ha h avrag arn comany fnancal lvrag of 0.62 ndd xcds h avrag adjusd fnancal lvrag of In hs nsanc, h counry fxd ffc n ar can srv o rflc so-calld hn caalzaon ruls ha may lm h ax bnfs (n rms of nrs dducbly) assocad h subsdary ndbdnss. 10 Th daabas s crad by collcng sandardzd daa rcvd from 50 vndors across Euro. Th local sourc for hs daa s gnrally h offc of h Rgsrar of Comans. 11 Th Amadus daabas only conans nformaon on Euroan frms and hrfor only covr h Euroan oraons of h mulnaonals n our saml. W can hrfor no consdr ho ax dffrncs bn Euroan counrs and ohr ars of h orld affc h caal srucur of subsdars n Euro. Whl hs s an moran cava o b mnond, do no s hs as a major lmaon of our analyss bcaus Euroan mulnaonals ycally drv much of hr rvnus from oraons n Euro rahr han ohr ars of h orld. -9-

12 Avrag fnancal lvrag rangs from 0.36 for Russa and Slovna o 0.80 for Romana. Inrsngly, subsdars by hos counry hav avrag fnancal lvrag and adjusd fnancal lvrag of 0.62 and 0.49, rscvly xacly qual o h avrags for arn frms. Hnc, hr s no ndncy for subsdars o b hr mor or lss lvragd han arn frms. Nx, h ffcv ax ra for subsdars by hos counry s sn o b hghs for Grmany a 0.49, and los for Esona a As dscussd bfor, h ffcv ax rflcs h axaon of dvdnds n h hos counry slf as ll as h ax ramn of hs ncom n any forgn arn counry. Th ax ncnv o shf db for subsdars by hos counry s h ass-ghd dffrnc of h ffcv ax ra n h hos counry and h ffcv ax ras alcabl o ohr sablshmns of h sam mulnaonal frm. A osv valu of hs varabl ndcas ha mulnaonals on avrag hav an ncnv o shf db ou of a arcular hos counry. By hs masur, subsdars hosd n Icland and Grmany hav h largs ncnv o arac db, hl subsdars locad n Esona and Hungary hav h largs ncnv o shf db aay. Panl C of Tabl 7 rovds summary sascs of our lvrag and ax varabls as ll as of conrol varabls ncludd n h subsqun smaon. Th conrol varabls ar svral frm-lvl varabls drvd from h frm s balanc sh or ncom samn as ll as som counry varabls. Among h frm-lvl varabls, angbly s dfnd as h rao of fxd asss o oal asss. Ths varabl caurs ha may b rlavly asy o borro agans fxd asss. In addon, drcabl asss may ac as a non-db ax shld and s hrfor a subsu for db n axabl rof mnmzaon srags. Nx, log of sals s h logarhm of sals. Ths s a scalng varabl o rflc ha largr frms may hav asr accss o crd. Nx, rofably s h rao of arnngs bfor nrs, axs, drcaon and amorzaon o oal asss. Profably may affc lvrag n svral ays. Profabl frms may b rcvd o b rlavly rsklss, hch ould facla hr accss o crd. On h ohr hand, rofabl frms may us hr rofs o ay don hr dbs or alrnavly o fnanc nvsmns hrough rand arnngs. In hr ay, hgh rofably may lad o a lo lvrag. Among h counry varabls, crdor rghs s an annual ndx of crdor rghs n a counry. Wll-rocd crdor rghs ar xcd o ncourag lvrag. Nx, olcal rsk s an annual ndx of olcal rsks. Hgh olcal rsks may ncourag borrong from local crdors, as hs s a ay o rduc a mulnaonal s valu a rsk n a counry. Inflaon s h annual rcnag chang n h consumr rc ndx. Hgh nflaon ncrass h valu of h ax dducbly of nrs o h xn ha nflaon lads o hghr nomnal nrs ras. A h sam m, an nflaonary nvronmn may also lad o a hghr rsk rmum as ar of h nomnal nrs ra, hch dscourags db fnanc. Fnally, h groh ooruns varabl masurs h mdan annual groh ra of sals n an ndusry n a arcular counry. Groh ooruns sgnal fuur rofably and ossbly an ably o borro. 5. Emrcal rsuls Tabl 8 rsns our basc rgrssons. Th saml consss of all Euroan subsdars n Amadus. For ach obsrvaon, an ffcv ax ra and a db shfng ncnv varabl can b consrucd. All rgrssons n h abl rovd for arn, ndusry and yar fxd ffcs. Rgrsson (1) ncluds h ffcv ax ra o h xcluson of h nrnaonal db shfng ncnv varabl. Th rnn coffcn s smad o b and sascally sgnfcan. 12 Th angbly varabl has a ngav coffcn, hch suggss ha db and angbl, drcabl asss ar subsus. Th log of sals nrs 12 Dsa, Foly and Hns (2004) smlarly fnd a coffcn of n hr rgrsson (1) n Tabl II hr hy rgrss lvrag raos of U.S. ouard FDI on h sourc counry ax ra. -10-

