You are here

Home » Content

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

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

Journal Name:

  • Journal of Life Economics

Publication Year:

  • 2016
DOI: 
http://dx.doi.org/10.15637/jlecon.172

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
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.
Bookmark/Search this post with
Abstract (Original Language): 
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.
FULL TEXT (PDF): 
PDF icon arastirmax-bazi-ab-uyesi-ulkelerde-dogrudan-yabanci-yatirimlar-kurumlar-vergisi-iliskisi-2008-kuresel-finansal-kriz-oncesi-sonrasi-bulgular.pdf
  • 10
31
48
  • Turkish

JEL Codes:

REFERENCES

References: 

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 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.

Thank you for copying data from http://www.arastirmax.com