THE IMPACT OF DOUBLE TAX TREATIES ON INWARD FDI IN ASEAN COUNTRIES
DOI:
https://doi.org/10.32770/jbfem.vol1127-152Keywords:
ASEAN, South-East Asia, double tax treaties, foreign direct investmentAbstract
This study aims to assess the impact of double taxation treaties (DTTs) on FDI inflows in 10 ASEAN countries from 1989 to 2016. There are two objectives of double taxation treaties. The first one is to alleviate the problem of global double taxation, which has a stimulating effect on FDI. The second objective is the sharing of information between governments, which can prevent tax evasion and thus discourage FDI. The findings suggest that new DTTs tend to have a positive but insignificant impact on the FDI inflows into Southeast Asia. However, the impact of older DTTs on FDI is significantly negative, suggesting that the increasing number of DTTs signed by ASEAN countries over time does not lead to more FDI inflows into the region. Overall, the results show that tax treaties have little or even negative effect on FDI inflows into the ASEAN region, which is consistent with most prior findings that DTTs’ impact on FDI into low-income countries is not significant. However, the negative association between DTT and FDI is unlikely to be due to the information-sharing function of tax treaties based on an examination of the exchange of information (EOI) provisions contained in the 430 DTTs signed by ASEAN countries. The author proposes that the negative impact of DTTs on FDI inflows in ASEAN could be driven by factors associated with the ‘age’ of some existing DTTs. For example, certain provisions in some older treaties may have become outdated or irrelevant, thus hindering investment flows into the region.
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References
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Baker, P. L. (2014). An analysis of double taxation treaties and their effect on foreign direct investment. International Journal of the Economics of Business, 21(3), 341-377.
Barthel, F., Busse, M., & Neumayer, E. (2010). The impact of double taxation treaties on foreign direct investment: evidence from large dyadic panel data. Contemporary Economic Policy, 28(3), 366-377.
Bergsman, J. (1999, May). Advice on taxation and tax incentives for foreign direct investment. In FIAS Seminars on FDI Issues: Knowledge Gains. Washington, DC May (Vol. 27).
Berlianto, A. (2009). Tax competition and harmonization in Southeast Asia: a thesis presented in partial fulfilment of the requirements for the degree of Master in Public Policy at Massey University, Albany, New Zealand (Doctoral dissertation, Massey University).
Blomström, M., Kokko, A., & Mucchielli, J. L. (2003). The economics of foreign direct investment incentives. In Foreign direct investment in the real and financial sector of industrial countries (pp. 37-60). Springer, Berlin, Heidelberg.
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Blonigen, B. A., & Davies, R. B. (2004). The effects of bilateral tax treaties on US FDI activity. International Tax and Public Finance, 11(5), 601-622.
Blonigen, B. A., Oldenski, L., & Sly, N. (2014). The differential effects of bilateral tax treaties. American Economic Journal: Economic Policy, 6(2), 1-18.
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Braun, J., & Weichenrieder, A. (2015). Does Exchange of Information between Tax Authorities Influence Multinationals’ Use of Tax Havens? Goethe University Frankfurt, SAFE Working Paper No. 89.
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Dagan, T. (2000). The Tax Treaties Myth. Journal of International Law and Politics, 32(939).
Dagan, T. (2002). The Costs of International Tax Cooperation. In E. Benvenisti, G. Nolte and D. Barak-Erez (eds.), Globalization and the Welfare State. Berlin, Heidelberg and New York, Springer: 49-77.
Davies, R. B. (2003). Tax treaties, renegotiations, and foreign direct investment. Economic Analysis and Policy, 33(2), 251-273.
Davies, R. B. (2004). Tax treaties and foreign direct investment: Potential versus performance. International Tax and Public Finance, 11(6), 775-802.
Di Giovanni, J. (2005). What drives capital flows? The case of cross-border M&A activity and financial deepening. Journal of international Economics, 65(1), 127-149.
Egger, P., Larch, M., Pfaffermayr, M., & Winner, H. (2006). The impact of endogenous tax treaties on foreign direct investment: theory and evidence. Canadian Journal of Economics/Revue canadienne d'économique, 39(3), 901-931.
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Hines, J.R. (1998), Tax Sparing and Direct Investment in Developing Countries', NBER Working Paper Series, No. 6728.
IMF (2014) Spillovers in International Corporate Taxation, Washington DC: International Monetary Fund.
