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Trei model je predstavljen nezavisnom varijablom efektivne grani ne stope poreza na dobit (lnEMTR i,t-1), koja takoer poprima statisti ku zna ajnost na razini od 1%, a prikazuje kako postotno poveanje njene vrijednosti uzrokuje smanjenje izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK) za 0,22%. Analizom pomonih nezavisnih varijabli mogue je primijetiti kako u sva tri modela prevladava zna ajnost bruto domaeg proizvoda (lnGDPi,t-1). Rije  je o nezavisnoj varijabli koja ima najvei utjecaj na kretanje zavisne varijable u analiziranoj strukturi, odnosno promatranjem vrijednosti u sva tri modela, mo~e se primijetiti kako postotno poveanje bruto domaeg proizvoda utje e na poveanje izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK) u rasponu od 0,77% do 0,91%. Od ostalih nezavisnih varijabli, statisti ki zna ajna se prikazuje samo varijabla udjela javnog duga u BDP-u (lnPDEBT i,t-1), ali samo u okviru drugog i treeg modela, na razini signifikantnosti od 10%. S obzirom da navedena varijabla ne poprima pozitivni predznak, proizlazi kako poveanje javnog duga u analizi Europske unije kao cjeline ne djeluje destimulirajue na investitore pri donoaenju odluke o ulaganju. Tablica 3 prikazuje rezultate provedene ekonometrijske panel analize na podru ju starih lanica Europske unije (EU15). Tablica 3. Rezultati provedene ekonometrijske panel analize u starim zemljama lanicama Europske unije (EU 15) VARIJABLAMODEL 1MODEL 2MODEL 3lnCITi,t-10.140 (0.116)--lnEATR i,t-1--0.140 (0.118)-lnEMTR i,t-1---0.107** (0.0493)lnGDPi,t-10.611*** (0.0779)0.711*** (0.0778)0.679*** (0.0657)lnULC i,t-10.396* (0.227)0.401* (0.227)0.442** (0.222)lnPDEBT i,t-10.482*** (0.0865)0.446*** (0.0862)0.465*** (0.0818)lnRD_EXP i,t-1-0.0532 (0.102)-0.0531 (0.101)-0.0720 (0.0979)lnLOANS i,t-1-0.144 (0.117)-0.165 (0.116)-0.173 (0.113)lnUNEMP i,t-1-0.170** (0.0756)-0.150* (0.0762)-0.170** (0.0727)Konstanta1.189*** (0.182)0.958*** (0.181)1.042*** (0.161)N233233228Napomena: u zagradama su prikazane standardne greake; * statisti ka signifikantnost na razini od 10%, ** statisti ka signifikantnost na razini od 5%, *** statisti ka signifikantnost na razini od 1%. Izvor: Izra un autora Temeljem prikaza izra unatih koeficijenata u tablici 2 mo~e se primijetiti kako u prvom i drugom modelu varijable porezne politike nisu zna ajne, dok se u treem modelu varijabla efektivne grani ne porezne stope (lnEMTR i,t-1) prikazuje statisti ki signifikantnom na razini od 5%. Promatranjem koeficijenta navedene varijable, mogue je primijetiti kako njeno postotno poveanje utje e na smanjenje izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK) za 0,11%. Od ostalih nezavisnih pomonih varijabli kod starih zemalja lanica, do izra~aja dolazi razina bruto domaeg proizvoda (lnGDPi,t-1), koja je statisti ki signifikantna na razini od 1%, a njeno postotno poveanje utje e na rast zavisne varijable (lnFDI_STOCK) u rasponu od 0,61% do 0,71%, ovisno o promatranom modelu. Varijabla indeksa jedini nog troaka rada (lnULC i,t-1) zna ajna je na razini signifikantnosti od 10% u prvom i drugom modelu, dok u treem modelu poprima vrijednost od 5%. Njen predznak je pozitivan, ato upuuje na to da njeno poveanje na podru ju starih zemalja lanica (EU15) ne djeluje destimulirajue na poveanje izravnih stranih ulaganja, odnosno postotno poveanje navedene varijable utje e na rast izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK) u rasponu od 0,40% do 0,44%, ovisno o promatranom modelu. Poveanje varijable javnog duga (lnPDEBT i,t-1) statisti ki je zna ajno na razini od 1% u svim prikazanim modelima, a upuuje na to kako njeno postotno poveanje uzrokuje rast izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK) u rasponu od 0,45% do 0,48%, ovisno promatranom modelu. Navedeno kretanje takoer upuuje na to da rast javnog duga djeluje stimulirajue na poveanje izravnih stranih ulaganja u starim zemljama lanicama Europske unije. Varijabla koja predstavlja udio nezaposlenih u aktivnom stanovniatvu (lnUNEMP i,t-1) statisti ki je zna ajna na razini od 5% u prvom i treem modelu, dok je u drugom modelu zna ajna na razini od 10%. Njeno postotno poveanje djeluje destimulirajue na kretanje izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK) u rasponu od 0,15% do 0,17% u ovisnosti o promatranom modelu. Tablica 4 prikazuje rezultate provedene ekonometrijske panel analize na podru ju novih