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Vergi Takozunun Doğrudan Yabancı Yatırımlar Üzerindeki Etkisi: Avrupa Birliği Örneği

Yıl 2019, Cilt: 10 Sayı: 20, 204 - 224, 30.11.2019

Öz

Son yıllarda değişen küresel ekonomik ve
politik çevre, doğrudan yabancı yatırımlara yeniden ilgi duyulmasına neden
olmuştur. Uluslararası ekonomik faaliyetlerin seviyesinin artmasına bağlı
olarak doğrudan yabancı sermaye yatırımlarının hangi unsurlardan etkilendiği daha
da önem kazanmıştır. Vergi politikaları, doğrudan yabancı yatırımın hacmini ve
yerini etkileyebilir. Çünkü yüksek vergi oranları, vergi sonrası kar hacmini
azaltmakta olup; yatırım fonu sağlama teşviklerinin etkinliğini düşürmektedir. İşgücü
maliyetleri arttıran vergisel düzenlemeler de yabancı yatırım stratejilerinin
önemli karar girdileri arasında yer almaktadır. Ancak literatürde vergi takozu
olarak adlandırılan ve emek üzerindeki vergi yükü ile somutlaşan bu
düzenlemeler ile doğrudan yabancı sermaye arasındaki ilişki çok fazla
incelenmemiştir. Bu çalışmada, 1996-2016 yılları arasında, 21 Avrupa Birliği
üyesi ülkeye ilişkin veri seti kullanılarak statik panel veri analizi
yapılmıştır. Çalışmada, örneklemdeki ülkeler açısından emek üzerindeki vergi
yükü ile doğrudan yabancı yatırımlar arasında istatistiksel açından anlamlı bir
ilişki tespit edilememiştir. 