IMF. (2006). Cambodia: Selected issues and statistical appendix. IMF Country Report No. 06/265.
IMF. (2008). Philippines: Selected issues. IMF Country Report No. 08/120.
Jogarajan, S. (2011). A Multilateral Tax Treaty for ASEAN―Lessons from the Andean, Caribbean, Nordic and South Asian Nations. Asian Journal of Comparative Law, 6, 1-23.
Jogarajan, S. (2012). Bilateral tax treaties and ASEAN economic integration: Current position and future prospects. Taxation in ASEAN and China: Local institutions, regionalism, global systems and economic development. Routledge.
Kobetsky, M. (2013) Issues related to international taxation in tax administration. Regional ITC workshop Taxation in ASEAN: Identifyinig experience and lessons learned in six countries 3-5 Julyl 2013, Bangkok. Retrieved from https://www.taxcompact.net/ documents/seminar-bangkok/2013-07-05_itc_Regional-Workshop_Bangkok.pdf.
Kumas, A. and Millimet, D. (2009). It’s All in the Timing: Assessing the Impact of Bilateral Tax Treaties on U.S. FDI Activity, in K. Sauvant and L. Sachs (eds), The Effect of Treaties on Foreign Direct Investment, New York: Oxford University Press.
Lejour, A. (2014). The foreign investment effects of tax treaties. CPB Netherlands Bureau for Economic Analysis Discussion Paper, 265.
Manasan, R. G. (1990). A Review of Fiscal Policy Reforms in the ASEAN Countries in the 1980s. Philippine Institute for Development Studies, Working Paper No. 90-12 (may 1990), 18-19.
Maulia, E. (2017, July 14). IMF: ASEAN incentives risk 'race to the bottom' on tax revenue. Nikkei Asian Review. Available from https://asia.nikkei.com/Economy/IMF-ASEAN-incentives-risk-race-to-the-bottom-on-tax-r.evenue.
McLure, C. (2006). Transfer pricing and tax havens: Mending the LDC revenue net. The Challenges of Tax Reform in the Global Economy. Berlin: Springer-Verlag.
Neumayer, E. (2007). Do double taxation treaties increase foreign direct investment to developing countries?. The Journal of Development Studies, 43(8), 1501-1519.
OECD. June 2007. Tax Incentives for Investment – A Global Perspective: Experiences in MENA and non-MENA Countries. MENA-OECD Investment Programme. Draft 1, p. 4.
Ohno, T. (2010). Empirical analysis of international tax treaties and foreign direct investment. Public Policy Review, 6(2), 287-312.
Organization for Economic Co-operation and Development (OECD). 1977. Model Convention for the Avoidance of Double Taxation with Respect to Taxes on Income and Capital.
Rajan, R.S. (2003). Economic globalization and Asia: Essays on finance, trade and taxation. Singapore: World Scientific Pub.
Rixen, T., & Schwarz, P. (September 2014). Bargaining over the avoidance of double taxation: Evidence from German tax treaties. Available at SSRN: https://ssrn.com/abstract= 2502529 or http://dx.doi.org/10.2139/ssrn.2502529.
Sachs, L. E. & Sauvant, K.P. (2009). BITs, DTTS, and FDI Flows: An Overview. In Karl P. Sauvant and Lisa E. Sachs, editors, The Effects of Treaties on Foreign Direct Investment. Bilateral Investment Treaties, Double Taxation Treaties, and Investment Flows. Oxford, UK: Oxford University Press.
Sauvant, K. P., & Sachs, L. E. (2009). The effect of treaties on foreign direct investment: Bilateral investment treaties, double taxation treaties, and investment flows chapter 23 - Do Double Taxation Treaties Increase Foreign Direct Investment to Developing Countries? Oxford University Press.
Shah, M. H., & Qayyum, S. (2015). Impact of Double Taxation Treaties on Inward FDI in Latin American and Caribbean Developing Countries. Business & Economic Review, 7(1), 1-18.
Steichen, A. (2002). Tax Competition in Europe or the taming of leviathan. General Report at the EATLP Seminar in Lausanne. Retrieved May 1, 2018, from http://www.eatlp.org/uploads/Members/Steichenreport.pdf.
Thuronyi, V. (2000). International Tax Cooperation and a Multilateral Treaty. Brook. J. Int'l L., 26, 1641-1681.
