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Abstract This paper investigates the determinatives of loan loss provisions by using U.S., Asian and European banks data. The purpose of this paper is to do a cross-country comparison of bank managers’ choices for capital, earnings management and signaling effects. Our results show that capital management plays an important role for loan loss provisions in these three regions. Our results also show that earnings smoothing are important determinatives for U.S. and European banks’ loan loss provisions. Additionally, we find that loan loss provisions are positively related to future earnings changes in U.S. banks which supports the hypothesis of signaling effects. In a separate section, we examine ownership structure’s influences on banks’ choices of loan loss provisions. We find that capital and earnings management can be seen in U.S. banks with diffused or concentrated ownership. We also find that earning management play an important role for loan loss provisions in Asian banks with diffused or concentrated ownership, however, capital management is not apparent for banks with concentrated ownership. In addition, our results show that capital management plays an important role for loan loss provisions in European banks with diffused or concentrated ownership, but earnings management can not be found in banks with concentrated ownership.

No description available.

As empresas no Brasil estão sujeitas à alta carga tributária, encargos trabalhistas e previdenciários e grande volume de processos trabalhistas. A complexidade de aplicação de algumas legislações, bem como, à ausência de tratamento legal para certos temas, pode gerar incertezas nas mensurações de obrigações fiscais e abrir oportunidades para prática de gerenciamento de resultados com o uso de contingências e provisões contábeis. As provisões previdenciárias, trabalhistas e tributárias (PTTs) são presença comum nas demonstrações financeiras das empresas brasileiras, independentemente de seu porte, setor econômico a que pertençam ou do seu grau de governança. Em termos contábeis, as provisões pioram o resultado das empresas quando de sua constituição e o melhoram se forem revertidas. Devido a esta característica, a tese que sustentou esta pesquisa afirmou que as provisões PTTs podem ser usadas como instrumento de gerenciamento de resultado contábil no Brasil. O objetivo geral da pesquisa foi analisar se há indícios de que os resultados das empresas, apurados antes da constituição das provisões PTTs, interferiram nas decisões de constituí-las ou não, configurando possível prática de GR. A tese estabelecida foi que as provisões PTTs podem ser usadas pelas empresas brasileiras para prática de GR. As provisões PTTs foram analisadas de forma desagregada dos demais accruals contábeis, no período de 2010 a 2015. A pesquisa se concentrou nas provisões de 128 empresas participantes dos índices SMLL e MLCX da Bolsa de Valores de São Paulo (B3). Para análise dos dados utilizou-se do programa estatístico STATA. Os dados foram analisados por regressão em painel pelo generalized method of moments (GMM), opção robust, tendo como variáveis dependentes as provisões PTTs e, as explicativas, foram extraídas do ambiente contábil. A pesquisa teve abordagem exploratória e quantitativa e, testou hipóteses que investigavam GR empregando alisamento de resultados (smoothing) ou big bath accounting (bba). O diferencial deste trabalho é que não foram usados drivers para calcular as provisões não discricionárias. Considerando que os valores das provisões PTTs são derivados de autos de infração ou de ações trabalhistas, as provisões PTTs foram totalmente tratadas como discricionárias. Os dados analisados demonstraram evidências de possível prática de GR com débitos fiscais, seja pela reversão de provisões PTTs, e/ou, pela manutenção dos processos como contingências até momentos mais convenientes para reconhecimento contábil. Nas análises de resultados por tamanho de empresas verificou-se indicações de possível prática de GR, tanto com alisamento de resultados quanto com bba, não tendo sido encontrado o mesmo resultado por setor de atividade econômica. Há fortes possibilidades de prática de GR tanto nas empresas menos capitalizadas (SMLL) quanto nas médias e grandes (MLCX). Este fato deve ser devido ao alto custo financeiro vigente no Brasil e falta de fontes alternativas de financiamento para estas empresas, o que as levaria a buscarem se financiar assumindo o risco de postergar recolhimento de tributos / Companies in Brazil are subject to high tax burden, labor and social security charges, and a large volume of labor lawsuits. The complexity of applying some legislation, as well as the lack of legal treatment for certain issues, can generate uncertainties in the measurement of fiscal obligations and open opportunities for practice of results management with the use of contingencies and accounting provisions. Social security, labor and tax provisions (PTTs) are common presence in the financial statements of Brazilian companies, regardless of their size, economic sector to which they belong or their degree of governance. In accounting terms, the provisions worsen the results of the companies when they are constituted and improve them if they are reversed. Due to this characteristic, the thesis that supported this research stated that the provisions PTTs could be used as an instrument of management of accounting result in Brazil. The general objective of the research was to analyze if there are indications that the results of the companies, verified before the constitution of the PTTs provisions, interfered in the decisions of constituting them or not, configuring possible practice of GR. The established thesis was that Brazilian companies to practice GR. PTT provisions were analyzed on a disaggregated basis from other accruals in the period from 2010 to 2015 could use the PTT provisions. The research focused on the provisions of 128 companies participating in the SMLL and MLCX indices of the São Paulo Stock Exchange (B3). Statistical software STATA was used to analyze the data. The data were analyzed by panel regression using the robust method of moments (GMM), having as dependent variables the PTT provisions and the explanatory variables were extracted from the accounting environment. The research had an exploratory and quantitative approach and tested hypotheses investigating GR using smoothing or big bath accounting (bba). The differential of this work is that drivers were not used to calculate non-discretionary provisions. Considering that the value of the PTT provisions are amounts derived from tax assessment notices or labor lawsuits, the PTT provisions were fully treated as discretionary. The data analyzed showed evidence of possible practice of GR with tax debts, either through the reversal of PTT provisions, and / or, through the maintenance of the processes as contingencies, until more convenient moments for accounting recognition. In the analysis of results by size of companies it was found indications of possible practice of GR, either with smoothing or bba, it was not found the same result when data were analyzed by sector of economic activity. There are strong possibilities for GR practice in both the least capitalized (SMLL) and medium and large companies (MLCX). This fact must be due to the high financial cost in Brazil and lack of alternative sources of financing for these companies, which would lead them to seek financing by assuming the risk of postpone taxes collection