13 osvly. Profably, n urn, obans a ngav coffcn, hch suggss ha h ovrall ffc of hghr rofably s o rduc lvrag. No ha h 71,355 obsrvaons n h saml ar assocad h a oal of 5,566 arn comans. Yarly obsrvaons of h sam subsdary ar cound saraly. Rgrsson (2) ncluds h db shfng ncnv varabl. Th smad coffcn for hs varabl s osv and sascally sgnfcan, hch confrms ha lvrag a any subsdary of a mulnaonal rflcs h ovrall nrnaonal ax sysm facd by h mulnaonal. Nx, rgrsson (3) ncluds a s of addonal, counry-lvl conrols. Th crdor rghs varabl nrs h rgrsson osvly and sgnfcanly. Th olcal rsk varabl s qually osvly and sgnfcanly rlad o lvrag. As ndcad, hs may rflc ha olcal rsks lad a mulnaonal o ncras local borrong n ordr o rduc s on caal a rsk. Nx, nflaon has a ngav and sgnfcan mac on lvrag. Ths could rflc ha n an nflaonary nvronmn hr s mor uncrany abou h x os ral nrs ra o b ad on nomnal db dnomnad n h local currncy. Fnally, h groh ooruns varabl nrs h rgrsson osvly and sgnfcanly. Hgh groh a h ndusry and counry lvl may facla db fnanc of h affcd subsdars. Fnally, n rgrsson (4) adjusd fnancal lvrag s akn o b h dndn varabl. In ohr rscs, rgrsson (4) mmcs rgrsson (3). Th ffcv ax ra and db shfng ncnv varabls connu o oban osv and sgnfcan coffcns, alb somha largr han bfor. Hnc h adjusmn of fnancal lvrag for accouns ayabl and cash has ll mac on h smad mac of axaon on lvrag. In rgrsson (4), hovr, h angbly varably nrs h a osv coffcn o suggs ha db and angbl asss ar comlmns (as frms can rlavly asly borro agans angbl asss), hl h olcal rsk and groh ooruns varabls cas o oban sgnfcan coffcns. Th smad coffcns of rgrsson (3) can srv o valua h sz of h ffc of axaon on lvrag. Frs, h smad sz of β 1, 0.18, ndcas h full ffc of domsc axaon on h lvrag of frms. Scfcally, h domsc ffc of an ncras n h ffcv ax ra by 0.06 (or on sandard dvaon) on lvrag s 1.1 rcn. Nx, h smad sz of β 2, 0.12, caurs h nrnaonal db-shfng ffc of axaon on lvrag. As an xaml, can ak a hyohcal mulnaonal frm ha has a sngl forgn subsdary h asss of qual sz o hos of h arn frm. In hs nsanc, an ncras of h ffcv ax ra by 0.06 n h subsdary counry has a osv nrnaonal ffc on lvrag n h subsdary counry of 0.4 rcn. Th oal ffc of an ncras of h ffcv ax ra by 0.06 on subsdary lvrag s no calculad o b 1.5 rcn. In conras, an ncras n h ffcv ax n h arn counry of 0.06 has a ngav nrnaonal ffc on lvrag n h subsdary of 1.5 rcn. Nx, Tabl 9 rsns som robusnss chcks, akng rgrsson (3) n Tabl 8 as a sarng on. In rgrsson (1), corrc sandard rrors for clusrng across counryndusry obsrvaons. Th smad coffcns for h o ax varabls ar vrually unchangd from hos of h bnchmark rgrsson. Rgrsson (2) n urn lms h saml o subsdars n h manufacurng scor. In hs rgrsson, h smad szs of β 1 and β 2 ar somha smallr, and much largr, rscvly. Th rlavly larg sz of β 2 n rgrsson (2) may rflc ha manufacurng frms ar rlavly ransarn. Hnc, for hs frms may b rlavly asy o borro n on counry agans h asss locad n ohr counrs o xlan ha lvrag n on counry s rlavly snsv o nrnaonal ax ra dffrncs. Nx, rgrsson (3) lms h saml o forgn subsdars. Ths rducs h saml sz o 23,296 subsdars rahr han 49,248 n rgrsson (3) n Tabl 8. Rlav o h bnchmark rgrsson, h valu of β 2 s vry smlar n magnud a In rgrsson (4) rsrc h saml o subsdars of mulnaonals,.. of frms ha hav a las on -11-

