MNCs, Global Accounting and Taxation Diversity

The process of global economic integration has accelerated dramatically in recent decades . This
can be measured through a vast increase in trade, foreign direct investment (FDI), as well as the
international transfer of knowledge and technology (Rugman and Verbeke 2004). At the heart of
this move towards deepening globalisation are multinational corporations (MNCs). As well as
being the primary source of FDI, MNCs encourage global integration by developing new
international networks between host and home economies (Gammeltoft and Cuervo-Cazurra,
2021). They also facilitate the entry of new and advanced technologies (Borensztein, 1998), and
can upskill a host nation's workforce. However, the role of MNCs in the developing world
remains controversial and their impact can be detrimental if they evade tax, exploit workers or
prevent autonomous development (Ferdausy and Rahman, 2009).

This paper explores the role of MNCs as engines of economic development before investigating
some of the challenges of transnational enterprise. Operating across borders, MNCs are
vulnerable to transaction exposure. They must also navigate the complex international tax
system, overcoming issues of accounting and taxation diversity. I will begin by defining MNCs,
reflecting on their scale and scope of their operations. In section 2, I explore the role of MNCs in
the global economy, with a particular focus on their impact in the developing world. In section 3,
I outline four of the main challenges facing MNCs, stemming from diversity in international
accounting and taxation. Section 4 explores the solutions that MNCs can put in place to navigate
the complex international financial system.

1. Defining MNCs

A multinational corporation (MNC) is a company that produces or sells services or goods in at

least one country outside of its home territory. According to Fernandez and Pope (2002), they are
entities that conduct business in more than one jurisdiction, whether it is a single taxpayer entity
or a group of such entities. For Walton, Haller and Raffournier (1998), MNCs are a form of
collection of autonomous operating units under a distant control. They maintain a central office
located in one country which coordinates the management of the global offices and branches.
According to some definitions, an MNC must generate at least 25% of revenue outside of its
primary territory (Chen, 2023). MNCs are characterised as transnational enterprises, as they
operate across borders, paying tax and employing staff in multiple territories. PepsiCo, for
example, has more than 335,000 workers in over 100 countries (Amazonaws, 2013). Over 90%
of MNCs, however, are headquartered in the developed world. France, Germany, Japan, the UK
and the US account for 70% of all foreign investment by multinationals (New Internationalist,
2013). Only 19 of the largest global corporations are headquartered in developing countries
(World Benchmarking Alliance, 2020). This raises concerns about neocolonialism, if the actions
of MNCs in the developing world are exploitative and inconsistent with Sustainable
Development Plans (SDPs).

Companies with a global reach are nothing new. MNCs can be traced back to the British East
India Company (founded 1600) and organisations like I.M Singer have seen investing in Mexico
since 1914 (World Benchmarking Alliance, 2020). However, their influence and market share is
increasing. The largest 500 MNCs account for over 90% of the world’s stock of foreign direct
investment (FDI), conducting about half the world’s trade.(Rugman and Verbeke, 2004) MNCs
can thus be important vehicles for global development. The Harrod-Domar model (Harrod
Domar Growth Model BA Sem VI Development Economics Code ECB-604, n.d.) suggests that
FDI is important for determining economic growth. Inflows of foreign capital can finance a
current account deficit, allowing developing countries to buy imports. MNCs are thus important
variables in determining state behaviour, as the investment they provide can influence
policymakers in host governments (Kim and Milner, 2019).

2. ‌MNCs and Global Economic Development

In an increasingly globalised world, MNCs are important engines of economic integration. This
is demonstrated by rapid increase in FDI flows since the 1970s. From 1973 to 1997, FDI has
increased by 780%- an impressive annual growth rate of 9.5%. This continued to grow in the
1990s. In 1998 the world FDI stock reached $ 4,088 Billion- roughly three quarters were
invested in developed countries (Kleinert, 2001). This trend has continued. Although the top
recipient of FDI inflow in the first quarter of 2023 remained the US (USD 109 billion),
developing countries’ share of global FDI rose to 54%, a record, with an 11% increase in Africa,
4% in Asia and 2% in developing economies overall. MNCs are attracted to developing countries
for a number of reasons. They can purchase raw materials, outsource production to cheaper
labour markets and sell to a new base of consumers. Lower tax rates or tax exemptions are also
offered to MNCs (Ferdausy and Rahman, 2009). While the impact of MNCs in the developing
world remains controversial, leaders in host countries increasingly view FDI as an important
source of growth. Leaders in developing countries attract FDI to improve their economic
standards (Khder Aga, 2014).

