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THE EFFECT OF FOREIGN DIRECT INVESTMENTS ON CORPORATE TAX REVENUES: AN EMPIRICAL ANALYSIS FOR OECD COUNTRIES

Yıl 2023, Cilt: 14 Sayı: 27, 223 - 248, 26.06.2023
https://doi.org/10.36543/kauiibfd.2023.009

Öz

Foreign direct investment (FDI) increased globally in the 1980s, parallel to the increasing liberalization of financial markets, the reduction of exchange rate controls, increased capital mobilization, and accelerated technological developments. FDIs offer versatile macro and micro scale positive effects to the host economies. In this context, FDIs have been the focus of academicians and policymakers for reasons such as filling the domestic savings gap, providing financial stability, achieving economic growth targets, and increasing social welfare, which is needed for developing and developed countries. Therefore, governments tend to build attractive investment zones for FDIs by providing tax cuts/advantages and bureaucratic conveniences in financial legislation. In this study, using system-GMM estimator, the effect of FDIs on corporate tax revenues for 35 OECD member countries in the 2005-2020 period was examined and it was understood that the said effect was limited but negative.

Kaynakça

  • Adams, S. (2009). Foreign Direct investment, domestic investment, and economic growth in Sub-Saharan Africa. Journal of Policy Modeling, 31(6), 939-949. https://doi.org/10.1016/j.jpolmod.2009.03.003
  • Aitken, B. J., & Harrison, A. E. (1999). Do domestic firms benefit from direct foreign investment? evidence from Venezuela. American Economic Review, 89(3), 605-618. https://doi.org/10.1257/aer.89.3.605 Akadiri, A. C., Gungor, H., Akadiri, S. S., & Bamidele-Sadiq, M. (2020). Is the causal relation between foreign direct investment, trade, and economic growth complement or substitute? The case of African countries. Journal of Public Affairs, 20(2), 1-12. https://doi.org/10.1002/pa.2023 Alam, A., Arshad, M. U., & Rajput, W. (2013). Relationship of labor productivity, foreign direct investment and economic growth: evidence from OECD countries. Journal of Business and Management Sciences, 1(6), 133-138. https://doi.org/10.12691/jbms-1-6-3
  • Albayrak, M., & Bozatlı, O. (2021). The relationship between foreign direct investments and corporate tax revenues: An analysis on OECD countries. H. Karadal, M, Saygın and M.S. Karadal (Ed.) 6th International EMI Entrepreneurship & Social Sciences Congress in (p. 451-548). Dilkur Academy, Bosna Hersek.
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: monte carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
  • Artige, L., & Nicolini, R. (2010). Market potential, productivity and foreign direct investment: some evidence from three case studies. European Planning Studies, 18(2), 147-168. https://doi.org/10.1080/09654310903491531
  • Aslam, A. M. (2015). A case study of cointegration relationship between tax revenue and foreign direct investment: Evidence from Sri Lanka. 2nd International Symposium of FIA-2015 in (p.246-251. South Eastern University of Sri Lanka, Sri Lanka http://ir.lib.seu.ac.lk/handle/123456789/878 (Accessed on 19 September 2022).
  • Bahtiyar, E., Karabacak, M., & Meçik, O. (2018). The relationship between foreign direct investments and tax revenue in eu countries and Turkey: Panel data analysis. İzmir International Congress on Economics and Administrative Sciences in (p. 499-510) Detay Yayıncılık, Ankara.
  • Balıkcıoglu, E., Dalgıç, B., & Fazlıoglu, B. (2016). Does foreign capital increase tax revenue: The Turkish case. International Journal of Economics and Financial Issues, 6(2), 776-781.
  • Baltagi, B. H. (2021). Econometric Analaysis of Panel Data (6. Basım). Switzerland: Springer.
  • Basheer, M., Ahmad, A., & Hassan, S. (2019). Impact of economic and financial factors on tax revenue: Evidence from the Middle East countries. Accounting, 5(2), 53-60. https://doi.org/10.5267/j.ac.2018.8.001
  • Bayar, Y., & Celi̇k, N. (2019). Tax revenue effect of trade liberalization: evidence from Turkey. Maliye Dergisi, 176, 428-440.
  • Bayar, Y., & Ozturk, O. F. (2018). Impact of foreign direct investment inflows on tax revenues in OECD countries: A panel cointegration and causality analysis. Theoretical and Applied Economics, 1(25), 31-40.
  • Bende-Nabende, A., Ford, J. L., Santoso, B., & Sen, S. (2003). The interaction between FDI, output and the spillover variables: Co-integration and VAR analyses for APEC, 1965-1999. Applied Economics Letters, 10(3), 165-172. https://doi.org/10.1080/1350485022000044057
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