lanica Europske unije. Tablica 4. Rezultati provedene ekonometrijske panel analize u novim zemljama lanicama Europske unije (EU13) VARIJABLAMODEL 1MODEL 2MODEL 3lnCITi,t-1-0.245 (0.153)--lnEATR i,t-1--0.355** (0.156)-lnEMTR i,t-1---0.301** (0.113)lnGDPi,t-10.830*** (0.136)0.880*** (0.134)0.855*** (0.121)lnULC i,t-1-0.0288 (0.213)-0.0751 (0.210)-0.00641 (0.196)lnPDEBT i,t-1-0.0876 (0.109)-0.0703 (0.108)-0.0774 (0.107)lnRD_EXP i,t-10.259* (0.139)0.252* (0.138)0.292** (0.137)lnLOANS i,t-10.240 (0.146)0.213 (0.144)0.162 (0.148)lnUNEMP i,t-10.287** (0.104)0.284** (0.104)0.230** (0.0971)Konstanta1.299*** (0.292)1.289*** (0.294)1.332*** (0.295)N159159159Napomena: u zagradama su prikazane standardne greake; * statisti ka signifikantnost na razini od 10%, ** statisti ka signifikantnost na razini od 5%, *** statisti ka signifikantnost na razini od 1% Izvor: Izra un autora Na temelju prikazanih koeficijenata u tablici 4 mo~e se uo iti kako u novim zemljama lanicama Europske unije efektivne porezne stope imaju zna ajniji utjecaj na kretanje izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK). U prvom se modelu mo~e uo iti kako je utjecaj najviae zakonske porezne stope (lnCITi,t-1) na zavisnu varijablu (lnFDI_STOCK) negativan, ali i kako nezavisna varijabla sama po sebi ne zadovoljava uvjet statisti ke zna ajnosti. Varijabla efektivne prosje ne porezne stope (lnEATR i,t-1) statisti ki je zna ajna na razini signifikantnosti od 5% te prikazuje kako njeno postotno poveanje utje e na smanjenje izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK) za 0,36%. Iz navedenog se uo ava ista pojava kao i u slu aju analize koja promatra Europsku uniju kao cjelinu, odnosno da je rije  o poreznoj varijabli koja i kod novih zemalja lanica ima najzna ajniji utjecaj na kretanje zavisne varijable. U treem je modelu varijabla efektivne grani ne porezne stope (lnEMTR i,t-1) takoer statisti ki zna ajna na razini od 5% signifikantnosti, a njeno postotno poveanje utjecat e na smanjenje izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK) za 0,30%. Promatranjem ostalih, pomonih nezavisnih varijabli, mo~e se uo iti kako utjecaj bruto domaeg proizvoda (lnGDPi,t-1) takoer pozitivno utje e na rast izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK), kao i kod analize starih zemalja lanica, odnosno njegovo postotno poveanje doprinosi rastu zavisne varijable u rasponu od 0,83% do 0,86%. Rije  je o varijabli koja ima najvei utjecaj na kretanje izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK), a njena statisti ka signifikantnost je na razini od 5%. Udio dr~avnih izdataka za istra~ivanje i razvoj (lnRD_EXP i,t-1) statisti ki je zna ajna varijabla na razini od 10% u prvom i drugom modelu te na razini od 5% u treem modelu. Njeno poveanje utje e pozitivno na zavisnu varijablu u novim zemljama lanicama, odnosno postotno poveanje udjela dr~avnih izdataka za istra~ivanje i razvoj (lnRD_EXP i,t-1) uzrokuje rast kretanje izravnih stranih ulaganja u kapital povezanih druatava (lnFDI_STOCK) u rasponu od 0,25% do 0,29%, ovisno o promatranom modelu. Varijabla udjela nezaposlenosti u radno aktivnom stanovniatvu (lnUNEMP i,t-1) zna ajna je za sva tri promatrana modela na razini signifikantnosti od 5%, a njeno postotno poveanje utjecat e pozitivno na kretanje zavisne varijable (lnFDI_STOCK), odnosno poveat e se u rasponu od 0,23% do 0,29% ovisno o promatranom modelu. ZAKLJU AK U svrhu poveanja priljeva izravnih stranih ulaganja, dr~ave su potencijalnim investitorima spremne ponuditi privla ne porezne uvjete; posebice u okviru poreza na dobit. Osim ni~e zakonske stope/stopa, uklju uju se razne porezne olakaice i poticaji, ato meu dr~avama utje e na stvaranje porezne konkurencije, a na strani multinacionalnih kompanija razvojem slo~enih tehnika poreznog planiranja. Kretanje zakonske porezne stope i efektivnih stopa poreza na dobit, kao rezultat razli itih poticaja i olakaica, u posljednja dva desetljea u zemljama Europske unije ukazuje na smanjenje poreznog optereenja i ja anje porezne konkurencije, posebice u novim zemljama lanicama u odnosu na stare zemlje lanice. Panel analiza na razini Europske unije ukazuje kako porezna politika utje e na privla enje izravnih stranih ulaganja, ali kao sekundarni imbenik, isti ui pri tom prednost varijable bruto domaeg proizvoda. Meu analiziranim poreznim varijablama, efektivna prosje na porezna stopa se isti e kao najzna ajnija u donoaenju investicijskih odluka pri odabiru lokacije ulaganja. 