Aktuální články z financí


INSTITUTIONAL OWNERSHIP AND SIMULTANEITY OF STRATEGIC FINANCIAL DECISIONS: AN EMPIRICAL ANALYSIS IN THE CASE OF PAKISTAN STOCK EXCHANGE

Rabeea Sadaf, Judit Oláh, József Popp, Domicián Máté

The traditional interpretation of corporate finance is characterized by ownership. Although, their rights are widely distributed among individual stockholders, but can be managed by few managers. Hence, conflict of interest is arisen among managers and shareholders and this results in an agency problem (Fama, 1980; Fama & Jensen, 1983). A number of empirical studies also confirmed the ownership concentration of firms, especially those dominated by few large owners or block-holders (La Porta et al., 1999). The concentrated structure of ownership also contributes towards agency conflict between block-holders and minority shareholders. From another perspective, the block-holders can benefit minority shareholders by their role in monitoring managers and also can be hazardous if they strive to achieve their own private goals (Shleifer & Vishny, 1997).
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ESTIMATION OF INTERNATIONAL TAX PLANNING IMPACT ON CORPORATE TAX GAP IN THE CZECH REPUBLIC

Lukáš Moravec, Jan Rohan, Jana Hinke

The issue of base erosion and profit shifting (BEPS) caused by multinational companies is a potential important impediment to tax collections. Because tax planning schemes utilized gaps and mismatches in tax rules to artificially shift profits to low or no-tax jurisdiction where there is insufficient of no economic activity (Hines, 2014; OECD, 2017). The Organization for Economic Co-operation and Development (OECD) has estimated the general annual revenue loss of USD 100 to 240 billion due to the BEPS OECD (2017). Dharmapala and Riedel (2013) focused on tax motivated income shifting between parent companies and their affiliates. The parent companies have almost 60% affiliates established in low-tax jurisdictions. It resulted in profit shifting from the high-tax parent companies’ jurisdictions to the low-tax affiliates’ jurisdictions where the profit is taxed with the lower tax rate.
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CROSS-BORDER ACQUISITIONS IN CENTRAL AND EASTERN EUROPE WITH FOCUS ON RUSSIA VERSUS GERMANY DEALS: AN EMPIRICAL ANALYSIS

Cross-border mergers and acquisitions (M&As) have gained popularity over the last two decades (Erel, Liao, & Weisbach, 2012). They have become a dominant form of foreign direct investment in world economy (Zhu, 2011). Research on this type of expansion strategy, however, has not kept pace with this trend and it is highly fragmented, leaving gaps that need to be addressed (Collins et al., 2009). The area of cross-border acquisitions in Central and Eastern Europe, which is also of interest in this paper, represents such a gap.
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MEASURING FINANCIAL INTERMEDIATION: A MODEL AND APPLICATION TO THE SLOVAK BANKING SECTOR

Martin Boďa, Emília Zimková

Several factors may be earmarked as vital to smooth and successful working of a developed economy; and one of these factors is the financial system, which provides valuable services to the economy and its stability is always deemed imperative to the stability of the entire economy (e.g. Beck et al., 2014, p. 1-2). This laudatory statement is by no manner diminished by the fact that there is – at it happens – a scattered mosaic of opposing opinions to what extent a sound financial system is actually important to economic growth (Levine, 1997; Thiel, 2001). The key function of the financial system in an economy is “to channel savings to investment” (Thiel, 2001, p. 7), or – putting it differently – to connect agents with surplus funds to those who are in deficit, which are merely two different ways to describe the essence of financial intermediation. The definition is suggestive that financial intermediation should be assessed by comparing how surplus funds are matched against deficit needs.
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INDEXING FINANCIAL REPORTING INFORMATION FOR HERITAGE MANAGEMENT

Nabiela Noaman, Hassan Ouda, Johan Christiaens

The way ‘Heritage Assets’ are preserved is a symbol of a country’s civilization (Shan, 2006). Heritage assets (HA) are of utmost significance to shaping nations’ identities. Their significance is derived from their historical, aesthetic, scientific and social values. They should be well preserved to continue offering social benefits for an indefinite period (Barton, 2005). Countries possessing rich legacies of HA should manage them properly to evade negligence and loss of such irreplaceable possessions. Thus, governments are responsible for safeguarding HA and ensuring their retention for future generations.
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