Journal of Multinational Financial Management最新文献_第3页

An alternative measure of profit shifting and corporate income tax losses 另一种衡量利润转移和企业所得税损失的方法

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2023-09-25 DOI: 10.1016/j.mulfin.2023.100822

Marian Dobranschi, Danuše Nerudová, Veronika Solilová, Marek Litzman

{"title":"An alternative measure of profit shifting and corporate income tax losses","authors":"Marian Dobranschi, Danuše Nerudová, Veronika Solilová, Marek Litzman","doi":"10.1016/j.mulfin.2023.100822","DOIUrl":"https://doi.org/10.1016/j.mulfin.2023.100822","url":null,"abstract":"<div><p>The aim of this paper is to assess an alternative method of estimating the amount of profit shifting and corporate income tax<span> revenue losses. We propose a nonstandard methodology to refine the measurement of profit shifting beyond the traditional semi-elasticity procedure. A four-stage Data Envelopment Analysis (DEA) is used to estimate the relative technical efficiency of profits before taxation reported by foreign-owned companies in Czechia. The efficiency gap resulting from the difference between the first-stage and third-stage technical efficiency scores represents the level of profit shifting. Using the statutory and average effective corporate income tax rates, we calculate the amount of corporate income tax revenue losses attributable to profit shifting. The estimated mean level of profit shifting by foreign subsidiaries involved in the manufacturing and service sectors between 2009 and 2016 is over 570 million EUR, and the mean amount of tax losses exceeds 100 million EUR. In relative terms, profit shifting leads to a decrease in total corporate income tax revenues of 2% in Czechia. Foreign-owned companies involved in the manufacturing sector are less efficient than foreign-owned companies from services industries in terms of relative technical efficiency scores, while companies involved in the service sector have a considerably high efficiency gap with respect to companies involved in the manufacturing sector.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"70 ","pages":"Article 100822"},"PeriodicalIF":4.2,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49868966","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Natural resource rents and access to finance 自然资源租金和融资渠道

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2023-09-23 DOI: 10.1016/j.mulfin.2023.100821

Mohammed Arshad Khan , Muhammad Atif Khan , Muhammad Asif Khan , Hamad Alhumoudi , Hossam Haddad

{"title":"Natural resource rents and access to finance","authors":"Mohammed Arshad Khan , Muhammad Atif Khan , Muhammad Asif Khan , Hamad Alhumoudi , Hossam Haddad","doi":"10.1016/j.mulfin.2023.100821","DOIUrl":"https://doi.org/10.1016/j.mulfin.2023.100821","url":null,"abstract":"<div><p><span>Broadening access to finance is among the top priorities for governments and international development organizations worldwide. This study examines the impact of natural resource rents on access to finance in </span>financial institutions<span> and financial markets across 109 countries from 1996 to 2020. The results of dynamic two-step system generalized method of moments estimation demonstrate that total natural resource rents hinder access to finance in financial institutions and markets, confirming the natural resource curse hypothesis. Specifically, rents from oil, coal, minerals, and forests negatively affect access to finance in financial institutions and markets, while gas rent has surprisingly a positive effect on both. Furthermore, institutional quality significantly promotes access to finance in financial institutions and markets. All aspects of institutional quality (control of corruption, government effectiveness, political stability, regulatory quality, rule of law, and voice and accountability) positively affect access to finance except regulatory quality, which has an insignificant effect on access to finance in financial institutions. Moreover, our findings show that institutional quality significantly moderates the effect of natural resource rents on access to finance, specifically, it varies depending on whether the institutions are strong or weak, being positive in the former case and negative in the latter. The study conducts several robustness tests using additional controls, alternative measures of financial access, and sample sensitivity analysis, all of which confirm the findings. Finally, we suggest policy implications for relevant stakeholders.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"70 ","pages":"Article 100821"},"PeriodicalIF":4.2,"publicationDate":"2023-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49868967","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Host country corruption and Japanese outward foreign direct investment: A sectoral and industry-level analysis 东道国腐败与日本对外直接投资:部门和行业层面的分析

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2023-09-12 DOI: 10.1016/j.mulfin.2023.100820

Andrzej Cieślik , Michael Ryan

引用次数: 0

Further evidence on the returns to technical trading rules: Insights from fourteen currencies 关于技术交易规则回报的进一步证据：来自14种货币的见解

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2023-09-01 DOI: 10.1016/j.mulfin.2023.100808

