Cross-border investment, deterrence, and compliance effects of ownership transparency

• 成果类型: Article
• 署名作者: Amberger, Harald J.; Wilde, Jaron H.; Wu, Yuchen
• 署名单位: Vienna University of Economics & Business; University of Iowa; Zhejiang University of Finance & Economics
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101; 1879-1980
• DOI: 10.1016/j.jacceco.2025.101809
• 发表日期: 2025
• 页码: 101809
• 关键词: Ownership transparency; Financial havens; Cross-border investment; Tax evasion; foreign; crime

摘要

We exploit the staggered adoption of beneficial ownership registers in the EU to study (i) whether and how the requirement to disclose information on an entity's ultimate human owner (ownership transparency) shapes cross-border investment, (ii) whether ownership transparency deters potentially illicit versus likely legitimate activity, and (iii) which types of firms try to avoid ownership disclosure. We find that investment from non-EU financial havens into the EU declines significantly after countries adopt ownership registers. Public scrutiny and enforcement emerge as key factors shaping this decline. Further, potentially illicit actors do not appear to alter their investment behavior. Instead, they appear less likely to comply with the transparency regulation. Our findings provide insights relevant to regulation aimed at enhancing ownership transparency.