Nội dung được dịch bởi AI, chỉ mang tính chất tham khảo
Vòng Vốn: Các yếu tố quyết định của việc đầu tư từ các công ty thị trường mới nổi vào các Trung tâm Tài chính Quốc tế và các hệ quả đạo đức của chúng
Tóm tắt
Đầu tư trực tiếp nước ngoài (FDI) vào các Trung tâm Tài chính Quốc tế (OFC) đang nhận được sự chú ý ngày càng tăng trong nghiên cứu về đạo đức kinh doanh. Nhiều nghiên cứu này thường tập trung vào các OFC như là những địa điểm mà các công ty có thể tránh thuế, coi hành vi này là phi đạo đức. Tuy nhiên, hiện tồn tại một khoảng trống trong nghiên cứu về hiện tượng luân chuyển vốn từ các công ty thị trường mới nổi, đây là một phần không thể tách rời của hiện tượng này. Hành động luân chuyển vốn này liên quan đến việc các công ty đưa vốn vào OFC chỉ để đầu tư trở lại vào nước về dưới cái vỏ bọc của đầu tư “nước ngoài”. Hiện nay, còn rất ít thảo luận về các hệ quả đạo đức của những hoạt động FDI vòng. Trong bài viết này, chúng tôi khái niệm hóa hành động luân chuyển vốn như một hình thức chênh lệch thể chế và xem xét các yếu tố quyết định cũng như các hệ quả đạo đức của những khoản đầu tư này vào OFC. Khám phá hiện tượng luân chuyển vốn từ Nga, chúng tôi nhận thấy rằng các công ty có xu hướng đầu tư nhiều vốn hơn vào các OFC cung cấp sự kết hợp giữa lợi thế thuế và bảo mật, hoặc giữa bảo mật và bảo vệ quyền sở hữu. Trong cả hai trường hợp, các công ty khai thác các cơ hội do sự khác biệt thể chế giữa OFC và Nga trong khi đầu tư trở lại vào Nga. Kết quả của chúng tôi có xu hướng chỉ ra rằng việc đồng nhất đầu tư vào OFC với việc tránh thuế mà coi đó là hành vi phi đạo đức là một giải thích quá hẹp trong trường hợp của việc luân chuyển vốn từ nền kinh tế mới nổi. Điều này bởi vì những khoản đầu tư này thường được thúc đẩy bởi hành vi phi đạo đức của các bên liên quan tại quốc gia gốc và thực tế có thể mang lại lợi ích cho xã hội.
Từ khóa
#Đầu tư trực tiếp nước ngoài #Trung tâm Tài chính Quốc tế #luân chuyển vốn #hành vi phi đạo đức #kinh tế mới nổiTài liệu tham khảo
Ahlstrom, D., Bruton, G. D., & Yeh, K. S. (2008). Private firms in China: Building legitimacy in an emerging economy. Journal of World Business, 43, 385–399.
Akamah, H., Hope, O.-K., & Thomas, W. B. (2018). Tax havens and disclosure aggregation. Journal of International Business Studies, 49, 49–69.
Albert, M. B., Avery, D., Narin, F., & McAllister, P. (1991). Direct validation of citation counts as indicators of industrially important patents. Research Policy, 20(3), 251–259.
Allred, B. B., Findley, M. G., Nielson, D., & Sharman, J. C. (2017). Anonymous shell companies: A global audit study and field experiment in 176 countries. Journal of International Business Studies, 48, 596–619.
Ardizzi, G., Petraglia, C., Piacenza, M., Schneider, F., & Turati, G. (2014). Money laundering as a financial sector crime: A new approach to measurement, with an application to Italy. Journal of Money, Credit and Banking, 46, 1555–1590.
Aykut, D., Sanghi, A. and Kosmidou, G. (2017). What to do when foreign direct investment is not direct or foreign: FDI round tripping. Policy Research Working Paper 804, World Bank, Washington, DC.
Bah, E., & Brada, J. (2014). Labor markets in the transition economies: An overview. The European Journal of Comparative Economics, 11, 3–53.
Barone, R., & Masciandaro, D. (2011). Organized crime, money laundering and legal economy: Theory and simulations. European Journal of Law and Economics, 32, 115–142.
Berry, H. (2017). Managing valuable knowledge in weak IP protection countries. Journal of International Business Studies, 48(7), 787–807.
Beugelsdijk, S., Hennart, J. F., Slangen, A., & Smeets, R. (2010). Why and how FDI stocks are a biased measure of MNE affiliate activity. Journal of International Business Studies, 41, 1444–1459.
Boisot, M., & Meyer, M. W. (2008). Which way through the open door? Reflections on the internationalization of Chinese firms. Management and Organization Review, 4, 349–365.
