Publikation: International debt shifting : do multinationals shift internal or external debt?
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2011
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Zusammenfassung
We examine the capital structures of multinational companies. Multinational companies can exploit the tax advantage of debt more aggressively than national companies by shifting debt from affiliates in low-tax countries to affiliates in high-tax countries. Previous papers have omitted either internal debt or external debt from the analysis. We are the first to model the companies’ choice between internal and external debt shifting, and show that it is optimal to use both types of debt in order to save taxes. Using a large panel of German multinationals, we find strong empirical support for our model. The estimated coefficients suggest that internal and external debt shifting are of about equal relevance.
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330 Wirtschaft
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Corporate taxation, multinationals, capital structure, international debt-shifting, tax avoidance
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MOEN, Jarle, Dirk SCHINDLER, Guttorm SCHJELDERUP, Julia TROPINA, 2011. International debt shifting : do multinationals shift internal or external debt?BibTex
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year={2011},
series={Working Paper Series / Department of Economics},
title={International debt shifting : do multinationals shift internal or external debt?},
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author={Moen, Jarle and Schindler, Dirk and Schjelderup, Guttorm and Tropina, Julia}
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