As empresas no Brasil estão sujeitas à alta carga tributária, encargos trabalhistas e previdenciários e grande volume de processos trabalhistas. A complexidade de aplicação de algumas legislações, bem como, à ausência de tratamento legal para certos temas, pode gerar incertezas nas mensurações de obrigações fiscais e abrir oportunidades para prática de gerenciamento de resultados com o uso de contingências e provisões contábeis. As provisões previdenciárias, trabalhistas e tributárias (PTTs) são presença comum nas demonstrações financeiras das empresas brasileiras, independentemente de seu porte, setor econômico a que pertençam ou do seu grau de governança. Em termos contábeis, as provisões pioram o resultado das empresas quando de sua constituição e o melhoram se forem revertidas. Devido a esta característica, a tese que sustentou esta pesquisa afirmou que as provisões PTTs podem ser usadas como instrumento de gerenciamento de resultado contábil no Brasil. O objetivo geral da pesquisa foi analisar se há indícios de que os resultados das empresas, apurados antes da constituição das provisões PTTs, interferiram nas decisões de constituí-las ou não, configurando possível prática de GR. A tese estabelecida foi que as provisões PTTs podem ser usadas pelas empresas brasileiras para prática de GR. As provisões PTTs foram analisadas de forma desagregada dos demais accruals contábeis, no período de 2010 a 2015. A pesquisa se concentrou nas provisões de 128 empresas participantes dos índices SMLL e MLCX da Bolsa de Valores de São Paulo (B3). Para análise dos dados utilizou-se do programa estatístico STATA. Os dados foram analisados por regressão em painel pelo generalized method of moments (GMM), opção robust, tendo como variáveis dependentes as provisões PTTs e, as explicativas, foram extraídas do ambiente contábil. A pesquisa teve abordagem exploratória e quantitativa e, testou hipóteses que investigavam GR empregando alisamento de resultados (smoothing) ou big bath accounting (bba). O diferencial deste trabalho é que não foram usados drivers para calcular as provisões não discricionárias. Considerando que os valores das provisões PTTs são derivados de autos de infração ou de ações trabalhistas, as provisões PTTs foram totalmente tratadas como discricionárias. Os dados analisados demonstraram evidências de possível prática de GR com débitos fiscais, seja pela reversão de provisões PTTs, e/ou, pela manutenção dos processos como contingências até momentos mais convenientes para reconhecimento contábil. Nas análises de resultados por tamanho de empresas verificou-se indicações de possível prática de GR, tanto com alisamento de resultados quanto com bba, não tendo sido encontrado o mesmo resultado por setor de atividade econômica. Há fortes possibilidades de prática de GR tanto nas empresas menos capitalizadas (SMLL) quanto nas médias e grandes (MLCX). Este fato deve ser devido ao alto custo financeiro vigente no Brasil e falta de fontes alternativas de financiamento para estas empresas, o que as levaria a buscarem se financiar assumindo o risco de postergar recolhimento de tributos / Companies in Brazil are subject to high tax burden, labor and social security charges, and a large volume of labor lawsuits. The complexity of applying some legislation, as well as the lack of legal treatment for certain issues, can generate uncertainties in the measurement of fiscal obligations and open opportunities for practice of results management with the use of contingencies and accounting provisions. Social security, labor and tax provisions (PTTs) are common presence in the financial statements of Brazilian companies, regardless of their size, economic sector to which they belong or their degree of governance. In accounting terms, the provisions worsen the results of the companies when they are constituted and improve them if they are reversed. Due to this characteristic, the thesis that supported this research stated that the provisions PTTs could be used as an instrument of management of accounting result in Brazil. The general objective of the research was to analyze if there are indications that the results of the companies, verified before the constitution of the PTTs provisions, interfered in the decisions of constituting them or not, configuring possible practice of GR. The established thesis was that Brazilian companies to practice GR. PTT provisions were analyzed on a disaggregated basis from other accruals in the period from 2010 to 2015 could use the PTT provisions. The research focused on the provisions of 128 companies participating in the SMLL and MLCX indices of the São Paulo Stock Exchange (B3). Statistical software STATA was used to analyze the data. The data were analyzed by panel regression using the robust method of moments (GMM), having as dependent variables the PTT provisions and the explanatory variables were extracted from the accounting environment. The research had an exploratory and quantitative approach and tested hypotheses investigating GR using smoothing or big bath accounting (bba). The differential of this work is that drivers were not used to calculate non-discretionary provisions. Considering that the value of the PTT provisions are amounts derived from tax assessment notices or labor lawsuits, the PTT provisions were fully treated as discretionary. The data analyzed showed evidence of possible practice of GR with tax debts, either through the reversal of PTT provisions, and / or, through the maintenance of the processes as contingencies, until more convenient moments for accounting recognition. In the analysis of results by size of companies it was found indications of possible practice of GR, either with smoothing or bba, it was not found the same result when data were analyzed by sector of economic activity. There are strong possibilities for GR practice in both the least capitalized (SMLL) and medium and large companies (MLCX). This fact must be due to the high financial cost in Brazil and lack of alternative sources of financing for these companies, which would lead them to seek financing by assuming the risk of postpone taxes collection