Brada, J. C., Drabek, Z., Mendez, J. A., & Pérez, M. F. (2019). ’National levels of corruption and foreign direct investment’. Journal of Comparative Economics, 47, 31–49.
Brouthers, K. D. (2013). A retrospective on: Institutional, cultural and transaction cost influences on entry mode choice and performance. Journal of International Business Studies, 44, 14–22.
Brovkin, V. (2001). Moving money, making money, and parking money overseas: Front companies in offshore jurisdictions. Demokratizatsiya, 9(2), 150–166.
Buckley, P. J., Sutherland, D., Voss, H., & El-Gohari, A. (2015). The economic geography of offshore incorporation in tax havens and offshore financial centres: The case of Chinese MNEs. Journal of Economic Geography, 15, 103–128.
Bulatov, A. (2017). Offshore orientation of Russian Federation FDI. Transnational Corporations, 24(2), 71–89.
Carlin, A., & Lokanan, M. E. (2018). Ritualisation and money laundering in the Swiss banking sector. Journal of Money Laundering Control, 21, 89–103.
Chari, M., & Acikgoz, S. (2016). What drives emerging economy firm acquisitions in tax havens? Journal of Business Research, 69, 664–671.
Che Rosli, R., Ming Ling, L., & Embi, R. (2018). Tax malfeasance of high net-worth individuals in Malaysia: Tax audited cases. Journal of Financial Crime, 25, 155–169.
Chernykh, L. (2008). Ultimate ownership and control in Russia. Journal of Financial Economics, 88, 169–192.
Christensen, J. (2011). The looting continues: Tax havens and corruption. Critical Perspectives on International Business, 7, 177–196.
Christensen, J. (2012). The hidden trillions: Secrecy, corruption, and the offshore interface. Crime, Law and Social Change, 57, 325–343.
Cobham, A., Janský, P., & Meinzer, M. (2015). The financial secrecy index: Shedding new light on the geography of secrecy. Economic Geography, 9, 281–303.
Coll, B., & Patel, S. (2019). Going to haven? Corporate social responsibility and tax avoidance. Journal of Business Ethics, 154, 1033–1050.
Cuervo-Cazurra, A. (2006). Who cares about corruption? Journal of International Business Studies, 37, 807–822.
Dean, J. M., Lovely, M. E., & Wang, H. (2009). Are foreign investors attracted to weak environmental regulations? Evaluating the evidence from China. Journal of Development Economics, 90, 1–13.
De Mooij, R. A. & Ederveen, S. (2006). What a difference does it make? Understanding the empirical literature on taxation and international capital flows. Economic Papers 261, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
Deng, Z., Yan, J., & Sun, P. (2019). Political status and tax haven investment of emerging market firms: Evidence from China. Journal of Business Ethics, 40, 1–20.
Donaldson, T., & Dunfee, T. W. (1994). Towards a unified conception of business ethics: Integrative social contracts theory. Academy of Management Review, 19(2), 252–284.
Donaldson, T., & Dunfee, T. W. (1999). Ties that bind: A social contracts approach to business ethics. Harvard Business School Press.
Dowling, G. R. (2014). The curious case of corporate tax avoidance: Is it socially irresponsible? Journal of Business Ethics, 124, 173–184.
EY. (2019). Global Tax Guide Archive. Available at: https://www.ey.com/gl/en/services/tax/global-tax-guide-archive. Accessed 15 March 2019.
Fung, H., Yau, J., & Zhang, G. (2011). ’Reported trade figure discrepancy, regulatory arbitrage, and round-tripping: Evidence from the China-Hong Kong trade data’. Journal of International Business Studies, 42, 152–176.
Gaur, A. S., & Lu, J. W. (2007). Ownership strategies and survival of foreign subsidiaries: Impacts of institutional distance and experience. Journal of Management, 33, 84–110.
Gopalan, S., & Rajan, R. S. (2016). Revisiting bilateral foreign direct investment inflows into BRIC economies. Global Policy, 7, 510–520.
Gunter, F. R. (2017). Corruption, costs, and family: Chinese capital flight, 1984–2014. China Economic Review, 43, 105–117.
Haberly, D., & Wójcik, D. (2015a). Tax havens and the production of offshore FDI: An empirical analysis. Journal of Economic Geography, 15, 75–101.
Haberly, D., & Wójcik, D. (2015b). Regional blocks and imperial legacies: Mapping the global offshore FDI network. Economic Geography, 91, 251–280.
Hagedoorn, J., Cloodt, D., & van Kranenburg, H. (2005). Intellectual property rights and the governance of international R&D partnerships. Journal of International Business Studies, 36, 175–186.
Henisz, W. J. (2003). The power of the Buckley and Casson thesis: The ability to manage institutional idiosyncrasies. Journal of International Business Studies, 34(2), 173–184.
Heritage Foundation. (2019). Index of Economic Freedom. Available at: https://www.heritage.org/index/. Accessed 14 March 2019.