  • Bozatli, O. (2021). Dual income tax system and applicability in Turkey. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 30(1), 92-104. https://doi.org/10.35379/cusosbil.818358
  • Brainard, S. L. (1997). An empirical assessment of the proximity-concentration trade-off between multinational sales and trade. The American Economic Review, 87(4), 520-544.
  • Camara, A. (2022). The effect of foreign direct investment on tax revenue. Comparative Economic Studies, 64(3). https://doi.org/10.1057/s41294-022-00195-2
  • Chadhuri, S., & Mukhopadhyay, U. (2014). Foreign Direct Investment in Developing Countries: A theoretical Evaluation (1. bs). India: Springer.
  • Devereux, M. P., & Freeman, H. (1995). The impact of tax on foreign direct investment: Empirical evidence and the implications for tax integration schemes. International Tax and Public Finance, 2(1), 85-106. https://doi.org/10.1007/BF00873108
  • Feenstra, R. C., & Hanson, G. H. (1997). Foreign direct investment and relative wages: evidence from Mexico’s maquiladoras. Journal of International Economics, 42(3), 371-393. https://doi.org/10.1016/S0022-1996(96)01475-4
  • Gasparėnienė, L., Kliestik, T., Šivickienė, R., Remeikienė, R., & Endrijaitis, M. (2022). Impact of foreign direct investment on tax revenue: the case of the European Union. Journal of Competitiveness, 14(1), 43-60. https://doi.org/10.7441/joc.2022.01.03
  • Goodspeed, T., Martinez-Vazquez, J., & Zhang, L. (2011). Public policies and FDI location: differences between developing and developed countries. FinanzArchiv / Public Finance Analysis, 67(2), 171-191.
  • Gropp, R., & Kostial, K. (2000). The disappearing tax base: is foreign direct investment eroding corporate income taxes? IMF Working Papers, 00(173). Washington, DC: International Monetary Fund. https://doi.org/10.5089/9781451858624.001
  • Gujarati, D., & Porter, D. (2008). Basic econometrics (5th ed.). New York: McGraw-Hill Education.
  • Hansen, L. P., & Singleton, K. J. (1982). Generalized instrumental variables estimation of nonlinear rational expectations models. Econometrica, 50(5), 1269-1286. https://doi.org/10.2307/1911873
  • Hunady, J., & Orviska, M. (2014). determinants of foreign direct investment in EU countries – do corporate taxes really matter? Procedia Economics and Finance, Complete (12), 243-250. https://doi.org/10.1016/S2212-5671(14)00341-4
  • Jeza, M., Hassen, A., & Ramakrishna, G. (2016). The impact of foreign direct investment (FDI) flows on aggregate and disaggregate tax revenues in Ethıopıa: A bounds test with a structural break. Asian African Journal of Economics and Econometrics, 16, 171-201.
  • Kalinova, B., A. Palerm & S. Thomsen (2010), OECD's FDI Restrictiveness Index: 2010 Update. OECD Working Papers on International Investment, 2010/03, OECD Publishing, Paris, https://doi.org/10.1787/5km91p02zj7g-en.
  • Kaya, D. G., & Ezanoglu, Z. (2020). The effect of corporate tax revenues on direct foreign investments in OECD countries. Sosyal Bilimler Araştırmaları Dergisi, (2020 Sonbahar Özel Sayı I/II), 30-37.
  • Kutbay, H. (2019). Factors affecting tax revenues: panel data analysis for selected countries. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(3), 602-617. https://doi.org/10.30798/makuiibf.519599
  • Mahmood, H., & Chaudhary, A. R. (2013). Impact of FDI on tax revenue in Pakistan. Pakistan Journal of Commerce and Social Sciences (PJCSS), 7(1), 59-69.
  • Matima, Z., & Gossel, S. J. (2022). The relationship between FDI, political risk and institutional quality in sub-Saharan Africa. The Journal of International Trade & Economic Development, 1-14. https://doi.org/10.1080/09638199.2022.2117841
  • Mistura, F., & C. Roulet (2019), The determinants of foreign direct investment: do statutory restrictions matter?. OECD Working Papers on International Investment, 2019/01, OECD Publishing, Paris, https://doi.org/10.1787/641507ce-en.
  • Mohamed, S. E., & Sidiropoulos, M. G. (2010). Another look at the determinants of foreign direct investment in MENA countries: An empirical investigation. Journal of Economic Development, 35(2), 75-95.
  • Odabas, H. (2016). Foreign direct investment inflows on tax revenues in the transition economies of European Union. New Trends and Issues Proceedings on Humanities and Social Sciences, 2(2), 17-22. https://doi.org/10.18844/gjhss.v2i2.408
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  • Pratomo, A. W. (2020). The effect of foreign direct investment on tax revenue in developing countries. Jurnal BPPK : Badan Pendidikan Dan Pelatihan Keuangan, 13(1), 83-95. https://doi.org/10.48108/jurnalbppk.v13i1.484
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THE EFFECT OF FOREIGN DIRECT INVESTMENTS ON CORPORATE TAX REVENUES: AN EMPIRICAL ANALYSIS FOR OECD COUNTRIES