This thesis offers a new rationale that helps explain the phenomena of elective provisions in tax law. I analyze tax elections with reference to a particular election offered to individual taxpayers —the choice to itemize expenses or to take the standard deduction to determine taxable net income under section 63(e) of the Internal Revenue Code. I make three arguments concerning the section 63(e) election that are relevant to evaluating tax elections more generally. First, the ability to itemize deductions can be seen as having an efficiency rationale in addition to its more well-recognized horizontal equity rationale. For taxpayers with lower incomes, the election to itemize acts as a screen that reveals the taxpayer’s unobservable cost-type to the government and allows the income tax to be more optimally “tailored” in the direction of a first-best lump sum tax by lowering itemizers’ marginal tax rates. Second, I show that the elective standard deduction introduced in 1944 can be viewed as a mechanism that bolsters the separating function of the election by reducing the itemizing propensity of would-be tax avoiders and low-ability taxpayers on the boundary between itemizing and not itemizing, while saving government enforcement and taxpayer compliance costs. Third, I argue that one of the drawbacks of using elective provisions such as section 63(e) to optimally tailor the income tax—deliberation costs borne by lower-income taxpayers who are uncertain about whether they should make the election—can be mitigated by viewing elections as call options written by the government in favor of the taxpayer. By structuring the election within a real option framework, the taxpayer will have higher net utility with no loss in equity as compared to an election structured outside the real-option framework. The flexible election rules of section 63(e) comport with this utility-enhancing real option approach. Moreover, the real option analysis suggests that little-noticed details of tax elections more generally may have more important effects on their efficiency than previously recognized.

