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FOREIGN DIRECT INVESTMENTS AND CORPORATE TAX RELATIONSHIP IN SOME EU MEMBER COUNTRIES: EVIDENCE BEFORE AND AFTER THE 2007-2008 GLOBAL FINANCIAL CRISIS

Yıl 2016, , 31 - 48, 31.10.2016
https://doi.org/10.15637/jlecon.172

Öz

The global financial crisis which started to show its effects in middle 2007 and into 2008 was
the latest worst financial crisis in the world wide. The aim of this study is to examine the relationship
between the dependent variable foreign direct investment and independent variable corporate tax rate
in some EU member countries for two different periods (1995-2006 and 2007-2014), before and after
the global financial crisis. Two important independent variables that may have effects on the
dependent variable such as trade openness and gross domestic product were also included in the
Panel Data Models. Several panel data models were estimated and most proper models were
determined based upon the econometric methodology. Based on the sample results, all coefficients
were found to be statistically significant and all economic expectations were satisfied in the model
estimates for 1995-2006 periods. On the other hand, only corporate tax rate’s coefficient was found to
be statistically significant and its economic expectation was satisfied in the model estimates for 2007-
2014 periods. Trade openness and gross domestic product independent variables’ coefficients were
found to be statistically insignificant in the model estimates for 2007-2014 periods. 