Kaynakça

  • Akbaş, Y.E. (2017). Küresel Vergi Rekabeti ve Yansımaları: Türkiye AB Analizi, International Journal Of Eurasia Social Sciences, Vol: 8, Issue: 27.
  • Asongu, S., Akpan, U. S., & Isihak, S. R. (2018). Determinants of Foreign Direct Investment in Fast-Growing Economies: Evidence from the BRICS and MINT Countries. Financial Innovation, 4(1), 26.doi.org/10.1186/s40854-018-0114-0.
  • Beck, S., & Chaves, A. (2012). The impacts of various taxes on foreign direct investment. US Bureau of Economic Analysis or the US Department of Commerce.
  • Bhargava, A., Franzini, L., & Narendranathan, W. (1982). Serial Correlation and the Fixed Effects Model. The Review of Economic Studies, 49(4), 533-549.
  • Billington, N. (1999). The Location of Foreign Direct Investment: An Empirical Analysis. Applied Economics, 31(1), 65-76.
  • Black, J., Hashimzade, N., & Myles, G. (Eds.). (2012). A Dictionary of Economics. Oxford University Press.
  • Buettner, T., & Ruf, M. (2007). Tax Incentives and the Location of FDI: Evidence from a Panel of German Multinationals. International Tax and Public Finance, 14(2), 151-164.
  • Cassou, S. P. (1997). The Link between Tax Rates and Foreign Direct Investment. Applied Economics, 29(10), 1295-1301.
  • Choi, I. (2001). Unit Root Tests for Panel Data. Journal of International Money and Finance, 20(2), 249-272.
  • Cummins, J., & Hubbard, R. G. (1994). The Tax Sensitivity of Foreign Direct Investment: Evidence from Firm-level Panel Data. NBER Working Paper Series, No. 4703.
  • De Mooij, R. A., & Ederveen, S. (2003). Taxation and Foreign Direct Investment: A Synthesis of Empirical Research. International Tax and Public Finance, 10(6), 673-693.
  • Devereux, M. P., & Griffith, R. (1998). Taxes and the Location of Production: Evidence from a Panel of US Multinationals. Journal of Public Economics, 68(3), 335-367.
  • Devereux, M. P., & Griffith, R. (2002). The Impact of Corporate Taxation on the Location of Capital: A Review. Swedish Economic Policy Review, 9(1), 79-106.
  • Dunning, J. H. (2000). The Eclectic Paradigm as an Envelope for Economic and Business Theories of MNE Activity. International Business Review, 9(2), 163-190.
  • Edmiston, K. D., Mudd, S., & Valev, N. T. (2004). Incentive Targeting, Influence Peddling, and Foreign Direct Investment. International Tax and Public Finance, 11(5), 647-660.
  • Egger, P., & Maria Radulescu, D. (2011). Labor Taxation and Foreign Direct Investment. The Scandinavian Journal of Economics, 113(3), 603-636.
  • Golub, S. S., Hajkova, D., Mirza, D., Nicoletti, G., & Yoo, K. Y. (2003). The influence of Policies on Trade and Foreign Direct Investment. OECD Economic Studies, 2003(1), 7-83.
  • Görg, H. (2002). Fancy a Stay at the 'Hotel California'? Foreign Direct Investment, Taxation and Firing Costs. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=372471, Erişim Tarihi:15.06.2019.
  • Gross, D. M., & Ryan, M. (2008). FDI Location and Size: Does Employment Protection Legislation Matter?. Regional Science and Urban Economics, 38(6), 590-605.
  • Grubert, H., & Mutti, J. (1991). Taxes, Tariffs and Transfer Pricing in Multinational Corporate Decision Making. The Review of Economics and Statistics, 73(2), 285-293.
  • Hajkova, D., Nicoletti, G., Vartia, L., & Yoo, K. Y. (2007). Taxation and Business Environment as Drivers of Foreign Direct Investment in OECD Countries. OECD Economic Studies, 2006(2), 7-38.
  • Hartman, D. G. (1982). Tax Policy and Foreign Direct Investment in the United States. NBER Working Paper Series, No. 967
  • Hines Jr, J. R., & Rice, E. M. (1994). Fiscal Paradise: Foreign Tax Havens and American Business. The Quarterly Journal of Economics, 109(1), 149-182.
  • Hines, J. R. (1999). Lessons from Behavioral Responses to International Taxation. National Tax Journal, 305-322.
  • Hsiao, C., & Shen, Y. (2003). Foreign Direct Investment and Economic Growth: The Importance of Institutions and Urbanization. Economic Development and Cultural Change, 51(4), 883-896.
  • Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for Unit Roots in Heterogeneous anels. Journal of Econometrics, 115(1), 53-74.
  • Jackson, S., & Markowski, S. (1996). The Attractiveness of Countries to Foreign Direct Investors. Australian Journal of Management, 21(2), 113-138.
