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dc.contributor.authorRamb, Freden
dc.contributor.authorWeichenrieder, Alfons J.en
dc.date.accessioned2009-01-28T15:52:23Z-
dc.date.available2009-01-28T15:52:23Z-
dc.date.issued2004-
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
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1355en
dc.subject.jelH25en
dc.subject.jelF23en
dc.subject.ddc330en
dc.subject.keywordforeign direct investmenten
dc.subject.keywordfinancial structureen
dc.subject.keywordtaxationen
dc.subject.keywordGermanyen
dc.subject.stwDirektinvestitionen
dc.subject.stwInternationale Finanzierungen
dc.subject.stwKapitalstrukturen
dc.subject.stwAuslandsniederlassungen
dc.subject.stwSteuerbelastungen
dc.subject.stwDeutschlanden
dc.titleTaxes and the financial structure of German inward FDI-
dc.typeWorking Paperen
dc.identifier.ppn477479529en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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