Yıl 2023, Cilt: 14 Sayı: 27, 223 - 248, 26.06.2023
https://doi.org/10.36543/kauiibfd.2023.009

Öz

Doğrudan yabancı yatırımlar (DYY), 1980’li yıllarla birlikte finansal piyasaların giderek artan oranda liberalleşmesi, döviz kuru kontrollerinin azaltılması, sermayenin mobilizasyonunun artması ve teknolojik gelişmelere paralel olarak küresel ölçekte artış göstermiştir. DYY’ler makro ve mikro ölçekli birçok pozitif etki sunmaktadır. Bu kapsamda gelişmiş ülkelerin yanı sıra özellikle gelişmekte olan ülkeler açısından ihtiyaç duyulan tasarruf açığını kapatma, finansal istikrarı sağlama, ekonomik büyüme hedeflerini gerçekleştirme ve sosyal refahı artıma gibi nedenlerle DYY’ler akademik çevrelerin ve politika yapıcıların ilgi odağı olmuştur. Dolayısıyla hükümetler, DYY’ler için vergi indirimleri/avantajları ve mali mevzuatlarda bürokratik kolaylıklar sağlayarak cazip birer yatırım alanı oluşturma eğilimi sergilemektedirler. Bu yönüyle DYY’lerin, vergi gelirleri üzerindeki etkisi ve boyutu önemli bir soru haline gelmektedir. Bu çalışma kapsamında sistem-GMM tahmincisi kullanılarak 2005-2020 döneminde 35 OECD üyesi ülkede DYY’lerin kurumlar vergisi üzerindeki etkisi incelenmiş, sonuçta söz konusu ilişkinin sınırlı düzeyde ancak negatif yönde olduğu anlaşılmıştır.