  • Jensen, N. M. (2007). Fiscal Policy and the Firm: Do Low Corporate Tax Rates Attract Multinational Corporations? http://ssrn.com/abstract=955713, Erişim Tarihi: 15.06.2019
  • Koşar,N. & van, M.H. (2012). Uluslararası Vergi Rekabetinin Doğrudan Yabancı Sermaye Yatırımları Üzerindeki Etkilerinin Türkiye Açısından Değerlendirilmesi. Yönetim ve Ekonomi Araştırmaları Dergisi,, Sayı:18.doi: http://dx.doi.org/10.11611/JMER18.
  • Letto-Gillies, G. (2005). Transnational Corporations and International Production: Concepts, Theories and Effects. Massachusetts: Edward Elgar Publishing.
  • Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-sample Properties. Journal of Econometrics, 108(1), 1-24.
  • Lim, D. (1983). Fiscal Incentives and Direct Foreign Investment in Less Developed Countries. The Journal of Development Studies, 19(2), 207-212.
  • Loree, D. W., & Guisinger, S. E. (1995). Policy and Non-policy Determinants of US Equity Foreign Direct Investment. Journal of International Business Studies, 26(2), 281-299.
  • Maddala, G. S., & Wu, S. (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics, 61(S1), 631-652.
  • Madura, J. (2000). International Financial Management. The United States of America: South Western College Publishing.
  • Öz, D. (2018). Kurumsal Faktörlerin Doğrudan Yabancı Yatırım Girişlerine Etkisi. (Yayımlanmamış Doktora Tezi). Bülent Ecevit Üniversitesi/Sosyal Bilimler Enstitüsü, Zonguldak.
  • Pesaran, M. H. (2004). “General Diagnostic Tests for Cross Section Dependence in Panels”, CESifo Working Paper Series, No. 1229.
  • Pesaran, M. H. (2007). A simple Panel Unit Root Test in the Presence of Cross‐section Dependence. Journal of Applied Econometrics, 22(2), 265-312.
  • Prufer, P., & Tondl, G. (2008). The FDI-Growth Nexus in Latin America: The Role of Source Countries and Local Conditions. CentER Discussion Paper Series No. 2008-61. Available at SSRN: https://ssrn.com/abstract=1154914, Erişim Tarihi: 20.06.2019
  • Root, F. R., & Ahmed, A. A. (1979). Empirical Determinants of Manufacturing Direct Foreign Investment in Developing Countries. Economic Development and Cultural Change, 27(4), 751-767.
  • Roussos, A. (2015). Tax Wedges and FDI Decisions in the EU15. https://lup.lub.lu.se/student-papers/search/publication/7373533. Erişim Tarihi: 20.07.2019.
  • Sharma, K., & Bandara, Y. (2010). Trends, Patterns and Determinants of Australian Foreign Direct Investment. Journal of Economic Issues, 44(3), 661-676.
  • Swenson, D. L. (1994). The Impact of US Tax Reform on Foreign Direct Investment in the United States. Journal of Public Economics, 54(2), 243-266.
  • Şaşmaz, M. Ü., & Yayla, Y. E. (2018). Vergilerin ve Doğrudan Yabancı Sermaye Yatırımlarının Ekonomik Kalkınma Üzerindeki Etkisi: Avrupa Birliği Geçiş Ekonomileri Örneği. Maliye Dergisi, Ocak-Haziran, 174, 315-336.
  • Tatoğlu, F. Y. (2016). Panel Veri Ekonometrisi: Stata Uygulamalı. İstanbul: Beta Yayınevi.
  • Tatoğlu, F. Y. (2017). Panel Zaman Serileri Analizi: Stata Uygulamalı. İstanbul: Beta Yayınevi.
  • Tocar, S. (2018). Determinants of Foreign Direct Investment: A Review. Review of Economic and Business Studies, 11(1), 165-196.
  • Uzgören, E., & Akalin, G. (2016). Doğrudan Yabancı Yatırımların Belirleyicileri: ARDL Sınır Testi Yaklaşım. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (49), 63-77.
  • Ün, T. (2015). Stata ile Panel Veri Analizi. Selahattin Güriş (Ed.), STATA ile Panel Veri Modelleri içinde (s.40-79). İstanbul: Der Yayınları.
  • Vernon, R. (1966). International Trade and International Investment in the Product Cycle. Quarterly Journal of Economics, 80(2), 190-207.
  • Walsh, M. J. P., & Yu, J., (2010). Determinants of Foreign Direct Investment: A Sectoral and Institutional Approach. International Monetary Fund. No. 10-187.
  • Wheeler, D., & Mody, A. (1992). International Investment Location Decisions: The Case of US Firms. Journal of International Economics, 33(1-2), 57-76.
  • Yılgör, M., Serel, A., & Erçakar, M. E. (2011). Doğrudan Yabancı Yatırımların Gelişini Etkileyen Faktörler: Türkiye Üzerine Bir Model. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 14(26), 119-131.
Yıl 2019, Cilt: 10 Sayı: 20, 204 - 224, 30.11.2019