Tohari, A. & Retnawati, A. (2010). Is There International Tax Competition in ASEAN? Bulletin for International Taxation, 64(1), 51-60 International Board of Fiscal Documentation – IBFD, Amsterdam.
UNCTAD. (2000). Tax Incentives and Foreign Direct Investment: A Global Survey. ASIT Advisory Studies No. 16.
UNCTAD. (2017). World Investment Report: Investment and the Digital Economy. United Nations.
UNCTAD. (2018). World Investment Report: Investment and New Industrial Policies. United Nations.
Van de Poel, J. (2016). In search of a new balance: The impact of Belgian tax treaties on developing countries. Available at: http://www. eurodad.org/files/pdf/56ceae983f5d3. pdf.
Van Weeghel, S. (1998). The improper use of tax treaties: with particular reference to the Netherlands and the United States. Kluwer Law Intl.
Vann, R. J. (1991). A model tax treaty for the Asian-Pacific Region? 45 Bulletin of International Fiscal Documentation 151, 157-60.
Van't Riet, M., & Lejour, A. (2014). Ranking the stars: Network analysis of bilateral tax treaties (No. 290). CPB Netherlands Bureau for Economic Policy Analysis.
Van't Riet, M., & Lejour, A. (2014). Ranking the stars: Network analysis of bilateral tax treaties (No. 290). CPB Netherlands Bureau for Economic Policy Analysis, Discussion Paper 290.
Wells, L.T. & Allen, N. (2001). Tax Holidays to Attract Foreign Direct Investment: Lessons from Two Experiments in: L.T. Wells, N.J. Allen, J. Morisset and N. Prinia, “Using Tax Incentives to Compete for Foreign Investment—Are they Worth the Costs?†Foreign Investment Advisory Service, Occasional Paper / Foreign Investment Advisory Services, 15, 1-68. Washington, DC: World Bank.
Weyzig, F. (2013). Tax treaty shopping: structural determinants of Foreign Direct Investment routed through the Netherlands. International Tax and Public Finance, 20(6), 910-937.
Weyzig, F. (2013). Tax treaty shopping: structural determinants of Foreign Direct Investment routed through the Netherlands. International Tax and Public Finance, 20(6), 910-937.
Whalley, J. (2001). Puzzles over international taxation of cross border flows of capital income. National Bureau of Economic Research Working Paper 8662. Cambridge.
Wilson, J. D., & Wildasin, D. E. (2004). Capital tax competition: bane or boon. Journal of public economics, 88(6), 1065-1091.
Winner, H. (2005). Has tax competition emerged in OECD countries? Evidence from panel data. International Tax and Public Finance, 12(5), 667-687
World Bank, PwC, and IFC (World Bank, PriceWaterhouseCoopers, and International Finance Corporation). (2013). Paying Taxes 2013: The Global Picture. Available at http://documents.worldbank.org/curated/en/749401468321850315/pdf/806480WP0Payin0Box0379812B00PUBLIC0.pdf.
Allurentis Limited and ASEAN (2017), Investing in ASEAN 2017. Surry, United Kingdom: Allurentis Limited.
ASEAN Secretariat (2016), ASEAN Investment Report 2016: Foreign Direct Investment and MSME Linkages.
ASEAN Secretariat (2017), ASEAN Investment Report 2017: Foreign Direct Investment and Economic Zones in ASEAN.
Asher, M. G., & Rajan, R. S. (2001). Globalization and tax systems: Implications for developing countries with particular reference to Southeast Asia. ASEAN Economic Bulletin, 18(1), 119-139.
Asian Development Bank. (2006). The Mekong region: Foreign direct investment. ADB Institute
Azémar C., Desbordes, R., Mucchielli J., (2007), Do tax sparing agreements contribute to the attraction of FDI in developing countries? International Tax and Public Finance 14(5): 543–562.
Baker, P. L. (2014). An analysis of double taxation treaties and their effect on foreign direct investment. International Journal of the Economics of Business, 21(3), 341-377.
Barthel, F., Busse, M., & Neumayer, E. (2010). The impact of double taxation treaties on foreign direct investment: evidence from large dyadic panel data. Contemporary Economic Policy, 28(3), 366-377.
Bergsman, J. (1999, May). Advice on taxation and tax incentives for foreign direct investment. In FIAS Seminars on FDI Issues: Knowledge Gains. Washington, DC May (Vol. 27).