Kaynakça

  • Adams, S. (2009). Foreign Direct investment, domestic investment, and economic growth in Sub-Saharan Africa. Journal of Policy Modeling, 31(6), 939-949. https://doi.org/10.1016/j.jpolmod.2009.03.003
  • Aitken, B. J., & Harrison, A. E. (1999). Do domestic firms benefit from direct foreign investment? evidence from Venezuela. American Economic Review, 89(3), 605-618. https://doi.org/10.1257/aer.89.3.605 Akadiri, A. C., Gungor, H., Akadiri, S. S., & Bamidele-Sadiq, M. (2020). Is the causal relation between foreign direct investment, trade, and economic growth complement or substitute? The case of African countries. Journal of Public Affairs, 20(2), 1-12. https://doi.org/10.1002/pa.2023 Alam, A., Arshad, M. U., & Rajput, W. (2013). Relationship of labor productivity, foreign direct investment and economic growth: evidence from OECD countries. Journal of Business and Management Sciences, 1(6), 133-138. https://doi.org/10.12691/jbms-1-6-3
  • Albayrak, M., & Bozatlı, O. (2021). The relationship between foreign direct investments and corporate tax revenues: An analysis on OECD countries. H. Karadal, M, Saygın and M.S. Karadal (Ed.) 6th International EMI Entrepreneurship & Social Sciences Congress in (p. 451-548). Dilkur Academy, Bosna Hersek.
  • Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: monte carlo evidence and an application to employment equations. The Review of Economic Studies, 58(2), 277-297. https://doi.org/10.2307/2297968
  • Artige, L., & Nicolini, R. (2010). Market potential, productivity and foreign direct investment: some evidence from three case studies. European Planning Studies, 18(2), 147-168. https://doi.org/10.1080/09654310903491531
  • Aslam, A. M. (2015). A case study of cointegration relationship between tax revenue and foreign direct investment: Evidence from Sri Lanka. 2nd International Symposium of FIA-2015 in (p.246-251. South Eastern University of Sri Lanka, Sri Lanka http://ir.lib.seu.ac.lk/handle/123456789/878 (Accessed on 19 September 2022).
  • Bahtiyar, E., Karabacak, M., & Meçik, O. (2018). The relationship between foreign direct investments and tax revenue in eu countries and Turkey: Panel data analysis. İzmir International Congress on Economics and Administrative Sciences in (p. 499-510) Detay Yayıncılık, Ankara.
  • Balıkcıoglu, E., Dalgıç, B., & Fazlıoglu, B. (2016). Does foreign capital increase tax revenue: The Turkish case. International Journal of Economics and Financial Issues, 6(2), 776-781.
  • Baltagi, B. H. (2021). Econometric Analaysis of Panel Data (6. Basım). Switzerland: Springer.
  • Basheer, M., Ahmad, A., & Hassan, S. (2019). Impact of economic and financial factors on tax revenue: Evidence from the Middle East countries. Accounting, 5(2), 53-60. https://doi.org/10.5267/j.ac.2018.8.001
  • Bayar, Y., & Celi̇k, N. (2019). Tax revenue effect of trade liberalization: evidence from Turkey. Maliye Dergisi, 176, 428-440.
  • Bayar, Y., & Ozturk, O. F. (2018). Impact of foreign direct investment inflows on tax revenues in OECD countries: A panel cointegration and causality analysis. Theoretical and Applied Economics, 1(25), 31-40.
  • Bende-Nabende, A., Ford, J. L., Santoso, B., & Sen, S. (2003). The interaction between FDI, output and the spillover variables: Co-integration and VAR analyses for APEC, 1965-1999. Applied Economics Letters, 10(3), 165-172. https://doi.org/10.1080/1350485022000044057
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
  • Bozatli, O. (2021). Dual income tax system and applicability in Turkey. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 30(1), 92-104. https://doi.org/10.35379/cusosbil.818358
  • Brainard, S. L. (1997). An empirical assessment of the proximity-concentration trade-off between multinational sales and trade. The American Economic Review, 87(4), 520-544.
  • Camara, A. (2022). The effect of foreign direct investment on tax revenue. Comparative Economic Studies, 64(3). https://doi.org/10.1057/s41294-022-00195-2
  • Chadhuri, S., & Mukhopadhyay, U. (2014). Foreign Direct Investment in Developing Countries: A theoretical Evaluation (1. bs). India: Springer.
  • Devereux, M. P., & Freeman, H. (1995). The impact of tax on foreign direct investment: Empirical evidence and the implications for tax integration schemes. International Tax and Public Finance, 2(1), 85-106. https://doi.org/10.1007/BF00873108
  • Feenstra, R. C., & Hanson, G. H. (1997). Foreign direct investment and relative wages: evidence from Mexico’s maquiladoras. Journal of International Economics, 42(3), 371-393. https://doi.org/10.1016/S0022-1996(96)01475-4
  • Gasparėnienė, L., Kliestik, T., Šivickienė, R., Remeikienė, R., & Endrijaitis, M. (2022). Impact of foreign direct investment on tax revenue: the case of the European Union. Journal of Competitiveness, 14(1), 43-60. https://doi.org/10.7441/joc.2022.01.03