14 forgn subsdary. Th smad sz of β 1 and β 2 ar vry smlar o h bnchmark rsuls. In rgrsson (5) xclud loss-makng subsdars by drong frms ha hav ngav arnngs bfor nrs, axs, drcaon and amorzaon. Th rason for xcludng lossmakng frms s ha hs frms may b clos o fnancal dsrss, hch could alr hr db olcy. Th rsuls ar no qualavly affcd. In rgrsson (6), xclud Easrn Euroan counrs from h saml, as h covrag of subsdars n Easrn Euro s qu oor. Ths rducs h saml sz o 48,444 subsdars, bu dos no alr our man rsuls. Fnancal lvrag can also b affcd by frm-scfc rsk. In arcular, rskr frms nd o b hghr lvrd. In rgrsson (7), us h sandard dvaon of h frm s rao of arnngs bfor nrs, axs, drcaon and amorzaon (EBITDA) o oal asss ovr h rod as a roxy for h rsknss of h frm. Conssn h caal srucur hory, fnd ha fnancal lvrag s osvly corrlad h rsk. Conrollng for rsk, hovr, dos no much alr h ffc of our ax varabls on lvrag. W connu o fnd osv and sascally sgnfcan coffcns for β 1 and β 2, of abou qual sz as bfor. In rgrsson (8), conrol for fnancal dvlomn usng h rao of rva crd o GDP rahr han h ndx of crdor rghs. Whl rva crd o GDP dos no nr sgnfcanly, unlk crdor rghs dd n rvous rgrssons, our man rsuls ar no affcd. Fnally, Tabl 10 rors svral robusnss chcks hr alr h axaon varabls. In rgrsson (1) of Tabl 10, conrol for h rlav axaon of quy and nrnal db of subsdars, or ϕ. W consruc ϕ usng nformaon on corora ax ras n h arn and subsdary counrs, hholdng axs on dvdnd and nrs aymns n h subsdary counry, and doubl ax rlf convnons ald by h arn counry o ncomng dvdnd and nrs aymns. W fnd ha ϕ dos no nr sgnfcanly, and ha our man rsuls ar no affcd afr conrollng for h rlav axaon of quy and nrnal db of subsdars. In rgrsson (2), nclud nrmda comans,.., subsdars ha ar also arn comans of ohr subsdars, n h saml. Ths ncrass h saml from 49,248 o 57,409 obsrvaons. Our man rsuls on h ffc of axaon on fnancal lvrag ar unaffcd, bu no longr fnd an ffc of olcal rsk on fnancal lvrag. In rgrsson (3), assss hhr hr s a dffrnal ffc of our ax varabls on lvrag for nrmda comans and ur subsdars (.., subsdars ha ar no hmslvs arn comans). W fnd a ngav coffcn for an ncludd nrmda frm dummy varabl, hl h lvrag of nrmda frms nds o rsond rlavly srongly o changs n h ffcv margnal ax ra. A hghnd rol for axaon o affc h lvrag of nrmda frms s o b xcd, f hs frms ar moran n h ovrall ax lannng of h frm. Th ax ncnv o shf db abroad, hovr, s found o affc h lvrag of nrmda and ur subsdars smlarly. In rgrsson (4), sl h ax ncnv o shf db varabl n on comonn ha caurs h ncnv o shf db o h arn counry and anohr comonn ha caurs h ncnv o shf db o subsdars n ohr counrs han h hos and arn counrs. Inrsngly, fnd ha on avrag h ncnvs o shf db o h arn counry and o ohr counrs boh mar, alhough lvrag aars o b mor snsv o h ax ncnv o shf db o ohr counrs. Ths rsuls mly ha mulnaonal frms no only consdr ax-movad db shfng ooruns bn a forgn subsdary and h arn counry, bu also among h varous forgn subsdars. Ths fndng suors our hss ha mullaral - rahr han blaral - dffrncs n ax ras drmn h fnancal srucur of mulnaonal frms. -12-