a. The Positive Impact of MNCs

The positive impact of FDI can be seen in a number of areas. Foreign ownership can increase
labour productivity, expand the scale of production and result in higher wages. Economies across
SouthEast Asia have seen rise in wages since FDI flows increased in the early 2000s (OCND,
1999). The presence of MNCs may also upskill a host nation's workforce. Since the 1990s
Microsoft has invested in African digital economies. More than 4 million young people across
Africa have been upskilled over the last five years through various programmes (Microsoft,
2023). FDI can also result in employment benefits for the host country if most employees are
locally recruited. These benefits can be maximised if the host nation attracts firms to sectors with
high unemployment or a good labour supply.
Responsible multinationals can enhance local business. Microsoft has embarked on a five-year
plan in Africa to build digital assets and capabilities in 10 million small and medium-sized
enterprises (SMEs), supporting 10,000 start-ups with the capacity needed to scale. FDI can also
improve infrastructure, logistics and public services. Coca-Cola Beverages employs 12,000
people across 12 African countries in its bottling plants and distribution network. Since 2000,
they have been supporting public services in sub-saharan countries. Project Last Mile applies the
Coca-Cola system’s logistic, supply chain and marketing expertise to help strengthen health
systems across Africa and enable health ministries to more efficiently deliver services and
supplies. Finally, MNCs allow developing states to profit from sophisticated research and
development. They make available technology that would otherwise be out of the reach of
developing countries (Spero & Hart, 2010).

b. The Negative Impact of MNCs

Despite these potential advantages, MNCs can negatively impact developing economies if they
engage in exploitative practices which are inconsistent with sustainable development. MNCs can
adversely affect working conditions, pay lower wages than in alternative employment, or repress
worker rights (Drusilla, Alan, & Robert, 2002). In Indonesia, where companies such as Reebok
and Nike operate, workers earn a mere $39 a month for producing thousands of products worth
well over $100 each. The United Nations Conference on Trade and Development found that
Indonesia’s economy is booming because of massive direct foreign investment while the cheap
labour is suffering from inhumane living conditions and illegal wages (2006). MNCs may also
stifle the development of host nations by preventing local firms from participating in the most
dynamic sectors of the economy by bringing outside expertise and staff. They may also use
inappropriate capital-intensive technologies that contribute to unemployment (Moran, 1978).
MNCs can negatively impact developing nations through tax evasion and avoidance. Tax
evasion and tax avoidance reduce government revenues, thus detrimentally affecting
infrastructure, public services and utilities (Otusanya, O.J. 2011). These schemes result in a loss
of tax revenues which undermines government legitimacy and prevents economic and social
development (Cobham, 2005, Richardson, 2006, Sikka, 2008a). A 2015 report by the UN
Conference on Trade and Development estimated that profit-shifting by multinational companies
costs developing countries US$100bn a year in lost corporate income tax. Another report, by
IMF researchers, estimated that developing countries may be losing as much as US$213bn a year
to tax avoidance.

