Does resource dependence cushion the impact of thin capitalization rules on foreign investment inflows? Evidence from Africa

Andersen, 2017, Petro rents, political institutions, and hidden wealth: evidence from offshore bank accounts, J. Eur. Econ. Assoc., 15, 818, 10.1093/jeea/jvw019 Arellano, 1995, Another look at instrumental variables estimation of error- component models, J. Econom., 68, 29, 10.1016/0304-4076(94)01642-D Baker, 2014 Beer, 2015, Profit shifting: drivers of transfer (mis)pricing and potential countermeasures, Int. Tax Publ. Finance, 22, 426, 10.1007/s10797-014-9323-2 Bénassy-Quéré, 2005, How does foreign direct investment react to corporate taxation?, Int. Tax Publ. Finance, 12, 583603, 10.1007/s10797-005-2652-4 Blouin, 2014, Thin capitalization rules and multinational firm capital structure, IMF working paper, 14/12, 37 Blundell, 1998, Initial conditions and moment restrictions in dynamic panel-data models, J. Econom., 87, 115, 10.1016/S0304-4076(98)00009-8 Buettner, 2012, The impact of thin capitalization rules on the capital structure of multinational firms, J. Publ. Econ., 96, 930, 10.1016/j.jpubeco.2012.06.008 Buettner, 2014, Anti-profit-shifting rules and foreign direct investment Buettner, 2013, Internal debt and multinational profit shifting-Empirical evidence from firm‐level panel data, Natl. Tax J., 66, 63, 10.17310/ntj.2013.1.03 Busse, 2007, Political risk, institutions and foreign direct investment, Eur. J. Polit. Econ., 23, 397, 10.1016/j.ejpoleco.2006.02.003 Cassou, 1997, The link between tax rates and foreign direct investment, Appl. Econ., 29, 1301, 10.1080/00036849700000019 Chua, 2012, Institutions and foreign direct investment (FDI) in mena countries: a panel ardl study, Prosiding perkem VII, JILID, 2, 1349 Cobham, 2018, Global distribution of revenue loss from corporate tax avoidance: Re‐ estimation and country results, J. Int. Dev., 30, 206, 10.1002/jid.3348 Cristea, 2016, Transfer pricing by multinational firms: new evidence from foreign firm ownerships, Am. Econ. J. Econ. Pol., 8, 170, 10.1257/pol.20130407 Davies, 2018, Knocking on tax haven's door: multinational firms and transfer pricing, Rev. Econ. Stat., 100, 120, 10.1162/REST_a_00673 Deloitte, 2019 Desai, 2001 Devereux, 1995, The impact of tax on foreign direct investment: empirical evidence and the implications for tax integration schemes, Int. Tax Publ. Finance, 2, 85, 10.1007/BF00873108 Eca, 2017 Edmiston, 2003, Tax structures and FDI: the deterrent effects of complexity and uncertainty, Fisc. Stud., 24, 341, 10.1111/j.1475-5890.2003.tb00087.x Egger, 2014, Corporate taxes and internal borrowing within multinational firms, Am. Econ. J. Econ. Pol., 6, 54, 10.1257/pol.6.2.54 Feulefack, 2020, Natural resources, quality of institutions and foreign direct investment in Africa, Econ. Bull., 40, 148 Gropp, 2000, The disappearing tax base: is foreign direct investment eroding corporate income taxes?, International Monetary Fund Working Gondor, 2012, Fiscal policy and foreign direct investment: evidence from some emerging EU economies, Procedia – Social and Behavioral Sciences, 58, 1256, 10.1016/j.sbspro.2012.09.1108 Hassett, 1997, The tax policy and investment Hines, 1999, Lessons from behavioural responses to international taxation, Natl. Tax J., 52, 305, 10.1086/NTJ41789395 Im, 2003, Testing for unit roots in heterogeneous panels, J. Econom., 115, 53, 10.1016/S0304-4076(03)00092-7 Jumanne, 2018, Foreign direct investment and natural resources in sub-saharan Africa: the role of institutions towards Africa we want “2063 vision, African Journal of Economic Review, VI Jun, 1994, How taxation affects foreign direct investment (country-specific evidence) King, 2016 Laporte, 2015, La fiscalité minière en Afrique : le secteur de l’or dans 14 pays de 1980 à 2015, Rev. Écon. Du. Développement, 23, 83, 10.3917/edd.294.0083 Lawless, 2013, Do complicated tax systems prevent foreign direct investment?, Economica, 80, 1, 10.1111/j.1468-0335.2012.00934.x Lohse, 2013, Do transfer pricing laws limit international income shifting? Evidence from European multinationals, (CESifo Working Paper, Series No. 4404) Merlo, 2020, The impact of thin-capitalization rules on the location of multinational firms' foreign affiliates, Rev. Int. Econ., 28, 35, 10.1111/roie.12440 Mintz, 2010, 128 Mitchell, 2002, The Global Tax Police: European Tax Harmonization Is a Smokescreen to Raise Taxes, Capitalism Magazine, 1 Møen, 2011 Muller, 2012 Ndikumana, 2017, p12 Ndikumana, 2019, Capital flight, foreign direct investment and natural resources in Africa, Resour. Pol., 63, 101427, 10.1016/j.resourpol.2019.101427 Overesch, 2014, Bilateral internal debt financing and tax planning of multinational firms, Rev. Quant. Finance Account., 42, 191, 10.1007/s11156-012-0339-3 Overesch, 2010, Corporate tax planning and thin-capitalization rules: evidence from a quasi-experiment, Appl. Econ., 42, 563, 10.1080/00036840701704477 Pain, 1996, Tax competition and the pattern of European foreign direct investment, Mimeo national institute of economic and social research Pilling, 2016, vol. 11 Poelhekke, 2013, Do natural resources attract non-resource FDI?, Rev. Econ. Stat., 95, 1047, 10.1162/REST_a_00292 2011 Roodman, 2009, A note on the theme of too many instruments, Oxf. Bull. Econ. Stat., 71, 135, 10.1111/j.1468-0084.2008.00542.x Sachs, 2013, Impacts of fiscal reforms on country attractiveness: learning from the facts Sen, 2017, The location choice of US foreign direct investment: how do institutions matter?, J. Inst. Econ., 13, 401 Shay, 2017, An Overview of Transfer Pricing in Extractive Activities, 42 Simmons, 2003, An empirical study of the impact of corporate taxation on the global allocation of foreign direct investment: a broad tax attractiveness index approach, Journal of International Accounting & Taxation, 12, 105, 10.1016/j.intaccaudtax.2003.08.005 Smith, 1999, Will tax harmonization harm job creation?, Economist, 351, 32 Stowhase, 2003 Swenson, 2001 Third World Network Africa, 2016 United Nations Development Programme (UNDP, 2017, Taxing multinationals is pivotal to finance development, Blog post 2020 Wamser, 2014, The impact of thin-capitalization rules on external debt usage - a propensity score matching approach, Oxf. Bull. Econ. Stat., 76, 764, 10.1111/obes.12040 Weichenrieder, 2008