Kaynakça

  • Alfaro, L. and M. Chen, 2010, Surviving the Global Financial Crisis:Foreign Direct Investment and Establishment Performance, Working Paper, 10-110.
  • Banerjee, A., 1999, Panel Unit Roots and Cointegration: An Overview, Oxford Bulletin of Economics and Statistics, 61(1), 607-629.
  • Bénassy-Quéré, A., L. Fontagné & A. Lahrèche-Révil, 2001, Exchange Rate Strategies in the Competition for Attracting Foreign Direct Investment, Journal of the Japanese and International Economies, 15, 178–198.
  • Bhasin, N., June, 2014, The Impact of Fiscal Policy on Foreign Direct Investment Inflows: A Study of India and Select Asian Economies, Journal of Indian Taxation, 1(1), 74-97.
  • Breitung, J. and M. H. Pesaran, 2005 Unit Roots and Cointegration in Panels, Discussion Paper, Series 1: Economic Studies, No 42/2005, Deutsche Bundesbank.
  • Cameron, A. C. and P. K. Trivedi, 2006, Microeconometrics Methods and Applications, Cambridge University Press, New York.
  • Choi, I. 2001, Unit Root Tests for Panel Data, Journal of International Money and Finance, 20, 249-272.
  • Desai M. A. and J. R. Hines, 2001, ‘Foreign Direct Investment in a World of Multiple Taxes’, NBER Working Paper, No: 8440.
  • Dornean, A., V. Işan, D.-C. Oanea, 2012, Emerging Markets Queries in Finance and Business The Impact of the Recent Global Crisis on Foreign Direct Investment. Evidence from Central and Eastern European Countries, Procedia Economics and Finance, 3, 1012–1017.
  • Dornean, A., V. Işan, D.-C. Oanea, 2014, Emerging Markets Queries in Finance and Business. The Impact of Fiscal Policy on FDI in the Context of the Crisis. Evidence from Central and Eastern European Countries, Procedia Economics and Finance 15, 406-413.
  • Edmiston, K., S. Mudd & N. Valev, 2003, Tax Structure and FDI: The Deterrent Effects of Complexity and Uncertainty, Fiscal Studies, 24, 27–41.
  • Ekonomi Bakanlığı, 2013, Uluslararası Doğrudan Yatırımlar 2012 Yılı Raporu.
  • Erlat, H., 1997, Panel Data: A Selective Survey, Yapı Kredi Research Department Discussion Paper, Series No:97-04.
  • European Commission, 2009, Economic Crisis in Europe: Causes, Consequences and Responses.
  • EUROSTAT,2014, Taxation Trends in the European Union Data for the EU Member States, Iceland and Norway.
  • EUROSTAT, 2015, Taxation Trends in the European Union, DG Taxation and Customs Union.
  • Göndör, M. and P. Nistor, 2012, Fiscal Policy and Foreign Direct Investment: Evidence from some Emerging EU Economies, Procedia- Social and Behavioral Sciences, 58, 1256- 1266.
  • Göze Kaya, D., A. Durgun Kaygısız, 2015, 2008 Küresel Krizi ve Sonrasında Türkiye’de Uygulanan Maliye Politikalarına Genel Bir Bakış, Uluslararası Yönetim İktisat ve İşletme Dergisi, 11(26), 171-193.
  • Gropp, R. & K. Kostial, 2000, The Disappearing Tax Base:Is Foreign Direct Investment Eroding Corporate Income Taxes?, European Central Bank Working Paper, No:31.
  • Guriş S., İ. Sacaklı Sacıldı, E. Güneren Genç, 2015, Determining the Effects of Factors on FDI in Global Crisis Period, International Journal of Economics and Finance, 5/1, 1-10.
  • Hansson A. and K. Olofsdotter, 2014, ‘Tax differences and foreign direct investment in the EU27’, Lund University Working Paper.
  • Hazman, G. G., 2010, Türkiye’de Mali Nitelikli Teşviklerin Doğrudan Yabancı Sermaye Üzerindeki Etkisi: Toda Yamamato Nedensellik Analizi Çerçevesinde Değerlendirme, Maliye Dergisi, 158, 262-277.
  • Hsiao, C., 1985, Benefits and Limitations of Panel Data, Econometric Reviews, 4(1), 121-174.
  • Hsiao, C., 2003, Analysis of Panel Data, Cambridge University Press, Cambridge.
  • Hunady J. and M. Orviska, 2014, ‘Determinant of Foreign Direct Investment in EU Countries- Do Corporate Taxes Really Matter?, Procedia Economics and Finance, 12, 243-250.
  • Im, K. S., M. H. Pesaran and S. Yongcheol, 2003, ‘Testing for Unit Roots in Heterogeneous Panels’, Journal of Econometrics, 115, 53-74.
  • Leibrecht, M., & C. Bellak, 2005, Foreign Direct Investment in Central–and East European Countries:A Panel Study, Department of Economics, Vienna University of Economics, Vienna, 16–25.
  • Levin, A., C.-F. Lin and J. Chu Chia-Shang, 2002, Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties, Journal of Econometrics, 108, 1-24.
  • Maddala, G. G. and W. Shaowen, 1999, A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test, Oxford Bulletin of Economics and Statistics, 61, Special Issue, 631-652.
  • Matyas, L. and P. Sevestre, 1995, The Econometrics of Panel Data: A Handbook of the Theory with Applications, Kluwer Academic Publishers, Dordrecht, The Netherlands.
  • Mahmood H. and R. J. Chaudhary, 2013, Impact of FDI on Tax Revenue in Pakistan, Pakistan Journal of Commerce and Social Sciences, 7(1), 59-69.
  • Morisset, J. and N. Pirnia, 1999, How Tax Policy and Incentives Affect Foreign Direct Investmen:Review, The World Bank elibrary.
  • OECD, 2015, Revenue Statistics.
  • OECD, 2008, Tax Effects on Foreign Direct Investment, Policy Brief, 1-8.
  • Popa, L.R., 2009, The Impact of Economic Crisis on Direct Foreign Investment, Economics Applied Informatics, XV, 101-108.
  • Poulsen, L. S., G. C. Hufbauer, 2011, Foreign Direct Investment in Times of Crisis, Working Paper, WP 11-3, Washington D.C.: Peterson Institute for International Economics
  • Rădulescu, M. and E. Druica, 2014, The Impact of Fiscal Policy on Foreign Direct Investments. Empiric Evidence from Romania, Economic Research-Ekonomska Istraživanja, 27(1), 86-106.
  • Riera-Crichton, D., C.A. Vegh and G. Vuletin, 2016, Tax Multipliers: Pitfalls in Measurement and Identification, Journal of Monetary Economics, 79, 30–48.
  • Rose, A. K. and M. M. Spiegel, 2009, Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure, Working Paper Series, 2009- 18.
  • Sarısoy, İ. ve S. Koç, 2010, Doğrudan Yabancı Yatırımların Kurumlar Vergisi Gelirleri Üzerindeki Etkisinin Ekonometrik Analizi, Erciyes Üniversitesi İİBF Dergisi, 36, 133- 153.
  • Simmons, R., 2000, Corporate Taxation and the Investment Location Decisions of Multinational Corporations, Asia Pacific Journal of Taxation, 4 (1), 88-107.
  • Simões, A.J., J.Ventura and L.A.G. Coelho, 2014, Foreign Direct Investment and Fiscal Policy–A Literature Survey, CEFAGE-UE Working Paper, 2014/11.
  • Stein, J.L., 2011, The Diversity of Debt Crises in Europe, Cato Journal, 31(2), 199-215.
  • Şişman, M., O. Öztürk, 2010, Doğrudan Yabancı Sermaye Yatırımları ve Uluslararası Vergi Rekabeti: Bir Literatür Araştırması, Marmara Üniversitesi İ.İ.B.F. Dergisi, XXIX (II), 47-75.
  • The World Bank, 2015, Global Economic Prospects, Washinton D.C.
  • Ucal, M., K.M. Özcan, M.H. Bilgin, J. Mungo, 2010, Relationship Between Financial Crisis and Foreign Direct Investment in Developing Countries Using Semiparametric Regression Approach, Journal of Business Economics and Management, 11(1), 20-33.
  • UNCTAD, 2009, Assessing the Impact of the Current Financial and Economic Crisis on Global FDI Flows.
  • UNCTAD, 2003, Foreign Direct Investment and Performance Requirements:New Evidence from Selected Countries, New York and Geneva.
  • UNCTAD, 2015a, World Investment Report, New York and Geneva.
  • UNCTAD, 2015b, World Investment Report 2015 Reforming International Investment Governance, New York and Geneva.
  • Varsakelis, D.,S. Karagianni & A. Saraidaris, 2011, ‘Equilibrium Conditions in Corporate Tax Competitions and Foreign Direct Investment Flows”, Economic Modelling, 28, 13-21

