Source: https://journal.ejobsat.cz/index.php/ejobsat/article/view/104
Timestamp: 2019-04-25 04:55:59+00:00

Document:
Keywords: corporate taxation, economic growth, growth models, dynamic panel, effective tax rate, OECD.
This contribution deals with issues of corporate taxation in relation with economic growth. Its main objective is to quantify and analyse the relation of corporate taxation and economic growth using of OECD countries. The corporate tax rate is approximated by effective corporate tax rates such as corporate tax quota, marginal effective and average tax rates as determined by micro-forward looking approach and the alternative approach World Tax Index. The relation of taxation and economic growth is verified using an econometric model based on panel regression methods and tests using a dynamic panel. The model has shown a negative impact on economic growth for all six of the selected corporate tax approximators under the assumed significant level. A quantitatively higher negative impact has been verified in the case of labour taxation.
Department of National Economy, Faculty of Economics.
AFONSO, A. and FURCERI, D. 2008. Government size, composition, volatility and economic growth. European Central Bank. Working Paper No. 849.
AFONSO, A., SCHUKNECHT, L. and TANZI V. 2005. Public Sector Efﬁciency: An International Comparison. Public Choice, 123(3): 321–347.
AGÉNOR, P. R.. 2010. A Theory of Infrastructure-led Development. Journal of Economic Dynamics & Control, 34(5): 932–950.
ALM, J. and EL-GANAINY, A. 2013. Value-added taxation and consumption. International Tax and Public Finance, 20(1): 105–128.
ARELLANO, M. and BOND, S. 1991. SomeTests of Speciﬁcation for Panel Data: Monte Carlo Evidence and an Application to Employment Equations. Review of Economic Studies, 58(2): 277–297.
ARNOLD, R. 2010. Microeconomic. Mason: Cengage Learning.
BALTAGI, H. B. 2010. Econometric Analysis of Panel Data. 4th Edition. Cambridge: John Wiley & Sons Ltd.
BARANOVÁ, V. and JANÍČKOVÁ, L. 2012. Taxation of Corporations and Their Impact on Economic Growth: The Case of EU Countries. Journal of Competitiveness, 4(4): 96–108.
BARRO, R. 1999. Notes on Growth Accounting. Journal of Economic Growth, 4(2): 119–137.
BARRO, R. and SALA-I-MARTIN, X. 2004. Economic Growth. 2nd Edition. Cambridge: MIT Press.
BLOOM, N., GRIFFITH, R. and VAN REENEN, J. 2002. Do R&D tax credits work? Evidence from a panel of countries 1979 – 1997. Journal of Public Economics, 85(1): 1–31.
BRADFORD, D. 1981. The Incidence and Allocation Effects of a Tax On Corporate Distributions. Journal of Public Economics, 15(1): 1–22.
BRETT, C. and WEYMARK, J. 2008. Optimal Nonlinear Taxation of Income and Savings without Commitment. Vanderbilt University Department of Economics. Working Paper No. 0805.
BUETTNER, T. and 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.
BUETTNER, T. and WAMSER, G. 2009. The Impact of Non-Profit Taxes on Foreign Direct Investment: Evidence from German Multinationals. International Tax and Public Finance, 16(3): 298–320.
CULLEN, J. and GORDON, R. 2002. Taxes and Entrepreneurial Activity: Theory and Evidence for the U.S. National Bureau of Economic Research. Working Paper No. 9015.
DE CESARE, L. and SPORTELLI, M. 2012. Fiscal Policy Lags and Income Adjustment Process. Chaos Solitons and Fractals, 45(4): 433–438.
DE MOOIJ, A. R. and EDERVEEN, S. 2003. Taxation and Foreign Direct Investment: A Synthesis of Empirical Research. International Tax and Public Finance, 10(6): 673–693.
DENAUX, Z. 2007. Endogenous Growth, Taxes and Government Spending: Theory and Evidence. Review of Development Economics, 11(1): 124–138.
DEVARAJAN, S. et al. 1996. The Composition of public expenditure and economic growth. Journal of Monetary Economics, 37: 313–344.
DEVEREUX, M. 2007. The impact of taxation on the location of capital, firms and profit: a survey of empirical evidence. Oxford University, UK: Centre form Business Taxation. Working Paper No. 0702.
DEVEREUX, M. and LOVE, D. 1994. The Effects of Factor Taxation in a Two-Sector Model of Endogenous Growth. Canadian Journal of Economics, 27(3): 509–536.