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Paris: OECD Publishing OECD (2003) Tax Policy Assessment and Design in Support of Direct Investment: A Study of Countries in South East Europe, Paris: OECD Publishing Olofsdotter, K, Hansson, A. (2010) Tax Differences and Foreign Direct Investment in the EU27, SWOPEC,  HYPERLINK "https://project.nek.lu.se/publications/workpap/Papers/WP10_3.pdf" https://project.nek.lu.se/publications/workpap/Papers/WP10_3.pdf (07.10.2018.) Pirvu, D. (2012) Corporate Income Tax Harmonization in the European Union, London: Palgrave Macmillan Raudonen, S., Freytag, A. (2013)  Determinants of FDI inflows into the Baltic Countries: Empirical Evidence from a Gravity Model , Journal of Business and Economics, 4 (2), pp. 180-194 `imovi, H, (2009)  Effective Corporate Income Tax Burden in Croatia , International Review of Economics & Business, 12(2) pp. 107-121, https://hrcak.srce.hr/78706 (07.10.2018.) `valjek, S. (ed.) (2006) Efektivno porezno optereenje trgova kih druatava u Republici Hrvatskoj, Zagreb: Ekonomski institut UNCTADSTAT (2019) Foreign direct investment: Inward and outward flows and stock,  HYPERLINK "http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=96740" http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=96740 (10. 01.2019.) UNCTADSTAT (2019) Gross domestic product,  HYPERLINK "https://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=96" https://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=96 (10. 01.2019.) World Bank (2019) Domestic credit to private sector by banks (% of GDP),  HYPERLINK "https://data.worldbank.org/indicator/FD.AST.PRVT.GD.ZS" https://data.worldbank.org/indicator/FD.AST.PRVT.GD.ZS (10. 01.2019.) World Bank (2019) Unemployment, total (% of total labor force),  HYPERLINK "https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS" https://data.worldbank.org/indicator/SL.UEM.TOTL.ZS (10. 01.2019.) THE IMPACT OF THE CORPORATE INCOME TAX ON THE FDI FLOWS IN THE EU MEMBER COUNTRIES ABSTRACT The most part of available capital owns private entities (usually multinational companies), inclined to expand their business. The impact of that is not only the maximization of their profits, but also positive effects on employment, economic growth, development of domestic financial markets and general prosperity of one country. Those are some reasons why most countries of the world actively strive to form favorable business environment, that will have positive impact to attract foreign direct investments (FDI). The aim of this paper is to examine the impact of corporate income taxation on attracting FDI flows in the EU member countries. The statistical panel analysis is conducted in the period from 1998 to 2017 for 28 EU member countries, separately for old (EU 15) and new member countries (EU13). Besides different control variables, different corporate income tax rates  statutory corporate income tax rate and effective (average and marginal) corporate income tax rates are analyzed as the independent variables in order to investigate the real tax burden of corporations and its impact on the FDI flows. It is concluded that the tax policy influences significantly the FDI flows of the corporations in the new EU member countries (that are characterized by the lower tax burden), but not as the primary factor (unlike GDP). Among the tax rates, there is the strongest influence of the effective average tax rate. Keywords: corporate income tax, FDI, EU 15, EU 13  Prvi pojedina ni izra uni za samu Hrvatsku uslijedili su nakon nekoliko godina (`valjek, 2006; `imov, 2008).  Daljnja analiza utjecaja same porezne i openito fiskalne politike na BDP, posebice novih zemalja lanica EU odnosno bivaih socijalisti kih zemalja, je izvan dometa ovoga rada, no ukazujemo na razli itost rezultata najrecentnijih istra~ivanja koja dovode i u pitanje neke tradicionalne postavke (npr. Grdini et al., 2017, Deskar-`krbi, 2018, Doaenovi Bon a, Tajnikar, 2018,  HYPERLINK "https://search.proquest.com/econlit/indexinglinkhandler/sng/au/Donath,+Liliana+E/$N?accountid=165749" \o "Click to search for more items by this author" Donath,  HYPERLINK "https://search.proquest.com/econlit/indexinglinkhandler/sng/au/Mura,+Petru-Ovidiu/$N?accountid=165749" \o "Click to search for more items by this author" Mura, 2019, Ko, 2019 ).     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