BAZI AB ÜYESİ ÜLKELERDE DOĞRUDAN YABANCI YATIRIMLAR VE KURUMLAR VERGİSİ İLİŞKİSİ: 2008 KÜRESEL FİNANSAL KRİZ ÖNCESİ VE SONRASI BULGULAR

Yıl 2016, , 31 - 48, 31.10.2016
https://doi.org/10.15637/jlecon.172

Öz

2007 ortalarında ve 2008 içinde etkilerini göstermeye başlayan küresel finansal kriz dünya
çapında 1929 krizinden sonra yaşanan en yaygın finansal krizdi. Bu küresel krizden en fazla etkilenen
ülke grubu AB ülkeleri olmuştur. Bu çalışmanın amacı, bağımlı değişken doğrudan yabancı sermaye
yatırımları (DYSY) ile bağımsız değişken kurumlar vergisi oranı arasındaki ilişkiyi bazı AB üyesi
ülkelerde küresel finansal krizden önce ve sonra iki faklı dönemde (1995-2006 ve 2007-2014)
araştırmaktır. Bağımlı değişken üzerinde etkileri olabilecek ticaret serbestliği ve gayri safi yurt içi
hasıla (GSYİH) değişkenleri de modelde yer almıştır. Panel veri örneklemleri ile modeli tahmin
edilerek en uygun modeller ekonometrik metodolojiye göre belirlenmiştir. Örneklem sonuçlarına göre,
1995-2006 dönemi için bütün katsayı tahminleri istatistiksel olarak anlamlı bulunmuştur ve bütün
iktisadi bekleyişler sağlanmıştır. Öte yandan, model tahminlerinde 2007-2014 dönemi için iktisadi
beklentileri karşılayacak şekilde sadece kurumlar vergisi oranı katsayısının istatistiksel olarak anlamlı
olduğu bulunmuştur. 2007-2014 dönemi için model tahminlerinde ticaret serbestliği ve GSYİH
bağımsız değişkenlerinin katsayıları istatistiksel olarak anlamsız bulunmuştur.