15 In rgrsson (5), sl h ffcv ax ra varabl n on ar ha caurs h axaon n h sourc counry (o b found by sng h ax ra of h arn counry o zro) and h comlmn ha caurs h axaon n h rsdn counry. Parn counry axs should mar rlavly ll o h xn ha mulnaonals ar abl o dfr arn counry axs on forgn-sourc ncom unlss hs ncom s rarad o h arn counry. W fnd ha h sourc-counry ar of h ffcv ax ra has a osv and sascally sgnfcan mac on lvrag, hl h arn-counry ar obans a ngav and nsgnfcan coffcn rhas rflcng h oon of dfrral. In rgrsson (6), sl h o ax varabls no ars ha xclud and ar scfcally du o non-rsdn dvdnd hholdng axs. Th frs ar s oband by sng all hholdng axs o zro. Th scond ar s oband as h dffrnc bn our rgular ax ra varabls and h ax varabls xcludng hholdng axs. Inrsngly, only h ax varabls xclusv of hholdng axs ar smad h osv and sgnfcan coffcns. Ths suggss ha hholdng axs ar no sn as ar of h ffcv ax burdn, ossbly bcaus hy can b avodd by rangular arbrag nvolvng a condu comany n a ax havn. W ar concrnd abou onal ndogny ha arss, f counrs rsond o rvasv db shfng by changng hr ax rgms (alhough ax rgms rflc a hos of ohr facors as ll). As largr counrs nd o hav hghr ax ras, us h oulaons of h subsdary and arn counrs as nsrumns n h consrucon of h ffcv ax ra varabl. Scfcally, r-comu h ffcv ax ra usng h oulaons of h subsdary and h arn counrs nsad of hs counrs ax ras, akng no accoun ossbl doubl ax rlf and assumng hholdng axs ar zro. Bcaus do no hav sara nsrumns for h ax ncnv o shf db varabl, only nclud h ffcv ax ra n hs robusnss chck. Th rsuls for hs nsrumnal varabls rgrsson ar vry smlar. Th coffcn on h ffcv ax ra varabl s sascally sgnfcan and of smlar magnud as n rvous rgrssons. An F-s of h xcludd nsrumns suors h choc of our nsrumns. Th frs-sag rsuls (no rord) ndca ha ffcv ax ras nd o b hghr n mor oulous counrs. 6. Conclusons Ths ar has consdrd h snsvy of h caal srucur of mulnaonal frms o axaon. Gnrally hs caal srucur dnds on h naonal or nrnaonal srucur of h frm and on h ax sysms of all h counrs hr a frm oras. On h bass of a larg saml of Euroan frms ovr h rod, fnd ha a frm s lvrag dnds on naonal ax ras as ll as nrnaonal ax ra dffrncs. Th rlaonsh bn lvrag and nrnaonal ax ras dffrncs rflcs h rsnc of nrnaonal db shfng. Whl sascally hghly sgnfcan, boh h domsc and nrnaonal ffcs of axaon on lvrag ar rahr small. Inrnaonal db shfng s shon o rflc a subsdary s ax ras dffrncs vs-àvs h arn frm as ll as vs-à-vs ohr forgn subsdars. Ths fndng confrms our rms ha nrnaonal db shfng rflcs h ax rgms of all h counrs hr h mulnaonal oras rahr hn jus blaral ax ra dffrncs vs-à-vs h arn frm. In racc, sourc-lvl axaon aars o b mor moran n affcng lvrag han h rsdnc-lvl axaon lvd by a mulnaonal s arn counry. Ths fndng may rflc ha arn-counry axs on a mulnaonal s forgn sourc ncom n racc can b dfrrd, n som cass ndfnly. A h sam m, corora ax ras rahr han non- -13-

