文章基本信息

标题：What Drives Emerging Economies Firms to Invest In Tax Havens
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作者：Yosra Makni Fourati ; Rafika MADHI ; Ahmad Alqatan 等
期刊名称：Academy of Accounting and Financial Studies Journal
印刷版ISSN：1096-3685
出版年度：2019
卷号：23
期号：6
页码：1-20
语种：English
出版社：The DreamCatchers Group, LLC
摘要：This study aims to examine the incentives of multinational enterprises (MNEs) for setting up tax -haven subsidiaries. Based on the firm-specific advantage–country-specific advantage (FSA–CSA) framework, we have conducted our research hypotheses. Using a sample of 165 MNEs from six emerging countries spanning the years 2014-2016, we document that firms with greater investments in intangible assets have a higher likelihood of owning subsidiaries in tax havens. Concerning the home-country specific advantages, we provide evidence that firms are more likely to set up tax-haven subsidiaries when their home country has lower required book-tax conformity and a worldwide-tax system. With respect to the host-country advantages, we show that the lowest corporate-tax rate usually offered by tax havens constitutes a motivation for foreign MNEs to establish tax-haven subsidiaries. In summary, our findings indicate that firm's home-country tax system characteristics (a worldwide tax system, book-tax conformity) are seen as the most critical determinants for setting up tax- haven subsidiaries..
关键词：FSA/CSA framework;Tax havens;Tax systems;Book-Tax conformity