Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/18718
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dc.contributor.authorRamb, Freden_US
dc.contributor.authorWeichenrieder, Alfons J.en_US
dc.date.accessioned2009-01-28T15:52:23Z-
dc.date.available2009-01-28T15:52:23Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/18718-
dc.description.abstractThe paper analyses the financial structure of German inward FDI. From a tax perspective,intra-company loans granted by the parent should be all the more strongly preferred overequity the lower the tax rate of the parent and the higher the tax rate of the German affiliate.From our study of a panel of more than 8,000 non-financial affiliates in Germany, we findonly small effects of the tax rate of the foreign parent. However, our empirical results showthat subsidiaries that on average are profitable react more strongly to changes in the Germancorporate tax rate than this is the case for less profitable firms. This gives support to thefrequent concern that high German taxes are partly responsible for the high levels of intracompanyloans. Taxation, however, does not fully explain the high levels of intra-companyborrowing. Roughly 60% of the cross-border intra-company loans turn out to be held by firmsthat are running losses.en_US
dc.language.isoengen_US
dc.publisher|aCenter for Economic Studies and Ifo Institute (CESifo) |cMunichen_US
dc.relation.ispartofseries|aCESifo Working Paper |x1355en_US
dc.subject.jelH25en_US
dc.subject.jelF23en_US
dc.subject.ddc330en_US
dc.subject.keywordforeign direct investmenten_US
dc.subject.keywordfinancial structureen_US
dc.subject.keywordtaxationen_US
dc.subject.keywordGermanyen_US
dc.subject.stwDirektinvestitionen_US
dc.subject.stwInternationale Finanzierungen_US
dc.subject.stwKapitalstrukturen_US
dc.subject.stwAuslandsniederlassungen_US
dc.subject.stwSteuerbelastungen_US
dc.subject.stwDeutschlanden_US
dc.titleTaxes and the financial structure of German inward FDIen_US
dc.typeWorking Paperen_US
dc.identifier.ppn477479529en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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