DEVEREUX, M. and GRIFFITH, R. 1998. Taxes and the Location of Production: Evidence from a panel of US multinationals. Journal of Public Economics, 68: 335–367.
DROBISZOVÁ, A. and MACHOVÁ, Z. 2015. Vliv fiskální politiky na ekonomický růst v zemích OECD. Politická ekonomie, 63(3): 300–316.
EBRILL. L. et al. The Modern VAT. 2001. Washington: International Monetary Fund.
ENGEN, E. and SKINNER, J. 1996. Taxation and Economic Growth. National Tax Journal, 49(4): 617–642.
EROSA, A. and KORESHKOVA, T. 2007. Progressive Taxation in a Dynastic Model of Human Capital. Journal of Monetary Economics, 3: 667–685.
FEENSTRA, R., INKLAAR, R. and TIMMER, M. 2015. The Next Generation of the Penn World Table. The American Economic Review, 105(10): 3150–3182.
FULLERTON, D., DEVARAJAN, S. and MUSGRAVE, R. 1980. Estimating the Distribution of Tax Burdens: A Comparison of Different Approaches. Journal of Public Economics, 13(2): 155–182.
HALL, B. and VAN REENEN, J. 2000. How effective are fiscal incentives for R&D? A review of the evidence. Research Policy, 29: 449–469.
HOWITT, P. 1999. Steady endogenous growth with population and R&D inputs growing. Journal of Political Economy, 107(4): 715–730.
CHAMLEY, Ch. 1986. Optimal Taxation of Capital Income in General Equilibrium with Infinite Lives. Econometrica, 54(3): 607–622.
IM, K., PESARAN, H. and SHIN, Y. 2003. Testing for Unit Roots in Heterogeneous Panels. Journal of Econometrics, 115(1): 53–74.
IMF (INTERNATION MONETARY FUND). 2016. World Economic Outlook Database. [Online]. Available at: http://www.imf.org/external/pubs/ft/weo/2016/02/weodata/index.aspx. [Accessed: 15 September 2016].
IZÁK, V. 2011. Vliv vládních výdajů a daní na ekonomický růst. Politická ekonomie, 59(2):147–163.
JANÍČKOVÁ, L. and BARANOVÁ, V. 2013. Efektivní daňové sazby, jejich složky a přímé zahraniční investice. Politická ekonomie. 61(2): 209–228.
JOHANSSON, Å. et al. 2008. Tax and Economic Growth. OECD Economics Department. Working Paper No. 620.
JUDD, K. 1987. The Welfare Cost of Factor Taxation in a Perfect-Foresight Model. Journal of Political Economy, 95(4): 675–709.
JUDD, K. 1985. Redistributive Taxation in a Simple Perfect Foresight Model. Journal of Public Economics, 28(1): 59–83.
KING, A. M. 1977. Public policy and the corporation. 3rd Edition. Michigan University: Chapman and Hall.
KING, R. and REBELO, S. 1990. Public Policy and Economic Growth: Developing Neoclassical Implications. Journal of Political Economy, 98(5/2): 126–151.
KITAMURA, Y. and PHILLIPS, P. 1997. Fully modified IV, GIVE and GMM estimation with possibly non-stationary regressors and instruments. Journal of Econometrics, 80(1):85–123.
KOTLÁN, I. 2010. Daňové zatížení a struktura daní v ČR ve srovnání s vybranými zeměmi OECD a EU a legislativní změny ve smyslu de lege ferenda. Praha: Národohospodářský ústav Josefa Hlávky.
KOTLÁN, I. and MACHOVÁ, Z. 2014a . Modern Thought and Integration of Taxation in to Economic Growth Models. Pensee Journal, 76(6): 344–351.
KOTLÁN, I. and MACHOVÁ, Z. 2014b. Horizont daňové politiky v zemích OECD. Politická ekonomie, 62(2): 161–173.
KOTLÁN, I., MACHOVÁ, Z. and JANÍČKOVÁ, L. 2011. Vliv zdanění na dlouhodobý ekonomický růst. Politická ekonomie, 59(5): 638–658.
KOTLIKOFF, L. and SUMMERS, L. 1987. Tax Incidence. NBER.
LAMMERSEN, L. and SCHWAGER, R. 2005. The Effective Tax Burden of Companies in European Regions: An International Comparison. Heidelberg: Physica-Verlag Heidelberg, ZEW Economic Studies.
LEIBFRITZ, W., THORNTON, J. and BIBBEE, A. 1997. Taxation and Economic Performance. OECD Economics Departnment. Working Paper No. 176.
