Taxes and the location of targets

Wiji Arulampalam, Michael P. Devereux and Federica Liberini

We use firm-level data to investigate the impact of taxes on the international location of targets in M&A allowing for heterogeneous responses by companies. The statutory tax rate in the target country is found to have a negative impact on the probability of an acquisition in that country. In addition, the estimated size of the effect is found to depend on whether (i) acquirer is a domestic or a multinational enterprise; (ii) the acquisition is domestic or cross-border; and (iii) the acquirer's country has a worldwide or territorial tax system.

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Year of publication:	February 2017
Authors:	Arulampalam, Wiji ; Devereux, Michael P. ; Liberini, Federica
Publisher:	Oslo, Norway : Department of Economics, University of Oslo
Subject:	Multinational enterprises \| cross-border expansion \| target choice \| corporation income tax \| mixed logit \| Multinationales Unternehmen \| Transnational corporation \| Logit-Modell \| Logit model \| Unternehmensbesteuerung \| Corporate taxation \| Welt \| World \| Betriebliche Standortwahl \| Firm location choice \| Körperschaftsteuer \| Corporate income tax \| Übernahme \| Takeover

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Extent:	1 Online-Ressource (circa 49 Seiten)
Series:	Memorandum / Department of Economics, University of Oslo. - Oslo : Department of Economics, University of Oslo, ISSN 0809-8786, ZDB-ID 2532549-8. - Vol. no 02/2017
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Other identifiers:	hdl:10419/165964 [Handle]
Classification:	G34 - Mergers; Acquisitions; Restructuring; Corporate Governance ; H25 - Business Taxes and Subsidies ; H32 - Firm ; C25 - Discrete Regression and Qualitative Choice Models
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011636055