東華大學圖書館 |

Language: English

Help

回圖書館首頁

手機版館藏查詢

Back

Switch To: Labeled | MARC Mode | ISBD

Repatriation Taxes and the Value of ...

Chen, Xi.

Linked to FindBook

Google Book

Amazon

博客來

Repatriation Taxes and the Value of Cash Holdings.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Repatriation Taxes and the Value of Cash Holdings./
Author:	Chen, Xi.
Description:	72 p.
Notes:	Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.
Contained By:	Dissertation Abstracts International76-12A(E).
Subject:	Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3717057
ISBN:	9781321964080

Repatriation Taxes and the Value of Cash Holdings.
Chen, Xi.

Repatriation Taxes and the Value of Cash Holdings. - 72 p.

Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.

Thesis (Ph.D.)--University of California, Irvine, 2015.

U.S.-domiciled multinational firms are taxed on a worldwide basis under a credit and deferral system. Consequently, multinationals earning profits from low-tax foreign countries have incentives to delay the repatriation of foreign earnings, resulting in high levels of offshore cash holdings. I hypothesize and find that investors' valuation of multinationals' total cash holdings is negatively associated with firm-specific tax costs of repatriation. Using a hand-collected sample of firms that disclose their foreign and domestic cash holdings separately, I find that the documented effect is driven by firms that hold a majority of cash overseas. I propose three explanations for my main finding: (1) repatriation taxes contribute to the buildup of foreign cash that can be subject to agency problems; (2) repatriation taxes make foreign funds less accessible, thereby increasing internal financing frictions; (3) repatriation taxes motivate excessive investments in financial assets, for which the rate of return is usually lower than firms' cost of capital. Cross-sectional results are consistent with all three explanations. Overall, this study provides new insights into the non-tax costs of multinationals' sensitivity to taxation.

ISBN: 9781321964080Subjects--Topical Terms:

557516
Accounting.

Repatriation Taxes and the Value of Cash Holdings.
LDR:02077nmm a2200265 4500 001 2073889
005 20160926135349.5
008 170521s2015 ||||||||||||||||| ||eng d
020 $a 9781321964080
035 $a (MiAaPQ)AAI3717057
035 $a AAI3717057
040 $a MiAaPQ $c MiAaPQ
100 1 $a Chen, Xi. $3 1017731
245 1 0 $a Repatriation Taxes and the Value of Cash Holdings.
300 $a 72 p.
500 $a Source: Dissertation Abstracts International, Volume: 76-12(E), Section: A.
500 $a Adviser: Terrence J. Shevlin.
502 $a Thesis (Ph.D.)--University of California, Irvine, 2015.
520 $a U.S.-domiciled multinational firms are taxed on a worldwide basis under a credit and deferral system. Consequently, multinationals earning profits from low-tax foreign countries have incentives to delay the repatriation of foreign earnings, resulting in high levels of offshore cash holdings. I hypothesize and find that investors' valuation of multinationals' total cash holdings is negatively associated with firm-specific tax costs of repatriation. Using a hand-collected sample of firms that disclose their foreign and domestic cash holdings separately, I find that the documented effect is driven by firms that hold a majority of cash overseas. I propose three explanations for my main finding: (1) repatriation taxes contribute to the buildup of foreign cash that can be subject to agency problems; (2) repatriation taxes make foreign funds less accessible, thereby increasing internal financing frictions; (3) repatriation taxes motivate excessive investments in financial assets, for which the rate of return is usually lower than firms' cost of capital. Cross-sectional results are consistent with all three explanations. Overall, this study provides new insights into the non-tax costs of multinationals' sensitivity to taxation.
590 $a School code: 0030.
650 4 $a Accounting. $3 557516
690 $a 0272
710 2 $a University of California, Irvine. $b Management. $3 3171091
773 0 $t Dissertation Abstracts International $g 76-12A(E).
790 $a 0030
791 $a Ph.D.
792 $a 2015
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3717057