Corporate Taxation and Multinational Activity

(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: δi_ft-ι

(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-ι × 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(

δj_ft-ι × ΔSKij_ft-ι × I(ASKij_ft-ι > 0)

(9)     0.18

-0.06

-0.09

-0.0!

∖og(GDP_it + GDP_jt} : ΣGDP⅛_i

(10)    0.64

-0.43

-0.42

-0.21

∖o%(GDPi_t∕GDPj_t) : AGDP_ijt

(11) -0.18

0.11

0.08

O.K

ASKi_jt × AGDP_ij_t × !(ASK_ij_t > 0): INTl

(12) -0.16

0.02

0.13

O.K

ASK_ij_t × ZGDP_ijt × !(ASK_ijt > 0): INT2

(13)    0.14

-0.05

-0.04

-0.0)

-ASK_ijt × AGDP_ijt × !(ASK_ijt < 0): INT3

(14)    0.08

-0.09

-0.08

-0.0!

(ΔS⅛⅛)²× log(DIST_ijy. INT4

(15)    0.09

-0.06

-0.05

-0.K

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