Holmes, R. M., Miller, T., Hitt, M. A., & Salmador, M. P. (2013). The interrelationships among informal institutions, formal institutions, and inward foreign direct investment. Journal of Management, 39, 531–566.
Huang, K. G., & Li, J. (2019). Adopting knowledge from reverse innovations? Transnational patents and signaling from an emerging economy. Journal of International Business Studies, 50(7), 1078–1102.
IMF. (2000). Offshore Financial Centers. IMF Background Paper prepared by the Monetary and Exchange Affairs Department. Available at: https://www.imf.org/external/np/mae/oshore/2000/eng/back.htm#II_A. Accessed 14 March 2019.
Jackson, G., & Deeg, R. (2008). Comparing capitalisms: Understanding institutional diversity and its implications for international business. Journal of International Business Studies, 39, 540–561.
Jandhyala, S. (2013). Property rights and international investment in information technology services. Strategic Management Journal, 34, 877–889.
Johnson, J., & Holub, M. J. (2003). Questioning organizational legitimacy: The case of U.S. expatriates. Journal of Business Ethics, 47(3), 269–293.
Jones, C., & Temouri, Y. (2016). The determinants of tax haven FDI. Journal of World Business, 51, 237–250.
Kanagaretnam, K., Lee, J., Lim, C. Y., & Lobo, G. J. (2018). Cross-country evidence on the role of independent media in constraining corporate tax aggressiveness. Journal of Business Ethics, 150(3), 879–902.
Karhunen, P., Kosonen, R., McCarthy, D. J., & Puffer, S. M. (2018). The darker side of social networks in transforming economies: Corrupt exchange in Chinese Guanxi and Russian Blat/Svyazi. Management and Organization Review, 14, 395–419.
Kostova, T. (1999). Transnational transfer of strategic organizational practices: A contextual perspective. Academy of Management Review, 24, 306–324.
Kuzmina, O., Volchkova, N., & Zueva, T. (2014). Foreign direct investment and governance quality in Russia. Journal of Comparative Economics, 42, 874–891.
Lanis, R., & Richardson, G. (2012). Corporate social responsibility and tax aggressiveness: An empirical analysis. Journal of Accounting and Public Policy, 31(1), 86–108.
Ledyaeva, S., Karhunen, P., Kosonen, R., & Whalley, J. (2015). Offshore FDI, capital round-tripping, and corruption: Empirical analysis of Russian regions. Economic Geography, 91, 305–334.
Lu, J., Liu, X., Wright, M., & Filatotchev, I. (2014). International experience and FDI location choices of Chinese firms: The moderating effects of home country government support and host country institutions. Journal of International Business Studies, 45(4), 428–449.
Luo, Y. (2005). Transactional characteristics, institutional environment and joint venture contracts. Journal of International Business Studies, 36(2), 209–230.
Luo, Y., & Tung, R. L. (2018). A general theory of springboard MNEs. Journal of International Business Studies, 49, 129–152.
Luo, Y., & Wang, S. L. (2012). Foreign direct investment strategies by developing country multinationals: A diagnostic model for home country effects. Global Strategy Journal, 2, 244–261.
Maekelburger, B., Schwens, C., & Kabst, R. (2012). Asset specificity and foreign market entry mode choice of small and medium-sized enterprises: The moderating influence of knowledge safeguards and institutional safeguards. Journal of International Business Studies, 43, 458–476.
Markusen, J. (2008). Foreign direct investment (FDI). In K. A. Reinert & R. S. Rajan (Eds.), The Princeton Encyclopedia of the World Economy (pp. 444–450). Princeton University Press.
Marquis, C., & Raynard, M. (2015). Institutional strategies in emerging markets. The Academy of Management Annals, 9, 291–335.
Naughton, B. (1999). Between China and the world: Hong Kong’s economy before and after 1997. In G. Hamilton (Ed.), Cosmopolitan Capitalists: Hong Kong and the Chinese Diaspora at the end of the 20th century (pp. 80–99). University of Washington Press.
Novokmet, F., Piketty, T., & Zucman, G. (2018). From Soviets to oligarchs: Inequality and property in Russia 1905–2016. The Journal of Economic Inequality, 16, 189–223.
Obermaier, F., Obermayer, B., Wormer, V. & Jaschensky, W. (2017). About the Panama Papers. Available at: http://panamapapers.sueddeutsche.de/articles/56febff0a1bb8d3c3495adf4/. Accessed 14 March 2019.
OECD. (2007). Real estate sector: Tax fraud and money laundering vulnerabilities. Available at: http://www.oecd.org/ctp/crime/realestatesectortaxfraudandmoneylaunderingvulnerabilities.htm. Accessed 14 March 2019.
Olatunde, J. O. (2012). An investigation of the financial criminal practices of the elite in developing countries. Journal of Financial Crime, 19(2), 175–206.