3. Challenges faced by MNCS

While companies can substantially increase revenues and profits through global expansion,
investing in foreign markets presents challenges. This section will explore four of the major
challenges faced by MNCs.
a) Operations in new countries require transactions in the host nation's currency. However,
exchange rates are typically volatile and fluctuating. As Crabb observes, “multinational firms
experience the effect of currency fluctuations through both their income from foreign operations
and the value of their foreign assets”, although risk can be mitigated through the use of foreign
currency derivatives (FDCs). Jorian finds that exchange rates are “typically four times as
volatile as interest rates and 10 times as volatile as inflation”, and thus create “major uncertainty
for multinationals”. Wal-Mart Inc. lost $680 million in the second quarter of 2013 due to
transaction exposure. It stated that “During fiscal 2009, foreign currency exchange rate had a
$2.3 billion unfavourable impact on the international segment’s net sales”. This demonstrates
that MNCs can incur huge losses if they do not put measures in place to counter the impact of
exchange rates. (Parajuli & Ryan, 2013)
b) There may be cultural and language barriers to overcome. Communicating with stakeholders
and regional authorities in a different language and cultural context can lead to
misunderstandings and a higher chance of error in implementing taxation policy. Amazon, for
example, operates in over 20 countries outside of the US. Amazon must be aware of the cultural
differences that exist in different countries as these can impact the way that accounting and
taxation are conducted (Amazon,2023).Cultural differences may also impact work and
employment practices. Hofstede's cultural dimensions theory outlines four primary dimensions
through which cultures can be analysed: individualism-collectivism; uncertainty avoidance;
power distance (strength of social hierarchy) and masculinity-femininity (task-orientation versus
person-orientation) (Hofstede Insights, 2023). These differences impact management practices in
a given culture. Members of high-power distance cultures, such as Malaysia, show great
deference to those who outrank them, whereas low-power cultures, like Norway, expect to
participate actively in discussions across all levels. Multinational companies must navigate these
cultural differences to maximise staff output and operate in an ethical manner.
C) A third set of issues relates to taxation diversity. MNCs are subject to multiple tax
jurisdictions. National tax systems are complex and differ between states. MNCs must prepare
for this complex financial process in line with the host nation regulations or heavy penalties can
ensue. The world’s biggest MNC, Apple, was forced to pay £11 billion in back taxes to Ireland
because the E.U ruled the ‘sweetheart’ tax break offered to them by the Irish government as
incompatible with European law. Differences among national tax systems may also affect the
decisions of managers of MNCs, regarding the location of subsidiaries and the transfer prices. It
is argued, for example, that US firms are moving to Mexico due to lower wages and corporation
tax. Another issue is the threat of double taxation. Double taxation occurs when income tax is
paid twice in two different countries in relation to the same source of economic activity.
Governments enter into pan-regional and bilateral cooperation agreements to prevent this issue
and enable companies to trade across borders (Vodafone, 2023). In many cases, however, policy
is shaped by countries operating unilaterally, resulting in complexity and double taxation. This
can result in a major loss of income for MNCs, if they are unable to work with national
governments to implement double taxation treaties.
D) A fourth set of problems arise from accounting diversity. Accounting diversity refers to the
differences that exist between the characteristics of the financial reporting frameworks used in
different countries (MuizAlia). These differences can relate to disclosures, financial reports,
recognition and measurement and terminology. While there is a growing push for uniformity in
international accounting, most states have different regulations and financial information must be
reported according to local and regional guidelines. This can be challenging for MNCs who
operate in a number of different countries. Amazon, for example, uses US GAAP for its global
reporting, but it must also comply with the local accounting standards in each country. This can
be complex and time-consuming, as the different accounting standards have different rules for
accounting for things like inventory, depreciation, and revenue recognition. Further challenges
arise from consolidating the financial statements of Amazon's subsidiaries and other entities into
a single set of financial statements (Amazon, 2013). This can be difficult, as the company may
need to reconcile the different accounting standards used by the different entities. International
differences in accounting rules thus pose a significant challenge to MNCs (Frankel, 1996).

