Tax incentives of corporate mergers and foreign direct investments:
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
Göteborg
Nationalekonomiska Inst.
1993
|
| Schriftenreihe: | Ekonomiska studier
48 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XIV, 195 S. graph. Darst. |
| ISBN: | 9188514064 |
Internformat
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| 490 | 1 | |a Ekonomiska studier |v 48 | |
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Datensatz im Suchindex
| _version_ | 1804123712329351168 |
|---|---|
| adam_text | Contents
Acknowledgements xv
I Tax Incentives and Mergers in Swedish Industry 1
1 Introduction 3
1.1 Background 3
2 Merger Theories 5
2.1 Horizontal Mergers 6
2.2 Vertical Mergers 7
2.3 Conglomerate Merger 9
2.3.1 Diversification Motive 10
2.4 Takeovers 11
3 Capital Income Taxation 15
3.1 Personal Taxation and Financial Policy 16
3.2 Firms Financial Policy 18
3.2.1 Capital Structure Policy 18
3.2.2 Dividend Policy 19
3.2.3 Miller Equilibrium 21
3.2.4 The New View of Equity Finance 22
3.3 Growth by Acquisition vs Internally 23
3.3.1 Growth by Acquisition 23
4 Taxation and Merger Incentives 25
4.1 General Merger Incentives 25
4.1.1 Tax Law Asymmetries 25
4.1.2 Tax Shield from Debt 28
4.1.3 Asset churning 28
4.1.4 Trapped Equity 28
4.2 Specific Merger Incentives 30
4.2.1 USA 30
4.2.2 Sweden 32
v
5 Empirical Evidence 35
5.1 Mergers in Sweden 35
5.2 Data and Sample 36
5.2.1 Types of Mergers 38
5.2.2 Tax Attributes: NOL s, Other Deductions and Average
Tax Rates 39
5.2.3 Dividend Behavior 42
5.3 Econometric Models 42
5.3.1 Acquirors 42
5.3.2 Model of Targets 46
5.4 Event Studies 47
5.4.1 Choice of Medium of Exchange in Tender Offers 49
5.4.2 Estimation of the Model of Growth and Acquisitions ... 51
5.5 Conclusions 54
Appendix I. A Figures and Tables 55
II The Effect of Capital Income Taxation on the
Localization of Foreign Direct Investments 59
6 Introduction: Part II 61
6.1 Background 61
6.2 Outline of the Study 62
7 Capital Income Taxation in an Open Economy 65
7.1 Welfare Aspects 65
7.2 Principles of International Taxation 67
8 A Non Cooperative Tax setting Game 71
8.1 Optimal Tax Rules in the Large Country Case 71
8.1.1 The Exporting Country s Tax Incentives 71
8.1.2 The Importing Country s Tax Incentives 73
8.2 Double taxation: Deduction method 73
8.3 A Numerical Example 74
8.3.1 Tax Credit Method 75
8.4 The Small Country Case 76
9 Taxation of Direct Investments 79
9.1 Territorial Taxation 80
9.2 Worldwide Taxation 81
9.2.1 Deduction Method 81
9.2.2 Credit Method 83
9.3 National Tax Policies 84
9.3.1 Deduction Method 85
9.3.2 Credit Method 86
vi
9.3.3 Public Goods 87
9.4 Numerical Example 88
10 Cost of Capital and Sources of Funds 91
10.1 The Domestic Firm s Optimization Problem 91
10.2 International Taxation Methods and Definitions 94
10.3 The Subsidiary s Optimization Problem 96
10.3.1 Example 97
10.4 The Global Optimization Problem 100
10.5 The Effect of Debt Finance 102
11 Tax Incentives and Direct Investments 103
11.1 Depreciation and the Cost of Capital 103
11.1.1 The Effective Marginal Tax Rate 105
11.2 The King Fullerton Approach 105
11.2.1 Introducing Personal Taxation 106
11.2.2 Closing the Model 107
11.3 Effective Tax Rates 108
11.4 Effective Tax Rates in an Open Economy 110
11.4.1 The Role of Taxes 112
11.4.2 Effective Tax Rates on FDIs 113
12 Legal Aspects on Foreign Income Taxation 117
12.1 Taxation of Foreign Source Income in the U.S 117
12.2 Taxation of Foreign Source Income in Sweden 119
12.2.1 Mitigation of International Double Taxation 120
12.2.2 Deferral and Tax Avoidance 121
12.2.3 Double Taxation Treaties 122
12.3 Capital and Exchange Controls 123
12.3.1 Swedish Capital Controls 123
13 Statistical Evidence 125
13.1 The Investment Series 125
13.1.1 The Distribution of Direct Investments 126
13.1.2 Initial Transfers Series 126