16 rsdn dvdnd hholdng ax ras aar o mar for lvrag. Ths could rflc ha mulnaonals ar abl o avod blaral nonrsdn dvdnd hholdng axs by usng condu comans n hrd counrs. Inrnaonal db shfng srvs o lor avrag lvls of corora ncom axaon n hgh-ax counrs. Counrs h rlavly lo ras of axaon may bnf from nrnaonal db shfng, as local sablshmns of mulnaonal frms ll b lss hghly lvragd han hy ould ohrs b rsulng n hghr corora ncom ax rvnus. Ovrall, nrnaonal db shfng may nroduc som dad-gh losss n h form of mlmnaon coss for h mulnaonal frms and also coss nhrn n dvaons from h frm s omal fnancal srucur on h bass of non-ax consdraons. An obvous ay o lmna nrnaonal db shfng s o harmonz o corora ncom ax ras nrnaonally. Alrnavly, nrnaonal db shfng s moo n cas counrs nroduc a common, consoldad ax bas for mulnaonal frms. Tax coordnaon of hr knd s no vry lkly n h nar fuur so ha nrnaonal db shfng ll rman an moran olcy for mulnaonals orldd. -14-

17 Rfrncs Alshulr, Rosann and Harry Grubr, 2003, Taxs, Raraon Srags and Mulnaonal Fnancal Polcy, Journal of Publc Economcs, 87, Alorh, Julan and Gamaolo Arach, 2001, Th ffc of axs on corora fnancng dcsons: vdnc from a anl of Ialan frms, Inrnaonal Tax and Publc Fnanc, 8, Booh, Laurnc, Varouj Avazan, Asl Dmrgüç-Kun, Vojslav Maksmovc, 2001, Caal srucurs n dvlong counrs, Journal of Fnanc 54, Chodry, Bhagan and Josh Coval, 1998, Inrnal Fnancng of Mulnaonal Subsdars: Db vs. Equy, Journal of Corora Fnanc 4, Collns, J.H. and D.A. Shacklford, 1992, Forgn ax crd lmaons and rfrrd sock ssuancs, Journal of Accounng Rsarch 30, Dsa, Mhr A., C. Frz Foly and Jams R. Hns Jr., 2004, A mulnaonal rscv on caal srucur choc and nrnal caal marks, Journal of Fnanc 59, Djankov, Smon, Caral McLsh, and Andr Shlfr, 2005, Prva crd n 129 counrs, Journal of Fnancal Economcs, Forhcomng. Fama, Eugn F. and Knnh R. Frnch, 1998, Taxs, Fnancng Dcsons and Frm Valu, Journal of Fnanc 53, Froo, Knnh A and Jams R. Hns, 1995, Inrs allocaon ruls, fnancng arns, and h oraon of U.S. mulnaonals. In: Marn Fldsn, Jams R. Hns and R. Glnn Hubbard, ds., Th Effc of Taxaon on Mulnaonal Cororaons, Unvrsy of Chcago Prss, Chcago, Gordon, Rogr H. and Young L, 2001, Do axs affc corora db olcy? Evdnc from U.S. corora ax rurn daa, Journal of Publc Economcs 82, Graham, John R., 1996, Db and h Margnal Tax Ra, Journal of Fnancal Economcs 41, Graham, John R., 2000, Ho bg ar h ax bnfs of db, Journal of Fnanc 55, Grubr, Harry, 1998, Taxs and h dvson of forgn orang ncom among royals, nrs, dvdnds and rand arnngs, Journal of Publc Economcs 68, Hns, Jams R., Jr., 1994, Crd and Dfrral as Inrnaonal Invsmn Incnvs, Journal of Publc Economcs 55, Hns, Jams. R. and R. Glnn Hubbard, 1990, Comng hom o Amrca: dvdnd raraons by U.S. mulnaonals, n Assaf Razn and Jol Slmrod, ds., Taxaon and h Global Economy, Unvrsy of Chcago, Chcago,