Kaynakça

  • Alfaro, L. and M. Chen, 2010, Surviving the Global Financial Crisis:Foreign Direct Investment and Establishment Performance, Working Paper, 10-110.
  • Banerjee, A., 1999, Panel Unit Roots and Cointegration: An Overview, Oxford Bulletin of Economics and Statistics, 61(1), 607-629.
  • Bénassy-Quéré, A., L. Fontagné & A. Lahrèche-Révil, 2001, Exchange Rate Strategies in the Competition for Attracting Foreign Direct Investment, Journal of the Japanese and International Economies, 15, 178–198.
  • Bhasin, N., June, 2014, The Impact of Fiscal Policy on Foreign Direct Investment Inflows: A Study of India and Select Asian Economies, Journal of Indian Taxation, 1(1), 74-97.
  • Breitung, J. and M. H. Pesaran, 2005 Unit Roots and Cointegration in Panels, Discussion Paper, Series 1: Economic Studies, No 42/2005, Deutsche Bundesbank.
  • Cameron, A. C. and P. K. Trivedi, 2006, Microeconometrics Methods and Applications, Cambridge University Press, New York.
  • Choi, I. 2001, Unit Root Tests for Panel Data, Journal of International Money and Finance, 20, 249-272.
  • Desai M. A. and J. R. Hines, 2001, ‘Foreign Direct Investment in a World of Multiple Taxes’, NBER Working Paper, No: 8440.
  • Dornean, A., V. Işan, D.-C. Oanea, 2012, Emerging Markets Queries in Finance and Business The Impact of the Recent Global Crisis on Foreign Direct Investment. Evidence from Central and Eastern European Countries, Procedia Economics and Finance, 3, 1012–1017.
  • Dornean, A., V. Işan, D.-C. Oanea, 2014, Emerging Markets Queries in Finance and Business. The Impact of Fiscal Policy on FDI in the Context of the Crisis. Evidence from Central and Eastern European Countries, Procedia Economics and Finance 15, 406-413.
  • Edmiston, K., S. Mudd & N. Valev, 2003, Tax Structure and FDI: The Deterrent Effects of Complexity and Uncertainty, Fiscal Studies, 24, 27–41.
  • Ekonomi Bakanlığı, 2013, Uluslararası Doğrudan Yatırımlar 2012 Yılı Raporu.
  • Erlat, H., 1997, Panel Data: A Selective Survey, Yapı Kredi Research Department Discussion Paper, Series No:97-04.
  • European Commission, 2009, Economic Crisis in Europe: Causes, Consequences and Responses.
  • EUROSTAT,2014, Taxation Trends in the European Union Data for the EU Member States, Iceland and Norway.
  • EUROSTAT, 2015, Taxation Trends in the European Union, DG Taxation and Customs Union.
  • Göndör, M. and P. Nistor, 2012, Fiscal Policy and Foreign Direct Investment: Evidence from some Emerging EU Economies, Procedia- Social and Behavioral Sciences, 58, 1256- 1266.
  • Göze Kaya, D., A. Durgun Kaygısız, 2015, 2008 Küresel Krizi ve Sonrasında Türkiye’de Uygulanan Maliye Politikalarına Genel Bir Bakış, Uluslararası Yönetim İktisat ve İşletme Dergisi, 11(26), 171-193.
  • Gropp, R. & K. Kostial, 2000, The Disappearing Tax Base:Is Foreign Direct Investment Eroding Corporate Income Taxes?, European Central Bank Working Paper, No:31.
  • Guriş S., İ. Sacaklı Sacıldı, E. Güneren Genç, 2015, Determining the Effects of Factors on FDI in Global Crisis Period, International Journal of Economics and Finance, 5/1, 1-10.
  • Hansson A. and K. Olofsdotter, 2014, ‘Tax differences and foreign direct investment in the EU27’, Lund University Working Paper.
  • Hazman, G. G., 2010, Türkiye’de Mali Nitelikli Teşviklerin Doğrudan Yabancı Sermaye Üzerindeki Etkisi: Toda Yamamato Nedensellik Analizi Çerçevesinde Değerlendirme, Maliye Dergisi, 158, 262-277.
  • Hsiao, C., 1985, Benefits and Limitations of Panel Data, Econometric Reviews, 4(1), 121-174.
  • Hsiao, C., 2003, Analysis of Panel Data, Cambridge University Press, Cambridge.
  • Hunady J. and M. Orviska, 2014, ‘Determinant of Foreign Direct Investment in EU Countries- Do Corporate Taxes Really Matter?, Procedia Economics and Finance, 12, 243-250.
  • Im, K. S., M. H. Pesaran and S. Yongcheol, 2003, ‘Testing for Unit Roots in Heterogeneous Panels’, Journal of Econometrics, 115, 53-74.