Öz

Kaynakça

  • Akbaş, Y.E. (2017). Küresel Vergi Rekabeti ve Yansımaları: Türkiye AB Analizi, International Journal Of Eurasia Social Sciences, Vol: 8, Issue: 27.
  • Asongu, S., Akpan, U. S., & Isihak, S. R. (2018). Determinants of Foreign Direct Investment in Fast-Growing Economies: Evidence from the BRICS and MINT Countries. Financial Innovation, 4(1), 26.doi.org/10.1186/s40854-018-0114-0.
  • Beck, S., & Chaves, A. (2012). The impacts of various taxes on foreign direct investment. US Bureau of Economic Analysis or the US Department of Commerce.
  • Bhargava, A., Franzini, L., & Narendranathan, W. (1982). Serial Correlation and the Fixed Effects Model. The Review of Economic Studies, 49(4), 533-549.
  • Billington, N. (1999). The Location of Foreign Direct Investment: An Empirical Analysis. Applied Economics, 31(1), 65-76.
  • Black, J., Hashimzade, N., & Myles, G. (Eds.). (2012). A Dictionary of Economics. Oxford University Press.
  • Buettner, T., & Ruf, M. (2007). Tax Incentives and the Location of FDI: Evidence from a Panel of German Multinationals. International Tax and Public Finance, 14(2), 151-164.
  • Cassou, S. P. (1997). The Link between Tax Rates and Foreign Direct Investment. Applied Economics, 29(10), 1295-1301.
  • Choi, I. (2001). Unit Root Tests for Panel Data. Journal of International Money and Finance, 20(2), 249-272.
  • Cummins, J., & Hubbard, R. G. (1994). The Tax Sensitivity of Foreign Direct Investment: Evidence from Firm-level Panel Data. NBER Working Paper Series, No. 4703.
  • De Mooij, R. A., & Ederveen, S. (2003). Taxation and Foreign Direct Investment: A Synthesis of Empirical Research. International Tax and Public Finance, 10(6), 673-693.
  • Devereux, M. P., & Griffith, R. (1998). Taxes and the Location of Production: Evidence from a Panel of US Multinationals. Journal of Public Economics, 68(3), 335-367.
  • Devereux, M. P., & Griffith, R. (2002). The Impact of Corporate Taxation on the Location of Capital: A Review. Swedish Economic Policy Review, 9(1), 79-106.
  • Dunning, J. H. (2000). The Eclectic Paradigm as an Envelope for Economic and Business Theories of MNE Activity. International Business Review, 9(2), 163-190.
  • Edmiston, K. D., Mudd, S., & Valev, N. T. (2004). Incentive Targeting, Influence Peddling, and Foreign Direct Investment. International Tax and Public Finance, 11(5), 647-660.
  • Egger, P., & Maria Radulescu, D. (2011). Labor Taxation and Foreign Direct Investment. The Scandinavian Journal of Economics, 113(3), 603-636.
  • Golub, S. S., Hajkova, D., Mirza, D., Nicoletti, G., & Yoo, K. Y. (2003). The influence of Policies on Trade and Foreign Direct Investment. OECD Economic Studies, 2003(1), 7-83.
  • Görg, H. (2002). Fancy a Stay at the 'Hotel California'? Foreign Direct Investment, Taxation and Firing Costs. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=372471, Erişim Tarihi:15.06.2019.
  • Gross, D. M., & Ryan, M. (2008). FDI Location and Size: Does Employment Protection Legislation Matter?. Regional Science and Urban Economics, 38(6), 590-605.
  • Grubert, H., & Mutti, J. (1991). Taxes, Tariffs and Transfer Pricing in Multinational Corporate Decision Making. The Review of Economics and Statistics, 73(2), 285-293.
  • Hajkova, D., Nicoletti, G., Vartia, L., & Yoo, K. Y. (2007). Taxation and Business Environment as Drivers of Foreign Direct Investment in OECD Countries. OECD Economic Studies, 2006(2), 7-38.
  • Hartman, D. G. (1982). Tax Policy and Foreign Direct Investment in the United States. NBER Working Paper Series, No. 967
  • Hines Jr, J. R., & Rice, E. M. (1994). Fiscal Paradise: Foreign Tax Havens and American Business. The Quarterly Journal of Economics, 109(1), 149-182.
  • Hines, J. R. (1999). Lessons from Behavioral Responses to International Taxation. National Tax Journal, 305-322.
  • Hsiao, C., & Shen, Y. (2003). Foreign Direct Investment and Economic Growth: The Importance of Institutions and Urbanization. Economic Development and Cultural Change, 51(4), 883-896.
  • Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for Unit Roots in Heterogeneous anels. Journal of Econometrics, 115(1), 53-74.
  • Jackson, S., & Markowski, S. (1996). The Attractiveness of Countries to Foreign Direct Investors. Australian Journal of Management, 21(2), 113-138.
  • Jensen, N. M. (2007). Fiscal Policy and the Firm: Do Low Corporate Tax Rates Attract Multinational Corporations? http://ssrn.com/abstract=955713, Erişim Tarihi: 15.06.2019
  • Koşar,N. & van, M.H. (2012). Uluslararası Vergi Rekabetinin Doğrudan Yabancı Sermaye Yatırımları Üzerindeki Etkilerinin Türkiye Açısından Değerlendirilmesi. Yönetim ve Ekonomi Araştırmaları Dergisi,, Sayı:18.doi: http://dx.doi.org/10.11611/JMER18.