Berlianto, A. (2009). Tax competition and harmonization in Southeast Asia: a thesis presented in partial fulfilment of the requirements for the degree of Master in Public Policy at Massey University, Albany, New Zealand (Doctoral dissertation, Massey University).
Blomström, M., Kokko, A., & Mucchielli, J. L. (2003). The economics of foreign direct investment incentives. In Foreign direct investment in the real and financial sector of industrial countries (pp. 37-60). Springer, Berlin, Heidelberg.
Blonigen, B. & Davies, R. B. (2005). Do bilateral tax treaties promote foreign direct investment? In E. Kwan Choy and James Harrigan (eds.), Handbook of International Trade: Economic and Legal Analysis of Laws and Institutions. Blackwell.
Blonigen, B. A., & Davies, R. B. (2004). The effects of bilateral tax treaties on US FDI activity. International Tax and Public Finance, 11(5), 601-622.
Blonigen, B. A., Oldenski, L., & Sly, N. (2014). The differential effects of bilateral tax treaties. American Economic Journal: Economic Policy, 6(2), 1-18.
Boadway, R. W., Chua, D., & Flatters, F. (1995). Investment incentives and the corporate tax system in Malaysia chapter 8 in Anwar Shah (ed.). Fiscal Incentives for Investment and Innovation. Washington DC: The World Bank and Oxford University Press.
Braun, J., & Weichenrieder, A. (2015). Does Exchange of Information between Tax Authorities Influence Multinationals’ Use of Tax Havens? Goethe University Frankfurt, SAFE Working Paper No. 89.
Büthe, T., & Milner, H. V. (2009). Bilateral investment treaties and foreign direct investment: A political analysis. The effect of treaties on foreign direct investment: Bilateral investment treaties, double taxation treaties, and investment flows, 171-225
Coupé, T., Orlova, I., & Skiba, A. (2009). The effect of tax and investment treaties on bilateral FDI flows to transition economies. En K. P. Sauvant, y L. E. Sachs (Eds.), The effect of treaties on foreign direct investment: Bilateral investment treaties, double taxation treaties, and investment flows. Oxford University Press.
Dagan, T. (2000). The Tax Treaties Myth. Journal of International Law and Politics, 32(939).
Dagan, T. (2002). The Costs of International Tax Cooperation. In E. Benvenisti, G. Nolte and D. Barak-Erez (eds.), Globalization and the Welfare State. Berlin, Heidelberg and New York, Springer: 49-77.
Davies, R. B. (2003). Tax treaties, renegotiations, and foreign direct investment. Economic Analysis and Policy, 33(2), 251-273.
Davies, R. B. (2004). Tax treaties and foreign direct investment: Potential versus performance. International Tax and Public Finance, 11(6), 775-802.
Di Giovanni, J. (2005). What drives capital flows? The case of cross-border M&A activity and financial deepening. Journal of international Economics, 65(1), 127-149.
Egger, P., Larch, M., Pfaffermayr, M., & Winner, H. (2006). The impact of endogenous tax treaties on foreign direct investment: theory and evidence. Canadian Journal of Economics/Revue canadienne d'économique, 39(3), 901-931.
Farrow, I., & Jogarajan, S. (2006). ASEAN tax regimes and the integration of the priority sectors: Issues and options. KPMG Australia.
Fletcher, K. (2002, August). Tax Incentives in Cambodia, Lao PDR, and Vietnam. In IMF Conference on Foreign Direct Investment: Opportunities and Challenges for Cambodia, Laos PDR and Vietnam. Hanoi. August (Vol. 16). Retried May 1, 2018, from https://www.imf.org/external/pubs/ft/seminar/2002/fdi/eng/pdf/fletcher.pdf
Freeman, N. J. (2002, July). Foreign direct investment in Cambodia, Laos and Vietnam: A regional overview. In Conference on Foreign Direct Investment: Opportunities and Challenges for Cambodia, Laos and Vietnam. 16-17th August 2002, Hanoi. Retrieved May 1, 2018, from https://www.imf.org/external/pubs/ft/seminar/2002/fdi/ eng/pdf/freema.pdf.
Hines, J.R. (1998), Tax Sparing and Direct Investment in Developing Countries', NBER Working Paper Series, No. 6728.
IMF (2014) Spillovers in International Corporate Taxation, Washington DC: International Monetary Fund.