LEVIN, A., LIN, F. and CHU, J. 2002. Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties. Journal of Econometrics, 108(1): 1–24.
LIN, S. 2001. Taxation, Human Capital Accumulation and Economic Growth. Japanese Economics Review, 52(2): 185–197.
LUBIAN, D. and ZARRI, L. 2011. Hapiness and Tax Morale: An Empirical Analysis. Journal of Economic Behavior & Organization, 80(1): 223–243.
MADDALA, G. and 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.
MANKIW, G., ROMER, D. and WEIL, D. 1992. A Contribution to the Empirics of Economic Growth. The Quarterly Journal of Economics, 107(2): 407-437.
MATSUMOTO, A. 2008. Destabilizing Effects on Income Adjustments Process with Fiscal Policy Lags. Metroeconomica, 59(4): 713–735.
MENDOZA, E., MILESI-FERRETTI, G. and ASEA, P. 1997. On the Ineffectivenes of Tax Policy in Altering Long-Run Growth: Harberger´s Superneutrality Conjecture. Journal o Public Economics, 66: 99–126.
MILLER, M. and MODIGLIANI, F. 1961. Dividend Policy, Growth, and the Valuation of Shares. The Journal of Business, 34(4): 411–33.
MILLER, M. and SCHOLES, M. 1982. Dividends and Taxes. Journal of Financial Economics, 6(4): 333–364.
MYLES, G. 2007. Economic Growth and the Role of Taxation. OECD Economics Department. Prepared for the OECD contract CTPA/CFA/WP2(2006)3.1.
MYLES, G. 2009. Economic Growth and the Role of Taxation-Theory. OECD Economics Department. Working Papers No. 713.
NOVÁK, P. 2007. Analýza panelových dat. Acta Oeconomica Pragnesia, 15(1): 71–78.
OECD (ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT). 2016. Revenue Statistics - OECD countries: Comparative tables. [Online]. Available at: https://stats.oecd.org/Index.aspx?DataSetCode=REV. [Accessed: 15 December 2016].
POTERBA, J. and SUMMERS, L. 1985. The Economic Effects of Dividend Taxation National Bureau of Economic Research. Working Paper No. 1353.
PWT (Penn World Table) - GRONINGEN GROWTH AND DEVELOPMENT CENTRE. 2016. The database Penn World Table 9.0. [Online]. Available at: http://www.rug.nl/ggdc/productivity/pwt/. [Accessed: 15 September 2016].
REBELO, S. 1991. Long-Run Policy Analysis and Long-Run Growth. Journal of Political Economy, 99(3): 500–521.
SIMIONESCU M. and ALBU, L-L. 2016. The impact of standard value added tax on economic growth in CEE-5 countries: econometric analysis and simulations. Technological and Economic Development of Economy, 22(6): 850–866.
SIMMONS, R. 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, Auditing & Taxation, 12( 2): 105–120.
SPENGEL, Ch. et al. 2014. Effective tax levels using the DEVEREUX/GRIFFITH methodology: Project for the EU Commission TAXUD/2013/CC/120. ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research., Final Report 2014.
TREMBLAY, J. 2010. Taxation and Skills Investment in Frictional Labor Markets. International Tax and Public Financie, 17(1): 52–66.
VRÁBLÍKOVÁ, V. 2016. Vliv nepřímých daní na dlouhodobý ekonomický růst. Politická ekonomie, 64(2): 145-160.
WIDMALM, F. 2001. Tax Structure and Growth: Are some taxes better than others? Public Choice, 107(3/4): 199–219.
WTI (WORLD TAX INDEX). 2016. World Tax Index Database. [Online]. Available at: http://www.worldtaxindex.com/. [Accessed: 08 May 2016].
XIAO, Z., SHAO, J. and PALTA, M. 2010. Instrumental Variable And Gmm Estimation For Panel Data With Measurement Error. Institute of Statistical Science, Academia Sinica, 20(4): 1725–1747.
Xu, B. and INTERNATIONAL MONETARY FUND. 1994. Tax policy implications in endogenous growth models. International Monetary Fund. Fiscal Affairs Department., Working Paper No. 94/38.
ZENG, J. and ZHANG, J. 2001. Long-Run Growth Effects of Taxation in a Non-Scale Growth Model with Innovation. Economics Letters, 75(3): 391–403.

References: V. 
 V. 
 V. 
 V. 
de lege ferenda
 V.