  • Letto-Gillies, G. (2005). Transnational Corporations and International Production: Concepts, Theories and Effects. Massachusetts: Edward Elgar Publishing.
  • Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit Root Tests in Panel Data: Asymptotic and Finite-sample Properties. Journal of Econometrics, 108(1), 1-24.
  • Lim, D. (1983). Fiscal Incentives and Direct Foreign Investment in Less Developed Countries. The Journal of Development Studies, 19(2), 207-212.
  • Loree, D. W., & Guisinger, S. E. (1995). Policy and Non-policy Determinants of US Equity Foreign Direct Investment. Journal of International Business Studies, 26(2), 281-299.
  • Maddala, G. S., & Wu, S. (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics, 61(S1), 631-652.
  • Madura, J. (2000). International Financial Management. The United States of America: South Western College Publishing.
  • Öz, D. (2018). Kurumsal Faktörlerin Doğrudan Yabancı Yatırım Girişlerine Etkisi. (Yayımlanmamış Doktora Tezi). Bülent Ecevit Üniversitesi/Sosyal Bilimler Enstitüsü, Zonguldak.
  • Pesaran, M. H. (2004). “General Diagnostic Tests for Cross Section Dependence in Panels”, CESifo Working Paper Series, No. 1229.
  • Pesaran, M. H. (2007). A simple Panel Unit Root Test in the Presence of Cross‐section Dependence. Journal of Applied Econometrics, 22(2), 265-312.
  • Prufer, P., & Tondl, G. (2008). The FDI-Growth Nexus in Latin America: The Role of Source Countries and Local Conditions. CentER Discussion Paper Series No. 2008-61. Available at SSRN: https://ssrn.com/abstract=1154914, Erişim Tarihi: 20.06.2019
  • Root, F. R., & Ahmed, A. A. (1979). Empirical Determinants of Manufacturing Direct Foreign Investment in Developing Countries. Economic Development and Cultural Change, 27(4), 751-767.
  • Roussos, A. (2015). Tax Wedges and FDI Decisions in the EU15. https://lup.lub.lu.se/student-papers/search/publication/7373533. Erişim Tarihi: 20.07.2019.
  • Sharma, K., & Bandara, Y. (2010). Trends, Patterns and Determinants of Australian Foreign Direct Investment. Journal of Economic Issues, 44(3), 661-676.
  • Swenson, D. L. (1994). The Impact of US Tax Reform on Foreign Direct Investment in the United States. Journal of Public Economics, 54(2), 243-266.
  • Şaşmaz, M. Ü., & Yayla, Y. E. (2018). Vergilerin ve Doğrudan Yabancı Sermaye Yatırımlarının Ekonomik Kalkınma Üzerindeki Etkisi: Avrupa Birliği Geçiş Ekonomileri Örneği. Maliye Dergisi, Ocak-Haziran, 174, 315-336.
  • Tatoğlu, F. Y. (2016). Panel Veri Ekonometrisi: Stata Uygulamalı. İstanbul: Beta Yayınevi.
  • Tatoğlu, F. Y. (2017). Panel Zaman Serileri Analizi: Stata Uygulamalı. İstanbul: Beta Yayınevi.
  • Tocar, S. (2018). Determinants of Foreign Direct Investment: A Review. Review of Economic and Business Studies, 11(1), 165-196.
  • Uzgören, E., & Akalin, G. (2016). Doğrudan Yabancı Yatırımların Belirleyicileri: ARDL Sınır Testi Yaklaşım. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (49), 63-77.
  • Ün, T. (2015). Stata ile Panel Veri Analizi. Selahattin Güriş (Ed.), STATA ile Panel Veri Modelleri içinde (s.40-79). İstanbul: Der Yayınları.
  • Vernon, R. (1966). International Trade and International Investment in the Product Cycle. Quarterly Journal of Economics, 80(2), 190-207.
  • Walsh, M. J. P., & Yu, J., (2010). Determinants of Foreign Direct Investment: A Sectoral and Institutional Approach. International Monetary Fund. No. 10-187.
  • Wheeler, D., & Mody, A. (1992). International Investment Location Decisions: The Case of US Firms. Journal of International Economics, 33(1-2), 57-76.
  • Yılgör, M., Serel, A., & Erçakar, M. E. (2011). Doğrudan Yabancı Yatırımların Gelişini Etkileyen Faktörler: Türkiye Üzerine Bir Model. Balıkesir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 14(26), 119-131.
Toplam 53 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Gökhan Dökmen 0000-0002-8192-0612

Ferda Kaygusuz Bu kişi benim 0000-0002-6892-837X

Yayımlanma Tarihi 30 Kasım 2019
Gönderilme Tarihi 6 Ağustos 2019
Kabul Tarihi 18 Ekim 2019
Yayımlandığı Sayı Yıl 2019 Cilt: 10 Sayı: 20

Kaynak Göster

APA Dökmen, G., & Kaygusuz, F. (2019). Vergi Takozunun Doğrudan Yabancı Yatırımlar Üzerindeki Etkisi: Avrupa Birliği Örneği. Bartın Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 10(20), 204-224.

Bartın Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Mayıs ve Kasım aylarında olmak üzere yılda iki defa yayımlanan, beş yılını doldurmuş çift kör hakemli uluslararası bir dergidir. Dergimiz 06.04.2015 tarihinden itibaren EBSCO Host’ta, Akademia Sosyal Bilimler İndeksi (ASOS), SOBIAD ve Google akademik indeksinde taranmaktadır. TR Dizin indeksinde taranması için de girişimlerde bulunulmuş olup değerlendirilme süreci devam etmektedir. 

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