Global evidence on profit shifting within firms and across time☆

• 成果类型: Article
• 署名作者: Delis, Fotis; Delis, Manthos D.; Laeven, Luc; Ongena, Steven
• 署名单位: Audencia; European Central Bank; University of Zurich; Swiss Finance Institute (SFI); KU Leuven; Norwegian University of Science & Technology (NTNU); Centre for Economic Policy Research - UK
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2024.101744
• 发表日期: 2025
• 关键词: income; tax; multinationals; CHOICE

摘要

We provide estimates of profit shifting for over 2 million firm-year observations in 100 countries over the period 2009-2020. Employing nonparametric estimation techniques within a mainstay model of profit shifting, we examine how the profits of both parent and subsidiary firms within a multinational group respond to marginal changes in the composite tax indicator. The key advantage of this approach is that it yields firm-year estimates of profit shifting. Multinational firms engage in extensive profit shifting by maintaining affiliates in low-tax countries and zero-tax havens. Multinational groups with an ultimate tax-haven owner exhibit the largest profit response to tax incentives. Our new database opens important avenues for analyzing the sources and effects of profit shifting.