상세정보
Export to Refworks부가기능
Repatriation Tax Costs and Foreign Investment Decisions of U.S. Multinationals: Evidence from the Anticipation of the 2017 U.S. Tax Reform
상세 프로파일
| 자료유형 | 학위논문 |
|---|---|
| 서명/저자사항 | Repatriation Tax Costs and Foreign Investment Decisions of U.S. Multinationals: Evidence from the Anticipation of the 2017 U.S. Tax Reform. |
| 개인저자 | Vuong, Anh Nguyet. |
| 단체저자명 | Michigan State University. Business Administration - Doctor of Philosophy. |
| 발행사항 | [S.l.]: Michigan State University., 2019. |
| 발행사항 | Ann Arbor: ProQuest Dissertations & Theses, 2019. |
| 형태사항 | 104 p. |
| 기본자료 저록 | Dissertations Abstracts International 81-06A. Dissertation Abstract International |
| ISBN | 9781392472873 |
| 학위논문주기 | Thesis (Ph.D.)--Michigan State University, 2019. |
| 일반주기 |
Source: Dissertations Abstracts International, Volume: 81-06, Section: A.
Advisor: Hogan, Chris. |
| 이용제한사항 | This item must not be sold to any third party vendors.This item must not be added to any third party search indexes. |
| 요약 | In this study, I investigate whether the expectation of a future reduction in repatriation tax costs affects the foreign investment decisions of U.S. multinational corporations (U.S. MNCs). I find that, during the period in which members of Congress proposed legislation for a switch to a territorial tax system, foreign subsidiaries of U.S. MNCs significantly increased capital investment activities, compared to the subsidiaries of non-U.S. MNCs in the same country. The increase in capital investment is concentrated among subsidiaries of U.S. MNCs that are subject to higher potential repatriation tax costs, and hence would benefit more from a potential reform. Furthermore, I do not find any evidence consistent with the alternative explanation that agency costs of excess cash holdings drive the increases in investment during this period. On the contrary, the increases in foreign investment activities are marginally greater among subsidiaries that are subject to lower agency costs. Together, these results suggest that the expectation of lower future repatriation tax costs has inadvertently incentivized U.S. MNCs to invest more abroad. My study contributes to the literature that examines firms' real investment responses to anticipated tax incentives and our understanding of the consequences of the recent U.S. tax reform. |
| 일반주제명 | Accounting. |
| 언어 | 영어 |
| 바로가기 | 
: 이 자료의 원문은 한국교육학술정보원에서 제공합니다. |