Everton Dockery, Ivan Todorov

引用次数: 1

Home country environment and the downside risk implications of multinationality: Empirical evidence from Chinese SMEs 母国环境与跨国经营的下行风险影响——来自中国中小企业的经验证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2023-09-01 DOI: 10.1016/j.mulfin.2023.100810

Chao Zhou

引用次数: 3

The sources of economic uncertainty: Evidence from eurozone markets 经济不确定性的来源:来自欧元区市场的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2023-09-01 DOI: 10.1016/j.mulfin.2023.100811

Konstantina Liosi

{"title":"The sources of economic uncertainty: Evidence from eurozone markets","authors":"Konstantina Liosi","doi":"10.1016/j.mulfin.2023.100811","DOIUrl":"10.1016/j.mulfin.2023.100811","url":null,"abstract":"<div><p><span>This study examines the sources of economic uncertainty in Euro Area countries with a special focus on the effects of the ECB’s monetary policy<span> on economic uncertainty, for the period between 2001 and 2020. The contribution of the research lies (a) on the employment of an uncertainty factor that combines information from different uncertainty variables, rather than just one as in many previous studies, (b) on the fact that we obtain our results with the employment of a significant number of variables that consist a large data set which offers a great amount of information and (c) the examination of the behavior of Core and Peripheral Eurozone countries, since many studies indicate that their reaction to economic shocks may be different. We examine a sample of four Core and four Peripheral Eurozone Countries and employ for each country and for panel data a Factor-Augmented Vector Autoregression framework (FAVAR) with six different factors (real activity, </span></span>inflation<span>, interest rates, monetary policy, financial market and uncertainty). The results indicate that real activity and financial markets are important contributors to economic uncertainty, especially for the Core Eurozone countries, while for the Peripheral countries the uncertainty factor itself seems to contribute to its own level; in addition, our results indicate that periods of high uncertainty tend to be followed by periods of low uncertainty.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"69 ","pages":"Article 100811"},"PeriodicalIF":4.2,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42356181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The extreme risk connectedness of the global financial system: G7 and BRICS evidence 全球金融体系的极端风险关联性:G7和金砖国家的证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2023-09-01 DOI: 10.1016/j.mulfin.2023.100812

Ning Chen , Shaofang Li, Shuai Lu

{"title":"The extreme risk connectedness of the global financial system: G7 and BRICS evidence","authors":"Ning Chen , Shaofang Li, Shuai Lu","doi":"10.1016/j.mulfin.2023.100812","DOIUrl":"10.1016/j.mulfin.2023.100812","url":null,"abstract":"<div><p><span>Using daily money, stock, bond, foreign exchange, and credit markets data in the G7 and BRICS between 2006 and 2022, this paper investigates the extreme risk interconnectedness across countries and markets. Specifically, we propose a multilayer nonlinear extreme risk spillover<span><span> network based on the CAViaR model and nonlinear Granger causality test to capture extreme risk spillovers across and within layers from static and dynamic perspectives, respectively. We find that the extreme risks of the </span>G7 countries are higher than those of the </span></span>BRICS countries<span>. Simultaneously, extreme risks in the stock and foreign exchange markets are significantly higher than those in other markets. The stock market tends to be the net emitter of extreme risks, and the bond and credit markets tend to be the net recipients. During special event periods, BRICS countries (except Russia) tend to be net recipients of extreme risks. Our study provides new evidence on the interconnectedness of extreme risk across markets and countries, which has several practical implications for managing financial risks and maintaining the financial system’s stability.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"69 ","pages":"Article 100812"},"PeriodicalIF":4.2,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46340410","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Do financial and governmental institutions play a mediating role in the spillover effects of FDI? 金融和政府机构在外国直接投资的溢出效应中是否发挥了中介作用？

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2023-09-01 DOI: 10.1016/j.mulfin.2023.100809

Hyun-Jung Nam , Jeongseok Bang , Doojin Ryu

引用次数: 0

Does performance-chasing behavior matter? International evidence 追求业绩的行为重要吗?国际证据

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2023-06-01 DOI: 10.1016/j.mulfin.2023.100799

Jennifer Eunkyeong Lee , Hoon Cho , Doojin Ryu , Sangik Seok

引用次数: 0

Do politically connected directors play an information role under policy uncertainty? 在政策不确定的情况下，有政治关系的董事是否扮演着信息角色？

IF 4.2 3区经济学

Journal of Multinational Financial Management Pub Date : 2023-06-01 DOI: 10.1016/j.mulfin.2023.100787

Bunyamin Onal

引用次数: 1