IMF. (2006). Cambodia: Selected issues and statistical appendix. IMF Country Report No. 06/265.
IMF. (2008). Philippines: Selected issues. IMF Country Report No. 08/120.
Jogarajan, S. (2011). A Multilateral Tax Treaty for ASEAN―Lessons from the Andean, Caribbean, Nordic and South Asian Nations. Asian Journal of Comparative Law, 6, 1-23.
Jogarajan, S. (2012). Bilateral tax treaties and ASEAN economic integration: Current position and future prospects. Taxation in ASEAN and China: Local institutions, regionalism, global systems and economic development. Routledge.
Kobetsky, M. (2013) Issues related to international taxation in tax administration. Regional ITC workshop Taxation in ASEAN: Identifyinig experience and lessons learned in six countries 3-5 Julyl 2013, Bangkok. Retrieved from https://www.taxcompact.net/ documents/seminar-bangkok/2013-07-05_itc_Regional-Workshop_Bangkok.pdf.
Kumas, A. and Millimet, D. (2009). It’s All in the Timing: Assessing the Impact of Bilateral Tax Treaties on U.S. FDI Activity, in K. Sauvant and L. Sachs (eds), The Effect of Treaties on Foreign Direct Investment, New York: Oxford University Press.
Lejour, A. (2014). The foreign investment effects of tax treaties. CPB Netherlands Bureau for Economic Analysis Discussion Paper, 265.
Manasan, R. G. (1990). A Review of Fiscal Policy Reforms in the ASEAN Countries in the 1980s. Philippine Institute for Development Studies, Working Paper No. 90-12 (may 1990), 18-19.
Maulia, E. (2017, July 14). IMF: ASEAN incentives risk 'race to the bottom' on tax revenue. Nikkei Asian Review. Available from https://asia.nikkei.com/Economy/IMF-ASEAN-incentives-risk-race-to-the-bottom-on-tax-r.evenue.
McLure, C. (2006). Transfer pricing and tax havens: Mending the LDC revenue net. The Challenges of Tax Reform in the Global Economy. Berlin: Springer-Verlag.
Neumayer, E. (2007). Do double taxation treaties increase foreign direct investment to developing countries?. The Journal of Development Studies, 43(8), 1501-1519.
OECD. June 2007. Tax Incentives for Investment – A Global Perspective: Experiences in MENA and non-MENA Countries. MENA-OECD Investment Programme. Draft 1, p. 4.
Ohno, T. (2010). Empirical analysis of international tax treaties and foreign direct investment. Public Policy Review, 6(2), 287-312.
Organization for Economic Co-operation and Development (OECD). 1977. Model Convention for the Avoidance of Double Taxation with Respect to Taxes on Income and Capital.
Rajan, R.S. (2003). Economic globalization and Asia: Essays on finance, trade and taxation. Singapore: World Scientific Pub.
Rixen, T., & Schwarz, P. (September 2014). Bargaining over the avoidance of double taxation: Evidence from German tax treaties. Available at SSRN: https://ssrn.com/abstract= 2502529 or http://dx.doi.org/10.2139/ssrn.2502529.
Sachs, L. E. & Sauvant, K.P. (2009). BITs, DTTS, and FDI Flows: An Overview. In Karl P. Sauvant and Lisa E. Sachs, editors, The Effects of Treaties on Foreign Direct Investment. Bilateral Investment Treaties, Double Taxation Treaties, and Investment Flows. Oxford, UK: Oxford University Press.
Sauvant, K. P., & Sachs, L. E. (2009). The effect of treaties on foreign direct investment: Bilateral investment treaties, double taxation treaties, and investment flows chapter 23 - Do Double Taxation Treaties Increase Foreign Direct Investment to Developing Countries? Oxford University Press.
Shah, M. H., & Qayyum, S. (2015). Impact of Double Taxation Treaties on Inward FDI in Latin American and Caribbean Developing Countries. Business & Economic Review, 7(1), 1-18.
Steichen, A. (2002). Tax Competition in Europe or the taming of leviathan. General Report at the EATLP Seminar in Lausanne. Retrieved May 1, 2018, from http://www.eatlp.org/uploads/Members/Steichenreport.pdf.
Thuronyi, V. (2000). International Tax Cooperation and a Multilateral Treaty. Brook. J. Int'l L., 26, 1641-1681.
