Taxing the Digital Economy: Investor Reaction to the European Commission’s Digital Tax Proposals

IF 1.8 3区经济学 Q2 BUSINESS, FINANCE National Tax Journal Pub Date : 2022-02-17 DOI:10.1086/717518

Daniel Klein, Christopher Ludwig, Christoph Spengel

引用次数: 5

Abstract

This study analyzes investor reaction to the European Commission’s proposals on the taxation of digital firms. Examining the stock returns of potentially affected firms surrounding the proposals’ release, we find a significant abnormal capital market reaction of −0.692 percent. This corresponds to an absolute market value reduction of more than 52 billion euros, 40 percent of which is attributable to US firms. Investor reaction is stronger for firms that engage more in tax avoidance and for those with higher European Union exposure. Overall, investors perceive the event as a threat to digital firms’ future profitability and react in line with the proposals’ intentions to secure tax revenues and to extract location-specific rent.

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对数字经济征税：投资者对欧盟委员会数字税提案的反应

这项研究分析了投资者对欧盟委员会关于对数字公司征税的提议的反应。通过研究提案发布前后可能受到影响的公司的股票回报率，我们发现资本市场反应显著异常，为-0.692%。这相当于绝对市值减少了520多亿欧元，其中40%归因于美国公司。投资者对避税行为较多的公司和欧盟风险敞口较高的公司的反应更强烈。总的来说，投资者认为这一事件对数字公司未来的盈利能力构成威胁，并根据提案的意图做出反应，以确保税收收入和提取特定地点的租金。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

National Tax Journal Multiple-

CiteScore

3.40

自引率

11.80%

发文量

期刊介绍： The goal of the National Tax Journal (NTJ) is to encourage and disseminate high quality original research on governmental tax and expenditure policies. Articles published in the regular March, June and September issues of the journal, as well as articles accepted for publication in special issues of the journal, are subject to professional peer review and include economic, theoretical, and empirical analyses of tax and expenditure issues with an emphasis on policy implications. The NTJ has been published quarterly since 1948 under the auspices of the National Tax Association (NTA). Most issues include an NTJ Forum, which consists of invited papers by leading scholars that examine in depth a single current tax or expenditure policy issue. The December issue is devoted to publishing papers presented at the NTA’s annual Spring Symposium; the articles in the December issue generally are not subject to peer review.