13.2 Sources of Funds 29
13.3 Rate of Return, Tax Rates and Tax Incentives 130
13.3.1 Statutory Tax Rates and Tax Incentives 130
13.3.2 Rates of Return and Effective Average Tax Rates 130
13.3.3 Marginal Tax Rates l:
13.4 Econometric Models 1^6
13.4.1 Results for Outward Investments 137
13.4.2 Results for the Five Country Estimations 138
13.4.3 Estimation Results for the Ten Country Sample 139
vii
14 Payout Behavior and Taxes 147
14.1 A Common Framework 147
14.1.1 Classical and split rate system 148
14.1.2 Imputation and deduction system 149
14.2 The Payout Decision in the International Firms 149
14.2.1 Exemption 151
14.3 Dividend Theories 152
14.4 Empirical Payout Behavior 153
14.4.1 Econometric Models 156
14.4.2 Definition of the tax variable 157
14.4.3 Estimation Result 158
15 Conclusions 161
AppendixII.A Dynamic Optimization 164
II.A.l The Subsidiary s Optimization Problem 164
II.A.2 The Parent s Global Optimization Problem 166
II.A.3 The Subsidiary s Optimization Problem: An Example . . 167
AppendixII.B Figures and Tables 170
Bibliography 183
Index 191
viii
List of Tables
5.1 Distribution of acquirors in different size groups 37
5.2 Distribution of targets in different size groups 38
5.3 Crosstabulation of mergers according to ownership category of
acquiring and targets firms 39
5.4 The average rate of redundancy of deductions for acquiring
companies 41
5.5 Dividend behavior of sample companies; divided into large and
small size publicly traded firms and private firms 43
5.6 Results of Tobit estimation of acquiring companies 46
5.7 Results of estimation of the target model 48
5.8 Results of OLS and Tobit estimations for the growth model. . . . 53
I.A.I Average q value for 42 major companies, 1970 1988 55
I.A.2 Average marginal tax rates on dividends (6), statutory tax rates
on capital gains (7), and effective corporate tax rates (r) 55
8.1 Numerical example for different tax rates 75
9.1 Results of numerical example for the resident principle 88
10.1 Definitions of taxes payable at home and tax rate on dividends
under different taxation methods 95
11.1 Statutory corporate tax rates, depreciation deduction methods,
as of 1986, and calculated effective tax rates for a marginal equity
financed investment project in different host countries 109
11.2 Effective marginal tax rates for debt, new equity, and retained
earnings finance; fixed p case, p = 0.1; personal tax rate on
interest and dividends is 50% in each country, the capital gains
tax rate is 20%. Investment incentives as of 1986 110
11.3 Effective marginal tax rates for debt, new equity, and retained
earnings finance; fixed r case, p = 0.1; personal tax rate on
interest and dividends is 50% in each country, the capital gains
tax rate is 20%. Investment incentives as of 1986 Ill
ix
11.4 Effective marginal tax rates for debt, new equity, and retained
earnings finance; fixed p case, p — 0.1. Investment in equipment
by a Swedish company in a foreign subsidiary. Tax rates and
investment incentives as of 1986 115
12.1 Taxrates on capital income under bilateral doubletaxation treaties
with Sweden, as of 1986 123
13.1 Number and changes in the stock of Swedish owned subsidiaries
in the included host countries, 1965 86 127
13.2 Investments in new capital (greenfield+acquisitions) by Swedish
Multinational corporations in selected host countries, 1966 86. . . 128
13.3 Average rate of return on total capital before corporate tax in
selected countries 1965 86 132
13.4 Average rate of return on total capital after corporate tax in se¬
lected countries, 1965 86 133
13.5 Effective average corporate tax rate in selected countries, 1965 86. 134
13.6 Correlation coefficients between effective tax rates in six countries,
1970 1986 135
13.7 Calculated marginal tax rates for hypothetical projects yielding
10% real rate of return before corporate tax. Fixed p case (see
