000			01779nab a2200265 c 4500
999			_c145445 _d145445
003			ES-MaIEF
005			20220218132301.0
007			ta
008			220218t2021 gw ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100	1		_969580 _aGodar, Sarah
245		0	_aTax-haven investors and corporate profitability _bevidence of profit shifting by German affiliates of multinational firms _c Sarah Godar
260			_c2021
500			_aResumen.
520			_aThis paper uses confidential firm-level panel data to provide new estimates of corporate profit shifting by German affiliates of multinational corporations. The estimated semielasticity suggests that the profits of German affiliates are highly sensitive to foreign tax rate changes. The semielasticity is higher when at least one investor is located in a tax haven and is not significant when a company has never had a tax-haven investor. Using the tax attractiveness index as an alternative operationalization of the profit-shifting incentive yields similar but less robust results. The estimated effects are used to extrapolate aggregate revenue losses, which range between EUR 1.5 and 5.8 billion in 2016. The results suggest that ownership links to tax havens are an informative indicator of whether or not a company engages in international profit shifting.
650		4	_943600 _aEMPRESAS MULTINACIONALES
650		4	_944380 _aSUCURSALES
650			_aIMPUESTOS _947460
650		4	_aEROSIÓN DE LA BASE IMPONIBLE Y TRASLADO DE BENEFICIOS _963148
650		4	_aPARAISOS FISCALES _947950
650		4	_aELASTICIDAD IMPOSITIVA _943299
650		4	_aALEMANIA _925193
773	0		_9166651 _oOP 207/2021/4 _tFinanzArchiv _w(IEF)21244 _x 0015-2218 _gv. 77, n. 4, December 2021, p. 345-375
942			_cART