Does Taxation Stifle Corporate Investment? Firm-Level Evidence from ASEAN Countries

被引:4
|
作者
Cevik, Serhan [1 ]
Miryugin, Fedor [1 ]
机构
[1] Int Monetary Fund, 700 19th St,NW, Washington, DC 20431 USA
关键词
TAX POLICY; USER COST; GROWTH; MODELS;
D O I
10.1111/1467-8462.12267
中图分类号
F [经济];
学科分类号
02 ;
摘要
This article conducts a firm-level analysis of the effect of taxation on corporate investment, using large-scale panel data on non-financial firms over the period 1990-2014, and controlling for macrostructural differences among ASEAN countries. We find a significant degree of persistence in fixed investment over time, which varies with firm characteristics, such as size, growth prospects, profitability and leverage. The non-linear estimations indicate that taxation facilitates business investment (possibly by enabling public investment in infrastructure and human capital, and the proper functioning of government institutions), but this effect turns negative and stifles private investment growth as the tax burden increases.
引用
收藏
页码:351 / 367
页数:17
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