Arbeitspapier
International taxation and M&A prices
We show that corporate taxation systems regarding foreign dividends and capital gains across 49 countries differ in many aspects, contradicting the requirements for capital ownership neutrality and indicating that ownership patterns are distorted. Consequently, a national tax policy maker may ask which taxation system improves the position of its multinational entreprises in bidding for foreign targets. To address this question, we develop a theoretical model on the impact of foreign dividends and capital gains taxation on cross-border M&A prices from the acquirer's perspective and theoretically compare different taxation systems. In a next step, we empirically validate our model in a regression analysis on a large cross-border M&A data set. Based on this analysis, we find that foreign dividends taxation rather than capital gains taxation impacts M&A prices. Finally, we provide tax policy suggestions.
- Sprache
-
Englisch
- Erschienen in
-
Series: ZEW Discussion Papers ; No. 17-040
- Klassifikation
-
Wirtschaft
Multinational Firms; International Business
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Business Taxes and Subsidies including sales and value-added (VAT)
Tax Evasion and Avoidance
Fiscal Policies and Behavior of Economic Agents: Firm
State and Local Government; Intergovernmental Relations: Interjurisdictional Differentials and Their Effects
- Thema
-
International taxation
Repatriation taxes
Capital gains taxes
Lock-in effect
Multinational entities
Cross-border M&As
- Ereignis
-
Geistige Schöpfung
- (wer)
-
von Hagen, Dominik
Pönnighaus, Fabian Nicolas
- Ereignis
-
Veröffentlichung
- (wer)
-
Zentrum für Europäische Wirtschaftsforschung (ZEW)
- (wo)
-
Mannheim
- (wann)
-
2017
- Handle
- URN
-
urn:nbn:de:bsz:180-madoc-435993
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- von Hagen, Dominik
- Pönnighaus, Fabian Nicolas
- Zentrum für Europäische Wirtschaftsforschung (ZEW)
Entstanden
- 2017
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