  • Goodspeed, T., Martinez-Vazquez, J., & Zhang, L. (2011). Public policies and FDI location: differences between developing and developed countries. FinanzArchiv / Public Finance Analysis, 67(2), 171-191.
  • Gropp, R., & Kostial, K. (2000). The disappearing tax base: is foreign direct investment eroding corporate income taxes? IMF Working Papers, 00(173). Washington, DC: International Monetary Fund. https://doi.org/10.5089/9781451858624.001
  • Gujarati, D., & Porter, D. (2008). Basic econometrics (5th ed.). New York: McGraw-Hill Education.
  • Hansen, L. P., & Singleton, K. J. (1982). Generalized instrumental variables estimation of nonlinear rational expectations models. Econometrica, 50(5), 1269-1286. https://doi.org/10.2307/1911873
  • Hunady, J., & Orviska, M. (2014). determinants of foreign direct investment in EU countries – do corporate taxes really matter? Procedia Economics and Finance, Complete (12), 243-250. https://doi.org/10.1016/S2212-5671(14)00341-4
  • Jeza, M., Hassen, A., & Ramakrishna, G. (2016). The impact of foreign direct investment (FDI) flows on aggregate and disaggregate tax revenues in Ethıopıa: A bounds test with a structural break. Asian African Journal of Economics and Econometrics, 16, 171-201.
  • Kalinova, B., A. Palerm & S. Thomsen (2010), OECD's FDI Restrictiveness Index: 2010 Update. OECD Working Papers on International Investment, 2010/03, OECD Publishing, Paris, https://doi.org/10.1787/5km91p02zj7g-en.
  • Kaya, D. G., & Ezanoglu, Z. (2020). The effect of corporate tax revenues on direct foreign investments in OECD countries. Sosyal Bilimler Araştırmaları Dergisi, (2020 Sonbahar Özel Sayı I/II), 30-37.
  • Kutbay, H. (2019). Factors affecting tax revenues: panel data analysis for selected countries. Mehmet Akif Ersoy Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(3), 602-617. https://doi.org/10.30798/makuiibf.519599
  • Mahmood, H., & Chaudhary, A. R. (2013). Impact of FDI on tax revenue in Pakistan. Pakistan Journal of Commerce and Social Sciences (PJCSS), 7(1), 59-69.
  • Matima, Z., & Gossel, S. J. (2022). The relationship between FDI, political risk and institutional quality in sub-Saharan Africa. The Journal of International Trade & Economic Development, 1-14. https://doi.org/10.1080/09638199.2022.2117841
  • Mistura, F., & C. Roulet (2019), The determinants of foreign direct investment: do statutory restrictions matter?. OECD Working Papers on International Investment, 2019/01, OECD Publishing, Paris, https://doi.org/10.1787/641507ce-en.
  • Mohamed, S. E., & Sidiropoulos, M. G. (2010). Another look at the determinants of foreign direct investment in MENA countries: An empirical investigation. Journal of Economic Development, 35(2), 75-95.
  • Odabas, H. (2016). Foreign direct investment inflows on tax revenues in the transition economies of European Union. New Trends and Issues Proceedings on Humanities and Social Sciences, 2(2), 17-22. https://doi.org/10.18844/gjhss.v2i2.408
  • OECD. (2008). OECD Benchmark Definition of Foreign Direct Investment (4th eds). Paris: OECD. https://www.oecd.org/daf/inv/investmentstatisticsandanalysis/40193734.pdf (Accessed on 20 August 2022)
  • OECD (2022), FDI restrictiveness (indicator). https://doi.org/10.1787/c176b7fa-en (Accessed on 18 October 2022)
  • Okey, M. K. N. (2013). Tax revenue effect of foreign direct investment in West Africa. African Journal of Economic and Sustainable Development, 2(1), 1-22. https://doi.org/10.1504/AJESD.2013.053052
  • Olney, W. W. (2013). A race to the bottom? Employment protection and foreign direct investment. Journal of International Economics, 91(2), 191-203. https://doi.org/10.1016/j.jinteco.2013.08.003
  • Pegkas, P. (2015). The impact of FDI on economic growth in Eurozone countries. The Journal of Economic Asymmetries, 12(2), 124-132. https://doi.org/10.1016/j.jeca.2015.05.001
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  • Pratomo, A. W. (2020). The effect of foreign direct investment on tax revenue in developing countries. Jurnal BPPK : Badan Pendidikan Dan Pelatihan Keuangan, 13(1), 83-95. https://doi.org/10.48108/jurnalbppk.v13i1.484
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Ayrıntılar

Birincil Dil İngilizce
Konular Uluslararası Finans
Bölüm Makaleler
Yazarlar

Şeref Can SERİN 0000-0001-8575-9128

Murat DEMİR 0000-0002-1466-1104

Yayımlanma Tarihi 26 Haziran 2023
Kabul Tarihi 31 Ocak 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 14 Sayı: 27

Kaynak Göster

APA SERİN, Ş. C., & DEMİR, M. (2023). THE EFFECT OF FOREIGN DIRECT INVESTMENTS ON CORPORATE TAX REVENUES: AN EMPIRICAL ANALYSIS FOR OECD COUNTRIES. Kafkas Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 14(27), 223-248. https://doi.org/10.36543/kauiibfd.2023.009

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