  • Leibrecht, M., & C. Bellak, 2005, Foreign Direct Investment in Central–and East European Countries:A Panel Study, Department of Economics, Vienna University of Economics, Vienna, 16–25.
  • Levin, A., C.-F. Lin and J. Chu Chia-Shang, 2002, Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties, Journal of Econometrics, 108, 1-24.
  • Maddala, G. G. and W. Shaowen, 1999, A Comparative Study of Unit Root Tests with Panel Data and A New Simple Test, Oxford Bulletin of Economics and Statistics, 61, Special Issue, 631-652.
  • Matyas, L. and P. Sevestre, 1995, The Econometrics of Panel Data: A Handbook of the Theory with Applications, Kluwer Academic Publishers, Dordrecht, The Netherlands.
  • Mahmood H. and R. J. Chaudhary, 2013, Impact of FDI on Tax Revenue in Pakistan, Pakistan Journal of Commerce and Social Sciences, 7(1), 59-69.
  • Morisset, J. and N. Pirnia, 1999, How Tax Policy and Incentives Affect Foreign Direct Investmen:Review, The World Bank elibrary.
  • OECD, 2015, Revenue Statistics.
  • OECD, 2008, Tax Effects on Foreign Direct Investment, Policy Brief, 1-8.
  • Popa, L.R., 2009, The Impact of Economic Crisis on Direct Foreign Investment, Economics Applied Informatics, XV, 101-108.
  • Poulsen, L. S., G. C. Hufbauer, 2011, Foreign Direct Investment in Times of Crisis, Working Paper, WP 11-3, Washington D.C.: Peterson Institute for International Economics
  • Rădulescu, M. and E. Druica, 2014, The Impact of Fiscal Policy on Foreign Direct Investments. Empiric Evidence from Romania, Economic Research-Ekonomska Istraživanja, 27(1), 86-106.
  • Riera-Crichton, D., C.A. Vegh and G. Vuletin, 2016, Tax Multipliers: Pitfalls in Measurement and Identification, Journal of Monetary Economics, 79, 30–48.
  • Rose, A. K. and M. M. Spiegel, 2009, Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure, Working Paper Series, 2009- 18.
  • Sarısoy, İ. ve S. Koç, 2010, Doğrudan Yabancı Yatırımların Kurumlar Vergisi Gelirleri Üzerindeki Etkisinin Ekonometrik Analizi, Erciyes Üniversitesi İİBF Dergisi, 36, 133- 153.
  • Simmons, R., 2000, Corporate Taxation and the Investment Location Decisions of Multinational Corporations, Asia Pacific Journal of Taxation, 4 (1), 88-107.
  • Simões, A.J., J.Ventura and L.A.G. Coelho, 2014, Foreign Direct Investment and Fiscal Policy–A Literature Survey, CEFAGE-UE Working Paper, 2014/11.
  • Stein, J.L., 2011, The Diversity of Debt Crises in Europe, Cato Journal, 31(2), 199-215.
  • Şişman, M., O. Öztürk, 2010, Doğrudan Yabancı Sermaye Yatırımları ve Uluslararası Vergi Rekabeti: Bir Literatür Araştırması, Marmara Üniversitesi İ.İ.B.F. Dergisi, XXIX (II), 47-75.
  • The World Bank, 2015, Global Economic Prospects, Washinton D.C.
  • Ucal, M., K.M. Özcan, M.H. Bilgin, J. Mungo, 2010, Relationship Between Financial Crisis and Foreign Direct Investment in Developing Countries Using Semiparametric Regression Approach, Journal of Business Economics and Management, 11(1), 20-33.
  • UNCTAD, 2009, Assessing the Impact of the Current Financial and Economic Crisis on Global FDI Flows.
  • UNCTAD, 2003, Foreign Direct Investment and Performance Requirements:New Evidence from Selected Countries, New York and Geneva.
  • UNCTAD, 2015a, World Investment Report, New York and Geneva.
  • UNCTAD, 2015b, World Investment Report 2015 Reforming International Investment Governance, New York and Geneva.
  • Varsakelis, D.,S. Karagianni & A. Saraidaris, 2011, ‘Equilibrium Conditions in Corporate Tax Competitions and Foreign Direct Investment Flows”, Economic Modelling, 28, 13-21
Toplam 51 adet kaynakça vardır.

Ayrıntılar

Bölüm Makaleler
Yazarlar

Filiz Giray

Selim Tüzüntürk

Betül İmam

Yayımlanma Tarihi 31 Ekim 2016
Yayımlandığı Sayı Yıl 2016

Kaynak Göster

APA Giray, F., Tüzüntürk, S., & İmam, B. (2016). BAZI AB ÜYESİ ÜLKELERDE DOĞRUDAN YABANCI YATIRIMLAR VE KURUMLAR VERGİSİ İLİŞKİSİ: 2008 KÜRESEL FİNANSAL KRİZ ÖNCESİ VE SONRASI BULGULAR. Journal of Life Economics, 3(4), 31-48. https://doi.org/10.15637/jlecon.172