Oliver, C. (1991). Strategic responses to institutional processes. Academy of Management Review, 16(1), 145–179.
Pajunen, K. (2008). Institutions and inflows of foreign direct investment: A fuzzy-set analysis. Journal of International Business Studies, 39(4), 652–669.
Palan, R., Murphy, R., & Chavgneux, C. (2010). Tax havens: How globalization really works. Cornell University Press.
Payne, D. M., & Raiborn, C. A. (2018). Aggressive tax avoidance: A conundrum for stakeholders, governments, and morality. Journal of Business Ethics, 147, 469–487.
Pérez, M. F., Brada, J. C., & Drabek, Z. (2012). Illicit money flows as motives for FDI. Journal of Comparative Economics, 40, 108–126.
Picard, P. M., & Pieretti, P. (2011). Bank secrecy, illicit money and offshore financial centers. Journal of Public Economics, 95(7–8), 942–955.
Preuss, L. (2012). Responsibility in paradise? The adoption of CSR tools by companies domiciled in tax havens. Journal of Business Ethics, 110, 1–14.
Ramondo, N., Rodríguez-Clare, A., & Tintelnot, F. (2015). Multinational production: Data and stylized facts. The American Economic Review, 105, 530–536.
Robertson, J. (2021). Global financial networks confront headwinds: China’s shifting offshore relationship with the British Virgin Islands. The Pacific Review, 34(2), 177–205.
Rose, A., & Spiegel, M. (2007). Offshore financial centers: Parasites or symbionts? Economic Journal, 117, 1310–1335.
Rosfinmonitoring. (2017). Activity report. Available at: http://www.fedsfm.ru/content/files/documents/2018/otchet_en_%D0%BA%D0%BE%D1%80%D1%80_.pdf
Sharafutdinova, G., & Dawisha, K. (2017). The escape from institution-building in a globalized world: Lessons from Russia. Perspectives on Politics, 15, 361–378.
Scott, W. R. (1995). Institutions and organizations. Sage.
Shleifer, A., & Treisman, D. (2005). A normal country: Russia after communism. Journal of Economic Perspectives, 19, 151–174.
Smith, F. (2014). Asset protection in multinational enterprises – where to now? Implications for asset protection planning in multinational enterprises from the OECD’s work on BEPS. The Multinational Business Review, 22, 351–371.
Song, J., & Shin, J. (2008). The paradox of technological capabilities: A study of knowledge sourcing from host countries of overseas R&D operations. Journal of International Business Studies, 39(2), 291–303.
Stahl, G. K., Tung, R. L., Kostova, T., & Zellmer-Bruhn, M. (2016). Widening the lens: Rethinking distance, diversity, and foreignness in international business research through positive organizational scholarship. Journal of International Business Studies, 47, 621–630.
Su, W., & Tan, D. (2018). Business groups and tax havens. Journal of Business Ethics, 153(4), 1067–1081.
Sutherland, D., & Anderson, J. (2015). The pitfalls of using foreign direct investment data to measure Chinese multinational enterprise activity. The China Quarterly, 221, 21–48.
Sutherland, D., El-Gohari, A., Buckley, P. J., & Voss, H. (2010). The role of Caribbean tax havens and offshore financial centres in Chinese outward foreign direct investment. In 2nd Copenhagen Conference on:’Emerging Multinationals’: Outward Investment from Emerging and Developing Economies, Copenhagen Business School (pp. 25–26).
Tax Justice Network. (2019). Financial Secrecy Index. Available at: https://www.financialsecrecyindex.com/. Accessed 14 March 2019.
The Moscow Times. (2019). Russia’s HeadHunter Lists Shares on Nasdaq. May 13 2019. Available at: https://www.themoscowtimes.com/2019/05/13/russias-headhunter-lists-shares-on-nasdaq-a65547.
UNCTAD. (2017). World Investment Report 2017: Investment and the digital economy. Available at: http://unctad.org/en/PublicationsLibrary/wir2017_en.pdf. Accessed 14 March 2019.
van Hulten, A. (2012). Remapping the fiscal state after the global financial crisis. Economic Geography, 88, 231–253.
Witt, M. A., & Lewin, A. Y. (2007). Outward foreign direct investment as escape response to home country institutional constraints. Journal of International Business Studies, 38, 579–594.
Xu, D., & Shenkar, O. (2002). Note: Institutional distance and the multinational enterprise. Academy of Management Review, 27(4), 608–618.
Zaheer, S. (1995). Overcoming the liability of foreignness. Academy of Management Journal, 38, 341–363.
Zevyakina A. (2019). Offshore companies—good or bad of modern times, available at: https://qqnews.ru/misc/ofshornye-kompanii-dobro-ili-zlo-sovremennosti-34386.html. (in Russian language).