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| Tekijä: | Dischinger, M. Riedel, N. |
| Otsikko: | Corporate taxes and the location of intangible assets within multinational firms |
| Lehti: | Journal of Public Economics
2011 : AUG, VOL 95:7-8 p. 691-707 |
| Asiasana: | multinational companies intangible assets tax optimization international business tax evasion panel data |
| Kieli: | eng |
| Tiivistelmä: | Intangible assets, for example patents and trademarks, are more and more often seen as the instrument to competitive success and as the drivers of corporate profit. Moreover, they constitute a major source of profit shifting opportunities in multinational enterprises (MNEs) due to a very intransparent transfer pricing process. This paper claims that, for both reasons, MNEs have an incentive to locate intangible property at affiliates with a low corporate tax rate. Using panel data on European MNEs and controlling for any unobserved timeĀconstant heterogeneity between affiliates, it is found that the lower a subsidiary's corporate tax rate relative to other affiliates of the multinational group the more it has intangible assets there. The effect is statistically and economically significant, even after controlling for subsidiary size and taking into account a dynamic intangible investment pattern. |
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