THE EFFECT OF CORPORATE TAX REVENUES ON DIRECT FOREIGN INVESTMENTS IN OECD COUNTRIES

Year 2020, Issue: 2020 Sonbahar Özel Sayı I/II, 30 - 37, 24.10.2020

Dilek Göze Kaya , Zeynep Ezanoğlu

Abstract

The importance of foreign capital investments has increased in developed and developing countries due to the positive effect of foreign capital on economic development. Countries need capital transfer in order to have a voice in international trade and increase their competitiveness. One of the most important determinants of foreign capital investments entering a country is tax rates. Countries whose main goal is economic development should adopt tax policies to increase their capital inflows. In order to examine the effect of tax policies adopted, this study analyzes the effects of corporate tax rates on foreign direct investments (FDI). Dynamic panel data analysis was used with the Generalized Moments Method (GMM) developed by Arellano-Bond for the estimation of variance and autocorrelated flexibility for 36 OECD countries in the study covering the years 2000-2016. By choosing which variables to use from the literature, the data were compiled using different sources. FDI flows and some macroeconomic variables were obtained from the World Bank and dataOECD, and tax rates from OECD.Stat. Heteroscedasticity and autocorrelation problems in predictions are solved by Arellano-Bond method. According to the results of the analysis made by installing two models with and without tax; It has been determined that the increase in corporate tax rates reduces foreign direct investment inflows. This result was found statistically significant and appropriate to the literature. As a result of empirical implementation, the importance of countries to pay attention to tax policies to increase FDI inflows and also to develop policies by considering other factors affecting FDI.

Keywords

Foreign Direct Investment, Determinants, Corporate Tax, Panel Data Analysis, OECD

OECD ÜLKELERİNDE KURUMLAR VERGİSİ ORANLARININ DOĞRUDAN YABANCI YATIRIMLAR ÜZERİNE ETKİSİ

Abstract

Gelişmiş ve gelişmekte olan ülkelerde yabancı sermayenin ekonomik kalkınmaya olumlu etkisi sebebiyle yabancı sermaye yatırımlarının önemi artmıştır. Ülkeler uluslararası ticarette söz sahibi olmak ve rekabet güçlerini artırmak amacıyla sermaye transferine ihtiyaç duymaktadır. Bir ülkeye giren yabancı sermaye yatırımlarının en önemli belirleyicilerinden biri vergi oranlarıdır. Temel hedeflerinden biri ekonomik kalkınma olan ülkeler sermaye girişlerini arttırmaya yönelik vergi politikaları benimsemelidir. Benimsenen vergi politikalarının etkisinin incelenmesi amacıyla bu çalışmada kurumlar vergisi oranlarının doğrudan yabancı yatırımlara (DYY) etkileri analiz edilmektedir. 2000-2016 yıllarını kapsayan çalışmada 36 OECD ülkesi için değişen varyans ve otokorelasyondan arındırılmış esneklik tahmini için Arellano-Bond’un geliştirdiği Genelleştirilmiş Momentler Metodu (GMM) ile dinamik panel veri analizi kullanılmıştır. Literatürden hangi değişkenlerin kullanılacağı seçilerek, veriler farklı kaynaklar kullanılarak derlenmiştir. DYY akışları ve bazı makroekonomik değişkenler Dünya Bankası’ndan ve dataOECD’den , vergi oranları ise OECD.Stat’dan elde edilmiştir. Tahminlerdeki değişen varyans ve otokorelasyon sorunları Arellano-Bond yöntemi vasıtasıyla giderilmiştir. Vergili ve vergisiz iki model kurularak yapılan analiz sonucuna göre; kurumlar vergisi oranlarının artması doğrudan yabancı yatırım girişlerini azalttığı tespit edilmiştir. Bu sonuç istatistiksel olarak anlamlı ve literatüre uygun bulunmuştur. Ampirik uygulama sonucunda, ülkelerin DYY girişlerini arttırmaya yönelik vergi politikalarına önem vermeleri ve bunun yanısıra DYY’yi etkileyen diğer faktörleri de dikkate alarak politikalar geliştirmeleri gerekliliği ön plana çıkmaktadır.

Keywords

doğrudan yabancı yatırım, kurumlar vergisi, panel veri analizi, belirleyiciler, oecd

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