English (United Kingdom)

https://curated-unify.zendy.io/wp-json/zendy-region/v1/featured_content/oa?rat=en

https://curated-unify.zendy.io/wp-json/zendy-region/v1/highlighted_journal/

Global: Zendy Plus annual

Presents the access of premium content as premium feature

Premium Content

Presents the keyphrase highlighting as premium feature

Keyphrase Highlighting

Presents the summarisation as premium feature

Summarisation

Insights

Presents the pdf analysis as premium feature

PDF Analysis

Presents the zaia usage as premium feature

ZAIA

Global: Zendy Plus monthly

Global: Zendy Tools annual

Global: Zendy Tools monthly

Global: Zendy Free Plan

Multinational corporations use highly complex structures of parents andsubsidiaries to organize their operations and ownership. Offshore FinancialCenters (OFCs) facilitate these structures through low taxation and lenientregulation, but are increasingly under scrutiny, for instance for enabling taxavoidance. Therefore, the identification of OFC jurisdictions has become apoliticized and contested issue. We introduce a novel data-driven approach foridentifying OFCs based on the global corporate ownership network, in which over98 million firms (nodes) are connected through 71 million ownership relations.This granular firm-level network data uniquely allows identifying bothsink-OFCs and conduit-OFCs. Sink-OFCs attract and retain foreign capital whileconduit-OFCs are attractive intermediate destinations in the routing ofinternational investments and enable the transfer of capital without taxation.We identify 24 sink-OFCs. In addition, a small set of five countries -- theNetherlands, the United Kingdom, Ireland, Singapore and Switzerland -- canalizethe majority of corporate offshore investment as conduit-OFCs. Each conduitjurisdiction is specialized in a geographical area and there is significantspecialization based on industrial sectors. Against the idea of OFCs as exoticsmall islands that cannot be regulated, we show that many sink and conduit-OFCsare highly developed countries.

Uncovering Offshore Financial Centers: Conduits and Sinks in the Global Corporate Ownership Network