4. Strategies for Overcoming Challenges

This section explores measures that MNCs can put in place to overcome the challenges outlined.
A) MNCs can lessen the impact of transaction exposure by creating a solid financial structure
that minimises currency value fluctuations on income, tax liabilities and foreign subsidiary
activities. One way of achieving this is through diversification, whereby an MNC spreads their
investment between several countries to avoid over reliance on one currency. Rugman (1976)
argues that MNC’s should look at their foreign operations like an investment portfolio-
international diversification reduces risk because if one market is disrupted by an unstable
currency or political conditions, other markets can be utilised. More recently, researchers have
found that MNCs tend to avoid countries or regions with high levels of institutional uncertainty,
such as corruption and violent conflict. (DeGhetto, Lamont, & Holmes, 2020; Demirbag,
Glaister, & Tatoglu, 2007; North, 1990; Oetzel & Getz, 2012). By spreading their investment
and selecting stable markets, MNCs can minimise the
Additionally, MNCs can utilise currency hedging. By locking in today’s exchange rate, the
company will not gain if the value of the currency goes up, but will be protected from losses if
the value of the currency goes down. Financial instruments like Future Contract and Option can
lock in exchange rates for future transactions, thus minimising the risk. Jin and Jorian (2006)
found that hedging had a significant positive impact on the value of firms in the oil and gas
industry- though some scholars challenge these findings (Parajuli and Ryan, 2013). MNCs can
mitigate the detrimental impact of exchange rates through price adjustments, whereby prices in
certain territories are altered in line with exchange rates. A study by Fiscal Note of 77 MNCs
found that, for 88.3 %, exchange rate volatility had the biggest impact on their pricing in the past
12 months (FrontierView,2016). MNCs therefore strategically adjust prices in line with
exchange rates to protect their financial performance.
B) MNCS can overcome issues stemming from cultural diversity by training management and
staff. One of the most effective strategies is cross-cultural training, which can help managers
become more sensitive to the influence of culture on their own behaviour and the behaviour of
host nationals. Thiagarajan (1974) finds that “Cross-cultural training efforts are crucial for the
successful completion of overseas assignments''. It can also help managers develop a better
understanding of the behaviour patterns of host national managers and improve their ability to
work effectively with colleagues from different cultures (Thiagarajan,1971). MNCs can also
develop procedures that are sensitive to the cultural norms of the countries in which they operate.
By localising company policies and practices, MNCs can align with the expectations of the
territories in which they are operating (Thiagarajan,1971). This demonstrates respect for local
customs and fosters a sense of belonging among employees. Mcdonalds, for example, first
established branches in the (majority Hindu) region of South India in 1994, they removed their
signature beef Big Mac from the menu, replacing it with a chicken-based alternative (Kannan,
2014).
C) MNCs can avoid double taxation by selecting territories that have favourable tax treaties.
MNCs must investigate the tax treaties of the countries where they intend to invest to make
strategic decisions. Specialised local tax advisors can be hired to help as most nations have
dozens of tax treaties which are being constantly updated- the US, for example, has over 60
treaties with foreign countries (IRS.gov, 2019). Accountants must be prepared to navigate this
complex and evolving system. Research has shown that savings in taxation arising from a correct
choice of location more than offset the costs arising from non-tax factors such as quality of
workforce, infrastructure and political stability (Wilson, 1993). MNCs must thus select territories
with favourable tax agreements without artificially moving profits to countries with lower tax
rates. The OECD calls this ‘base erosion and profit shifting’ (BEPS) and estimates it costs
governments $100 to $240 billion annually (2019). Even if MNCs are not fined for tax evasion,
compliance issues can damage reputations and lose customers’ trust. For example, while
Starbucks won a dispute about its subsidiaries in the Netherlands, the case has been the source of
negative press attention (dw.com, 2019). MNCs must preserve their reputation by ethically
complying with the host nation's tax policies.
D) MNCs can overcome the challenges of accounting diversity by investigating differences in
legislation and putting a solid financial structure in place. They must establish good managerial
accounting practices to evaluate accounting procedures in different countries. Toyota, for
example, adopts US GAAP for issuing its financial statements as it is more widely understood
internationally and more acceptable to a global investing public. However, Toyota also has to
prepare financial information in line with Japanese GAAP. This can be time-intensive and
requires skilled accountants to ensure the correct regulations are followed. The International
Accounting Standards Committee (IASC), is currently attempting to reduce diversity by
establishing a comprehensive core set of international accounting standards. However, concerns
remain over whether international standards can be entirely harmonised as cross-border diversity
reflects cultural and economic differences between states (Frankel, 1996). MNCs must be
prepared to produce multiple statements in line with different state’s regulations.

5. Conclusion

MNCs have become vital instruments for economic development, social change, technological
transfer, and new ideas (Saidu and Ahmad, J, 2015). Through a huge increase in FDI flows since
the 1980s, MNCs have deepened global economic integration and positively impacted the
developing world by stimulating infrastructural development, upskilling and capital transfer.
While some MNCs have engaged in exploitative practices and detrimental tax avoidance
strategies, leaders in developing nations increasingly see FDI as an important source of growth.
However, the international system within which MNCs operate is diverse and complex. This
paper has argued that MNCs can mitigate the challenges presented by transaction exposure and
diversity by putting a number of measures in place. In particular, MNCs must train managers and
staff to accommodate cultural differences; while accountants must put a solid financial system in
place that meets each host nation’s regulations.

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