text for explanation) 137
13.8 Results of regressions of direct investment abroad by Swedish
multinationals, 1965 86 138
13.9 Results of regressions of initial transfers for individual host coun¬
tries, Model 1: OLS and Tobit estimation 141
13.10Results of regressions of initial transfers for individual host coun¬
tries, Model 2: OLS and Tobit estimation 142
13.11Results of regressions of initial transfers for individual host coun¬
tries, Model 3: OLS and Tobit estimation 143
13.12Results of regressions of initial transfers for individual host coun¬
tries, Model 4: OLS and Tobit estimation 144
13.13Results of regressions of initial transfers for individual host coun¬
tries, Model 5: OLS estimation 145
13.14Results of regressions of initial transfers for individual host coun¬
tries, Model 5: TOBIT estimation 146
14.1 Domestic firms dividend behavior 153
14.2 Dividend behavior of subsidiaries in various host countries, 1965. 154
14.3 Dividend behavior of subsidiaries in various host countries, 1970. 155
14.4 Dividend behavior of subsidiaries in various host countries, 1978. 155
14.5 Dividend behavior of subsidiaries in various host countries, 1986. 156
14.6 Result of Tobit estimation on a cross section of subsidiaries, for
each survey year separately. Dependent variable: Dividends/Assets. 158
x
14.7 Result of Tobit estimation on a pooled cross section of subsidiaries.
Dependent variable: Dividends/Assets 159
14.8 Tax factors in the host countries, 1986; the Swedish corporate tax
rate is r = 52% 159
II.B.I Developments of statutory corporate tax rates (r); investment
tax credits or deductions (a), and tax depreciation factors (6)
in USA, UK and Canada; each entry refers to year of change the
respective tax factor 174
II.B.2 Developments of statutory corporate tax rates (r); investment
tax credits or deductions (a), and tax depreciation factors (6) in
France, West Germany and the Netherlands; each entry refers to
year of change the respective tax factor 175
II.B.3 Developments of statutory corporate tax rates (r); investment
tax credits or deductions (a), and tax depreciation factors (8) in
Italy, Denmark and Norway; each entry refers to year of change
the respective tax factor 176
II.B.4 Developments of statutory corporate tax rates (r); investment
tax credits or deductions (a), and tax depreciation factors (8)
in Finland and Sweden; each entry refers to year of change the
respective tax factor 177
II.B.5 Results of regressions of direct investment abroad by Swedish
multinationals 178
II.B.6 Results of regressions of direct investment abroad by Swedish
multinationals 178
II.B.7 Results of seemingly unrelated regressions of initial transfers
for five host countries 179
II.B.8 Results of seemingly unrelated regressions of initial transfers
for five host countries 180
II.B.9 Results of seemingly unrelated regressions of initial transfers
for nine host countries 181
xi
List of Figures
I.A.I Employment in acquired companies as a proportion of total in¬
dustrial employment and aggregate value of acquired companies
in proportion of total market value 56
I.A.2 Total number of mergers and acquisitions in Swedish Industry,
1946 88 56
I.A.3 Real stockmarket index, 1970=100 57
7.1 The effect of a tax on interest income on domestic residents. . . . 67
7.2 The effect of a tax on all interest income within a single territory. 69
8.1 Nash equilibrium with tax deductions 74
8.2 Stackelberg equilibrium; capital exporter is leader 77
9.1 The effect on capital exports, Z, of an increase in the host coun¬
try s depreciation allowances, a*, (a* c*o) 82
9.2 Iso revenue curves for the host country under the deduction method. 86
10.1 Expansion path of the subsidiary s capital stock under the deduc¬
tion and credit systems, with deferral 99
10.2 Expansion path of the subsidiary s capital stock under the deduc¬
