Aktuální články z financí


FIRM VALUE AND CORPORATE CASH HOLDINGS. EMPIRICAL EVIDENCE FROM THE POLISH LISTED FIRMS

Sorin Gabriel Anton, Anca Elena Afloarei Nucu

In the context of imperfect markets, corporate liquidity represents an important asset to finance investments without raising costly external resources, which imply transaction and information costs. Moreover, the cash holdings offer a buffer against financial distress costs when the firm faces frictions in generating operating cash flows, both in volume and timely. On the other hand, the increase in cash holdings implies several costs: a liquidity premium, tax disadvantages, and agency costs for shareholders (Chang, Benson, & Faff, 2017). The trade-off theory streamlined in the literature governs the firms which need to balance costs and benefits of holding cash to determine the optimal level. While a lot of studies have been done in the direction of identifying the determinants of corporate cash holdings, going further, it is important to understand the relationship between non-earning assets (cash holdings) and firm value, in order to evaluate the corporate financial policies and to attain the right equilibrium between liquidity and profitability.
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HOW DOES A RETAIL PAYMENT ACCOUNT CONSUMER CHANGES OVER TIME? USAGE RATE BEHAVIORAL SEGMENTATION FROM 2010 TILL 2016 IN THE CZECH REPUBLIC

Ivan Soukal, Jan Draessler

Payment account (PA, in plural PAs), as the most common type of the sight deposit, represents a financial product with the highest market penetration in the European Union (EU). The Czech Republic is not an exception. Finclusion study (The World Bank, 2018) showed that PA account penetration is as high as 81% of all citizens over age 15 in the Czech Republic. EU survey declared the penetration higher by two percent points concerning the population over age 15 in the Czech Republic (TNS opinion & social, 2016). In spite of a minor methodology difference, such as the inclusion of any financial institution or mobile-moneyservice provider account, it is evident that most of the population possess one or more PAs. EU survey (Eurostat, 2018a) confirmed that most of Czech Republic population aged 16 to 74 actively uses e-banking channel for electronic transactions with a bank for payment or for looking up account information. EU banking regulator acknowledged PA as the most widespread and therefore important retail financial product for EU consumers (European Banking Authority, 2016).
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QUANTITATIVE EASING EFFECTS ON EQUITY MARKETS – EVENT STUDY EVIDENCE FROM THE US

Leoš Šafár, Marianna Siničáková

After financial crisis in 2008, both financial and non-financial institutions, governments and monetary authorities as regulators faced great challenges in overcoming recent depression. Although different market participants in different fields reacted and accommodated in their own ways, they relied on monetary authorities more than they did before crisis. Monetary authorities were in position to deliver policies accommodative enough to stimulate economy, or at least reduce damage cumulated during crisis period. From our point of view, first step was pushing interest rates near zero level or lower in order to loosen borrowing conditions. But, on the other hand, monetary authorities approached to changes in legislation in order to prevent situation that caused crisis in the first place. In other words, meeting requirements for getting access to capital become stricter.
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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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