Tohari, A. & Retnawati, A. (2010). Is There International Tax Competition in ASEAN? Bulletin for International Taxation, 64(1), 51-60 International Board of Fiscal Documentation – IBFD, Amsterdam.
UNCTAD. (2000). Tax Incentives and Foreign Direct Investment: A Global Survey. ASIT Advisory Studies No. 16.
UNCTAD. (2017). World Investment Report: Investment and the Digital Economy. United Nations.
UNCTAD. (2018). World Investment Report: Investment and New Industrial Policies. United Nations.
Van de Poel, J. (2016). In search of a new balance: The impact of Belgian tax treaties on developing countries. Available at: http://www. eurodad.org/files/pdf/56ceae983f5d3. pdf.
Van Weeghel, S. (1998). The improper use of tax treaties: with particular reference to the Netherlands and the United States. Kluwer Law Intl.
Vann, R. J. (1991). A model tax treaty for the Asian-Pacific Region? 45 Bulletin of International Fiscal Documentation 151, 157-60.
Van't Riet, M., & Lejour, A. (2014). Ranking the stars: Network analysis of bilateral tax treaties (No. 290). CPB Netherlands Bureau for Economic Policy Analysis.
Van't Riet, M., & Lejour, A. (2014). Ranking the stars: Network analysis of bilateral tax treaties (No. 290). CPB Netherlands Bureau for Economic Policy Analysis, Discussion Paper 290.
Wells, L.T. & Allen, N. (2001). Tax Holidays to Attract Foreign Direct Investment: Lessons from Two Experiments in: L.T. Wells, N.J. Allen, J. Morisset and N. Prinia, “Using Tax Incentives to Compete for Foreign Investment—Are they Worth the Costs?†Foreign Investment Advisory Service, Occasional Paper / Foreign Investment Advisory Services, 15, 1-68. Washington, DC: World Bank.
Weyzig, F. (2013). Tax treaty shopping: structural determinants of Foreign Direct Investment routed through the Netherlands. International Tax and Public Finance, 20(6), 910-937.
Weyzig, F. (2013). Tax treaty shopping: structural determinants of Foreign Direct Investment routed through the Netherlands. International Tax and Public Finance, 20(6), 910-937.
Whalley, J. (2001). Puzzles over international taxation of cross border flows of capital income. National Bureau of Economic Research Working Paper 8662. Cambridge.
Wilson, J. D., & Wildasin, D. E. (2004). Capital tax competition: bane or boon. Journal of public economics, 88(6), 1065-1091.
Winner, H. (2005). Has tax competition emerged in OECD countries? Evidence from panel data. International Tax and Public Finance, 12(5), 667-687
World Bank, PwC, and IFC (World Bank, PriceWaterhouseCoopers, and International Finance Corporation). (2013). Paying Taxes 2013: The Global Picture. Available at http://documents.worldbank.org/curated/en/749401468321850315/pdf/806480WP0Payin0Box0379812B00PUBLIC0.pdf.
Published
2018-11-25
How to Cite
Dong, Y. (2018). THE IMPACT OF DOUBLE TAX TREATIES ON INWARD FDI IN ASEAN COUNTRIES. JBFEM, 1(2), 127-152. https://doi.org/10.32770/jbfem.vol1127-152
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JBFEM may choose to publish an abstract or portions of the paper before publishing it in the journal. Please contact our secretariat@ssbrj.org immediately if you do not want us to make any such prior publication for any reason, including disclosure of a patentable invention.
5. Author/Employer Rights
If you are employed and prepared the article on a subject within the scope of your employment, the copyright in the article belongs to your employer as a work-for-hire. In that case, JBFEM assumes that when you sign this Form, you are authorized to do so by your employer and that your employer has consented to the transfer of copyright, to the representation and warranty of publication rights, and to all other terms and conditions of this Form. If such authorization and consent has not been given to you, an authorized representative of your employer should sign this Form as the Author.
6. SSBRN Copyright Ownership
It is the formal policy of JBFEM to own the copyrights to all copyrightable material in its technical publications and to the individual contributions contained therein, in order to protect the interests of the JBFEM, its authors and their employers, and, at the same time, to facilitate the appropriate re-use of this material by others. JBFEM distributes its technical publications throughout the world and does so by various means such as hard copy, microfiche, microfilm, and electronic media. It also abstracts and may translate its publications, and articles contained therein, for inclusion in various compendiums, collective works, databases and similar publications.