18 Hns, Jams R., Jr. and Erc M. Rc, 1994, Fscal Parads: Forgn Tax Havns and Amrcan Busnss, Quarrly Journal of Economcs 109, Hoddr, Jams and Lmma Snb, 1990, Inrnaonal Caal Srucur Equlbrum, Journal of Fnanc 45, Hovakman, Armn, Gayan Hovakman and Hassan Thranan, 2004, Drmnans of arg caal srucurs: Th cas of dual db and quy ssus, Journal of Fnancal Economcs 71, Job, Vjay and Janmn Tang, 2001, Tax rforms, db shfng and ax rvnus: mulnaonal cororaons n Canada, Inrnaonal Tax and Fnanc 8, La Pora, Rafal, Flornco Loz-d-Slans, Andr Shlfr and Robr Vshny, 1997, Lgal Drmnans of Exrnal Fnanc, Journal of Fnanc 52, MacK-Mason, Jffry K, 1990, Do axs affc corora fnancng dcsons?, Journal of Fnanc 45, Mllr, Mron H., 1977, Db and Taxs, Journal of Fnanc 32, Mlls, Lllan F. and Kay J. Nbrry, 2004, Do forgn mulnaonals ax ncnvs nflunc hr U.S. ncom rorng and db olcy?, Naonal Tax Journal 57, Mnz, Jack and Alfons J. Wchnrdr, 2005, Taxaon and h fnancal srucur of Grman oubound FDI, CESfo Workng Par, N Moor, Padrag J. and Francs P. Ruan, 2005, Taxaon and h fnancal srucur of forgn drc nvsmn, IIIS Dscusson Par 88. Nbrry, Kay J. and Dan S. Dhalal, 2001, Cross-jursdconal ncom shfng by U.S. mulnaonals: vdnc from nrnaonal bond offrngs, Journal of Accounng Rsarch 39, Organzaon for Economc Cooraon and Dvlomn, 1997, Modl ax convnon on ncom and on caal, Pars. Rajan, Raghuram G. and Lug Zngals, 1995, Wha do kno abou caal srucur? Som vdnc from nrnaonal daa, Journal of Fnanc 50, Ramb, Frd and Alfons J. Wchnrdr, 2004, Taxs and h fnancal srucur of Grman nard FDI, CESfo Workng Par, N Tman, Shrdan and Robro Wssls, 1998, Th Drmnans of Caal Srucur Choc, Journal of Fnanc 43,

19 Tabl 1. Corora axaon and doubl-ax rlf sysms for dvdnd rcvd n slcd Euroan counrs n Sauory corora ax ra ncludng local axs and surchargs (%) Tramn of forgn dvdnds from ray counrs Tramn of forgn dvdnds from non-ray counrs Ausra 34 Exmon Exmon Blgum % xmon 95% xmon Bulgara 23.5 Indrc crd Drc crd Croaa 20 Exmon Exmon Cyrus 15 Exmon Exmon Czch Rublc 31 Indrc crd Dducon Dnmark 30 Exmon Exmon Esona Indrc crd Indrc crd Fnland 29 Exmon Drc crd Franc % xmon 95% xmon Grmany % xmon 95% xmon Grc 35 Indrc crd Indrc crd Hungary Exmon Exmon Icland 18 Exmon Exmon Irland Indrc crd Indrc crd 13 W only sho h daa for h yar 2003 bu hav collcd daa on ax ras for ach yar n our saml rod. Th coml daas on h nrnaonal ax daa collcd s avalabl uon rqus from h auhors. 14 Zro rcn on rand arnngs. A dsrbuon ax of 26% s ald on dsrbud rof. 15 Includng a 3% socal surcharg and a scal 3.3% surcharg for larg comans. 16 Includng a soldary surcharg of 5.5% and an avrag dducbl rad ax of 16.14%. I also ncluds h xconal 1.5% addonal ax n Includng a dducbl local busnss ax. 18 Th ra s 25% for non-radng acvs. -17-

