Front Matter Page
Research Department
Authorized for distribution by Stijn Claessens
Contents
I. Introduction
II. The International Tax System
III. The Model
IV. The Data
V. Empirical Results
VI. Conclusions
References
Appendix Table
1. Variable Definitions and Data Sources
Tables
1. Corporate Taxation and Double-Tax-Relief Systems for Dividend Received in Selected European Countries in 2003
2. Bilateral Withholding Tax on Dividend Payments Between Fully Owned Foreign Subsidiary and Parent on January 1, 2003
3. Existence of a Bilateral Tax Treaty on January 1, 2003
4. Bilateral Withholding Tax on Interest Payments Between Fully Owned Foreign Subsidiary and Parent on January 1, 2003
5. Double-tax-relief Systems for Interest Payments Received in Selected European Countries in 2003
6. Expressions forϕi the Relative Taxation of Equity and Internal Debt of Subsidiaries
7. Descriptive Statistics for Subsidiaries of European Multinationals
8. The Impact of Domestic and International Taxes on the Financial Leverage of Subsidiaries of Multinational Firms
9. The Impact of Taxes on the Financial Leverage of Subsidiaries of Multinational Firms: Robustness Checks
10. The Impact of Taxes on the Financial Leverage of Subsidiaries of Multinational Firms: Additional Robustness Checks