Taxation and the Birth of Foreign Subsidiaries

Hans‐Werner Sinn

102 citations0/0 files storedNational Bureau of Economic Research

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International Business and FDI Corporate Finance and Governance Corporate Taxation and Avoidance

Abstract

The paper studies the influence of tax policy on foreign direct investment with a particular emphasis on immature subsidiaries. Among other things it shows that taxes on repatriations reduce the subsidiary's "birth weight", that lump sum taxes reduce its cost of capital, and that the possibility of deferral increases this cost. The paper rejects the popular weighted average specification of the subsidiary's cost of capital.

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