Tax accounting research on corporate investment: A discussion of the impact of IP box regimes on the M&A market by Bradley, Ruf, and Robinson (2021)

• 成果类型: Article
• 署名作者: Lester, Rebecca
• 署名单位: Stanford University
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2021.101451
• 发表日期: 2021
• 关键词: taxation; POLICY; RISK

摘要

In The Impact of IP Box Regimes on the M&A Market, Bradley, Robinson, and Ruf (2021) study whether and to what extent tax incentives for intellectual property affect corporate M&A investment activity. The paper finds that a 1.0 percentage point tax benefit leads to a 1.2% increase in M&A activity in a country after the implementation of an Intellectual Property (IP) Box tax regime. Results vary based on country-specific IP Box requirements, as well as firm-specific characteristics such as patent ownership and acquirer nationality. My discussion offers more cautious interpretations of the empirical results related to statutory country-specific requirements of these regimes and raises concerns about the type and timing of firm responses. More generally, I outline how this paper and other work by tax researchers in Accounting contributes to the broader literature studying the relation between corporate tax policies and investment activity. (c) 2021 Published by Elsevier B.V.