tion and credit systems, without deferral 99
10.3 Effect of an increase in r* on the expansion path of the subsidiary
under the credit system with deferral 100
10.4 Effect of an increase in r on the expansion path of the subsidiary
(credit with deferral) 101
10.5 Effect of an increase in c on the expansion path of the subsidiary
(credit with deferral) 101
14.1 Total tax liability as a function of the payout ratio in a classical
system 151
14.2 Total tax liability as a function of the payout ratio in a split rate
system 152
II.B.I Direct Investment Abroad by Swedish firms and Foreign Direct
Investment into Sweden, divided by GNP 170
xiii
II.B.2 Swedish foreign controlled assets in various host countries 1965. 171
II.B.3 Swedish foreign controlled assets in various host countries 1986 171
II.B.4 Distribution of DIA over host countries, 1982 1988. National
accounts data 172
II.B.5 Sources of funds for DIA s, 1982 85. Source: Riksbanken. . . 172
II.B.6 The evolution of the aggregate gearing ratio, 1965 1986 .... 173
xiv
|
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| series | Ekonomiska studier |
| series2 | Ekonomiska studier |
| spelling | Modén, Karl-Markus Verfasser aut Tax incentives of corporate mergers and foreign direct investments Karl-Markus Modén Göteborg Nationalekonomiska Inst. 1993 XIV, 195 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Ekonomiska studier 48 Zugl.: Philadelphia, Univ. of Pennsylvania, Diss., 1993 Företagsfusioner - beskattning Företagsfusioner sao Utlandsinvesteringar sao Direktinvestition (DE-588)4070496-8 gnd rswk-swf Steuervergünstigung (DE-588)4057476-3 gnd rswk-swf Fusion (DE-588)4071520-6 gnd rswk-swf Steuerersparnis (DE-588)4077884-8 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Direktinvestition (DE-588)4070496-8 s Steuervergünstigung (DE-588)4057476-3 s DE-604 Fusion (DE-588)4071520-6 s Steuerersparnis (DE-588)4077884-8 s Ekonomiska studier 48 (DE-604)BV000011510 48 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006164956&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Modén, Karl-Markus Tax incentives of corporate mergers and foreign direct investments Ekonomiska studier Företagsfusioner - beskattning Företagsfusioner sao Utlandsinvesteringar sao Direktinvestition (DE-588)4070496-8 gnd Steuervergünstigung (DE-588)4057476-3 gnd Fusion (DE-588)4071520-6 gnd Steuerersparnis (DE-588)4077884-8 gnd |
| subject_GND | (DE-588)4070496-8 (DE-588)4057476-3 (DE-588)4071520-6 (DE-588)4077884-8 (DE-588)4113937-9 |
| title | Tax incentives of corporate mergers and foreign direct investments |
| title_auth | Tax incentives of corporate mergers and foreign direct investments |
| title_exact_search | Tax incentives of corporate mergers and foreign direct investments |
| title_full | Tax incentives of corporate mergers and foreign direct investments Karl-Markus Modén |
| title_fullStr | Tax incentives of corporate mergers and foreign direct investments Karl-Markus Modén |
| title_full_unstemmed | Tax incentives of corporate mergers and foreign direct investments Karl-Markus Modén |
| title_short | Tax incentives of corporate mergers and foreign direct investments |
| title_sort | tax incentives of corporate mergers and foreign direct investments |
| topic | Företagsfusioner - beskattning Företagsfusioner sao Utlandsinvesteringar sao Direktinvestition (DE-588)4070496-8 gnd Steuervergünstigung (DE-588)4057476-3 gnd Fusion (DE-588)4071520-6 gnd Steuerersparnis (DE-588)4077884-8 gnd |
| topic_facet | Företagsfusioner - beskattning Företagsfusioner Utlandsinvesteringar Direktinvestition Steuervergünstigung Fusion Steuerersparnis Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006164956&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV000011510 |
| work_keys_str_mv | AT modenkarlmarkus taxincentivesofcorporatemergersandforeigndirectinvestments |