20 Sauory corora ax ra ncludng local axs and surchargs (%) Tramn of forgn dvdnds from ray counrs Tramn of forgn dvdnds from non-ray counrs Ialy % Exmon 60% Exmon Lava 19 Exmon Exmon Lhuana 15 Exmon Exmon Luxmbourg Exmon Exmon Mala 35 Indrc crd Indrc crd Nhrlands 34.5 Exmon Exmon Noray 28 Indrc crd Indrc crd Poland 27 Indrc crd 20 Drc Crd Porugal 33 Drc crd 21 Drc crd Romana 25 Indrc crd Indrc crd Russa 24 Drc crd No rlf Slovak Rublc 25 Indrc crd No rlf Slovna 25 Exmon Exmon San 35 Exmon Indrc crd Sdn 28 Exmon Exmon Szrland Exmon Exmon Turky 33 Indrc crd Drc crd Und Kngdom 30 Indrc crd Indrc crd No : Dvdnds ar assumd o b ad by fully ond subsdars. Sourc : Inrnaonal Burau of Fscal Documnaon. 19 Includng mloymn surcharg and local axs. 20 Indrc ax crd f holdng 75% for o yars and ray and hr h EU Parn-subsdary drcv holds. 21 Exmon f EU Parn-Subsdary drcv als (bu forgn hholdng ax s no crdabl). 22 Includng canonal and local axs n Zurch. -18-

21 Tabl 2. Blaral hholdng ax on dvdnd aymns bn fully ond forgn subsdary and arn on 1 s January OE BE BG HR CY CZ DK EE FI FR DE GR HU IC IE IT LV LT LU MT NL NO PL PT RO RU SK SI ES SE CH TR GB Ausra X Blgum 0 X Bulgara 0 10 X Croaa X Cyrus X Czch R X Dnmark X Esona X Fnland X Franc X Grmany X Grc X Hungary X Icland X Irland X Ialy Lava X Lhuana X Luxmbourg X Mala X Nhrlands X Noray X Poland X Porugal X Romana X Russa X Slovak R X Slovna X San X Sdn X Szrland X 35 5 Turky 16,5 16,5 16, ,5 16,5 16,5 16,5 16,5 16,5 16,5 16, ,5 16,5 16,5 16, ,5 16,5 16,5 16, ,5 16,5 11 5,5 16,5 16,5 16,5 16,5 X 16,5 Und Kngdom X -19-

22 Nos : (a) Th Parn-Subsdary drcv s bndng bn EU Mmbr Sas and rovds xmon from hholdng ax hn holdng s a las 25%. (b) Irland: comans locad n EU or ray counrs ar xm from hholdng ax rovdd ha hy ar no undr h conrol of rsons no rsdn n such counrs. (c) Esona: gnral xmon from hholdng ax f holdng n forgn comany s a las 25%. (d) Ialy: f h rcn can rov a ax s ad n s counry on h dvdnd, h Ialan auhors can rovd a rfund qual o h ax clamd lmd o 4/9 of h Ialan hholdng ax. () Lhuana: gnral xmon from hholdng ax f holdng n forgn comany s a las 25%. (f) Luxmbourg: xmon from hholdng ax for EU and ray arnrs f holdng n forgn comany s a las 10%. (g) Sdn: no hholdng ax f holdng s 25% and hr s normal corora axaon n h forgn counry and f h shars ar hld for busnss-rlad rasons. Sourc: Inrnaonal Burau of Fscal Documnaon. -20-

23 Tabl 3. Exsnc of a blaral ax ray on January 1 s OE BE BG HR CY CZ DK EE FI FR DE GR HU IC IE IT LV LT LU MT NL NO PL PT RO RU SK SI ES SE CH TR GB OE X BE 1 X BG 1 1 X HR X CY X CZ X DK X EE X FI X FR X DE X GR X HU X IC X IE X IT X LV X LT X LU X MT X NL X NO X PL X PT X RO X RU X SK X SI X ES X SE X CH X 0 1 TR X 1 GB X Sourc: Inrnaonal Burau of Fscal Documnaon, varous mnsrs bss. -21-

24 Tabl 4. Blaral hholdng ax on nrs aymns bn fully ond forgn subsdary and arn on 1 s January OE BE BG HR CY CZ DK EE FI FR DE GR HU IC IE IT LV LT LU MT NL NO PL PT RO RU SK SI ES SE CH TR GB Ausra X Blgum 15 X Bulgara 0 10 X Croaa X Cyrus x Czch R X Dnmark X Esona X Fnland X Franc X Grmany X Grc X Hungary X Icland X Irland X Ialy ,5 0 X 12, Lava X Lhuana n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Luxmbourg X Mala X Nhrlands X Noray X Poland X Porugal X Romana , X , Russa X Slovak R X Slovna X San X Sdn X Szrland X 0 0 Turky X 0 Und Kngdom X -22-

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