Corporate Taxation and Multinational Activity



Table A2: Correlation matrix

(1)

(2)

(3)

(4)

Real outward FDI stock

(1) 1

Parent country corporate tax rate: ti,t-ι

(2)    -0.30

1

Host country corporate tax rate: t∕,t-ι

(3)    -0.42

0.26

1

Withholding tax rate on repatriated profits: ∣¾-1

(4)    -0.32

0.18

0.25

1

Parent country depreciation allowances: δift

(5)    -0.47

0.41

0.27

0.31

Host country depreciation allowances: ⅜,t-ι

(6)    -0.10

0.12

-0.07

o.o:

h,t × ΔS,J⅛,t-ι × I(ΔS,J⅛,t-ι > 0)

(7)     0.12

0.03

0.00

-0.01

δi,t-ι × ASKij,¢-1 × I(ΔS,JC∕,t-ι > 0)

(8)     0.11

-0.05

-0.01

-0.0(

δjft-ι × ΔSKijft-ι × I(ASKijft-ι > 0)

(9)     0.18

-0.06

-0.09

-0.0!

og(GDPit + GDPjt} : ΣGDP⅛i

(10)    0.64

-0.43

-0.42

-0.21

o%(GDPit∕GDPjt) : AGDPijt

(11) -0.18

0.11

0.08

O.K

ASKijt × AGDPijt × !(ASKijt > 0): INTl

(12) -0.16

0.02

0.13

O.K

ASKijt × ZGDPijt × !(ASKijt > 0): INT2

(13)    0.14

-0.05

-0.04

-0.0)

-ASKijt × AGDPijt × !(ASKijt < 0): INT3

(14)    0.08

-0.09

-0.08

-0.0!

(ΔS⅛⅛)2× log(DISTijy. INT4

(15)    0.09

-0.06

-0.05

-0.K

(5)     (6)     (7)     (8)     (9)     (10)    (11)    (12)    (13)    (14)   (15)

L 0.05      1

5

-0.06

-0.04

1

3

-0.05

-0.08

0.95

1

1

-0.08

0.07

0.91

0.94

1

5

-0.52

-0.14

0.13

0.14

0.19

1

3

0.20

0.09

0.02

-0.01

-0.01

-0.29

1

>

0.10

0.04

-0.44

-0.49

-0.48

-0.16

0.30

1

7

-0.07

-0.07

0.96

0.99

0.95

0.18

-0.02

-0.52

1

-0.07

0.01

-0.06

-0.06

-0.06

0.04

-0.07

0.02

-0.06

1

>

-0.06

-0.02

0.45

0.47

0.46

0.09

-0.12

-0.28

0.48

0.69

1



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