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Restricted Interest Deductibility and Multinationals' Use of Internal Debt Finance

T. Buettner

出版	2016
URL	http://books.google.com.hk/books?id=vQOizgEACAAJ&hl=&source=gbs_api

註釋

This paper reconsiders the role of interest deductibility for internal debt financing of multinational enterprises (MNEs). The authors provide quasi-experimental evidence using restrictions on interest deductibility through thin-capitalization rules. Explicitly distinguishing between firms subject to a binding restriction and unrestricted firms, a panel data sample selection model is used to explore the tax sensitivity of the capital structure of foreign subsidiaries of MNEs. The results confirm that the tax incentive for using internal loans is effectively removed for restricted subsidiaries. While internal debt financing of unrestricted subsidiaries positively responds to taxes, the effects are relatively small.