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Department of Business and Management Science, Norwegian School of Economics (NHH) Discussion Papers, Department of Business and Management Science, Norwegian School of Economics (NHH)

No 2008/19:
Multinationals, Minority Ownership and Tax-Efficient Financing Structures

Dirk Schindler () and Guttorm Schjelderup ()

Abstract: We model how multinationals structure their borrowing and lending transactions and find that affiliates in high-tax countries have higher internal and overall debt ratios and lower rental rates of physical capital than comparable domestic firms. We also show that affiliates with minority owners have less debt than wholly owned affiliates.

Keywords: Multinational enterprises; tax-efficient financing structures; minority ownership; (follow links to similar papers)

JEL-Codes: F23; H25; (follow links to similar papers)

22 pages, October 17, 2008

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