Territorial Tax System Reform and Corporate Financial Policies
研究了日本和英国在2009年从全球税制转向属地税制后，跨国公司减少现金积累、增加分红和回购、减少海外投资，但国内投资未受显著影响。
We examine the effect of a permanent change to a country corporate income repatriation tax system on corporate financial policies. In 2009, Japan and the United Kingdom switched from a worldwide system to a territorial system for the taxation of repatriated foreign earnings, effectively reducing the tax liabilities of most multinational firms when repatriating earnings. We find that after the change firms accumulate less cash, pay out larger amounts through dividends and share repurchases, and invest less abroad. We do not find that the tax system change has significantly affected domestic investments even when controlling for capital constraints.