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題名 An empirical investigation of the effect of imputation credits on remittance of overseas dividends
作者 陳明進;Sanjay Gupta
Chen, Ming-Chin ; Gupta, Sanjay
貢獻者 會計系
日期 2011-06
上傳時間 4-Mar-2014 14:52:18 (UTC+8)
摘要 Overseas dividend remittance is an important vehicle for multinational corporations (MNCs) to move funds among their global subsidiaries. Using firm-level data from 2001 to 2004 for Taiwan-based MNCs with subsidiaries in China, this paper provides empirical evidence on the effect of imputation credits on overseas dividend remittances. We find that imputation credits have a positive effect on increasing foreign dividend payouts, thereby reducing the efficiency loss induced by the tax cost for within-firm dividends of MNCs. We also document evidence that parent companies’ net fund flows from related-party transactions with their subsidiaries are negatively correlated with dividends repatriated from those affiliates, supporting the notion that transfer-pricing may be substituting for within-firm dividend remittance. Our results contribute to understanding the links between taxation and related-party transactions and subsidiary dividend repatriation decisions of MNCs.
關聯 Journal of Contemporary Accounting & Economics, 7(1), 18-30
資料類型 article
DOI http://dx.doi.org/http://dx.doi.org/10.1016/j.jcae.2011.06.001
http://dx.doi.org/10.1016/j.jcae.2011.06.001
dc.contributor 會計系en_US
dc.creator (作者) 陳明進;Sanjay Guptazh_TW
dc.creator (作者) Chen, Ming-Chin ; Gupta, Sanjayen_US
dc.date (日期) 2011-06en_US
dc.date.accessioned 4-Mar-2014 14:52:18 (UTC+8)-
dc.date.available 4-Mar-2014 14:52:18 (UTC+8)-
dc.date.issued (上傳時間) 4-Mar-2014 14:52:18 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/64409-
dc.description.abstract (摘要) Overseas dividend remittance is an important vehicle for multinational corporations (MNCs) to move funds among their global subsidiaries. Using firm-level data from 2001 to 2004 for Taiwan-based MNCs with subsidiaries in China, this paper provides empirical evidence on the effect of imputation credits on overseas dividend remittances. We find that imputation credits have a positive effect on increasing foreign dividend payouts, thereby reducing the efficiency loss induced by the tax cost for within-firm dividends of MNCs. We also document evidence that parent companies’ net fund flows from related-party transactions with their subsidiaries are negatively correlated with dividends repatriated from those affiliates, supporting the notion that transfer-pricing may be substituting for within-firm dividend remittance. Our results contribute to understanding the links between taxation and related-party transactions and subsidiary dividend repatriation decisions of MNCs.en_US
dc.format.extent 224411 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) Journal of Contemporary Accounting & Economics, 7(1), 18-30en_US
dc.title (題名) An empirical investigation of the effect of imputation credits on remittance of overseas dividendsen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.jcae.2011.06.001en_US
dc.doi.uri (DOI) http://dx.doi.org/http://dx.doi.org/10.1016/j.jcae.2011.06.001en_US
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.jcae.2011.06.001-