This thesis offers a new rationale that helps explain the phenomena of elective provisions in tax law. I analyze tax elections with reference to a particular election offered to individual taxpayers —the choice to itemize expenses or to take the standard deduction to determine taxable net income under section 63(e) of the Internal Revenue Code. I make three arguments concerning the section 63(e) election that are relevant to evaluating tax elections more generally. First, the ability to itemize deductions can be seen as having an efficiency rationale in addition to its more well-recognized horizontal equity rationale. For taxpayers with lower incomes, the election to itemize acts as a screen that reveals the taxpayer’s unobservable cost-type to the government and allows the income tax to be more optimally “tailored” in the direction of a first-best lump sum tax by lowering itemizers’ marginal tax rates. Second, I show that the elective standard deduction introduced in 1944 can be viewed as a mechanism that bolsters the separating function of the election by reducing the itemizing propensity of would-be tax avoiders and low-ability taxpayers on the boundary between itemizing and not itemizing, while saving government enforcement and taxpayer compliance costs. Third, I argue that one of the drawbacks of using elective provisions such as section 63(e) to optimally tailor the income tax—deliberation costs borne by lower-income taxpayers who are uncertain about whether they should make the election—can be mitigated by viewing elections as call options written by the government in favor of the taxpayer. By structuring the election within a real option framework, the taxpayer will have higher net utility with no loss in equity as compared to an election structured outside the real-option framework. The flexible election rules of section 63(e) comport with this utility-enhancing real option approach. Moreover, the real option analysis suggests that little-noticed details of tax elections more generally may have more important effects on their efficiency than previously recognized.

This thesis treats of security provisions, which hotels are using to protect health and property of accommodated persons. In the opening part is caught the progress of attendance and capacities of hotels in the Czech republic during a specific time period. The next chapter focuses on possible threats, which are imminent to hotels during the operation. The third part of the thesis solves particular methods of application of security provisions, these are verified in two concrete hotels in the next chapter. In the last chapter is by the help of questionnaire research obtained and evaluated the view of clients on security during their accommodation in the hotel.

Santrauka Šio darbo tema – lokalinės normos kaip darbo teisės šaltinis. Darbo teisiniams santykiams yra būdingas dinamiškumas. Todėl reguliuojant darbo teisinius santykius būtina derinti centralizuotą ir sutartinį metodus. Įmonės kolektyvinės sutarties norminės nuostatos yra pripažinti įstatymų leidėjo darbo teisės šaltiniu. Šio darbo teisės šaltinio specifiškumą lemia tiek jo priėmimo tvarka - tai darbuotojų ir darbdavio sutartinės teisėkūros rezultatas, tiek jo taikymo sfera – lokalinėmis normomis, įtvirtintomis įmonės kolektyvinėje sutartyje, reguliuojami darbo teisiniai santykiai tarp darbuotojų kolektyvo ir darbdavio, jos privalomos vykdyti abiems šalims. Įstatymų leidėjas skatindamas socialinį dialogą įvairiomis priemonėmis. Buvo sukurtas darbo tarybų institutas, kaip alternatyvą profesinėms sąjungoms, tačiau praktiškai jis kol kas nėra veiksmingas. Taip pat Darbo kodekse yra eilė nuostatų, kurios gali būti nustatytos tik kolektyvinėje sutartyje. Tačiau kolektyvinis sutartinis reguliavimas nėra išplėtotas Lietuvoje. Mūsų nuomone, nacionalinės kolektyvinės sutarties priėmimas pakeistų situacija, nes nacionalinė kolektyvinė sutartis būtų privaloma darbdaviams, kurios yra darbdavių organizacijų nariai. Tačiau nacionalinės kolektyvinės sutarties priėmimui iškiltų praktinių kliūčių, susijusių su šalių atstovavimu. Taip pat tokiu būdu išlaikytas ir in favorem principas. Įstatymų leidėjas skatindamas socialinį dialogą, priėmė eilę Darbo kodekso pakeitimų, kurios yra... [toliau žr. visą tekstą] / Summary The theme of this work is the Local norms as source of labour law. Dynamism is typical of the legal labour relations. Thus it is necessary to combine a centralized and a contractual method when regulating the legal labour relations. The normative provisions of a company’s collective agreement are recognized as the source of labour law of the legislator. The specificity of this source of the labour law is determined both by its adoption procedure – it is a result of the employees’ and the employer’s contractual lawmaking – and by its application field – legal labour relations between the collective of the employees and the employer are regulated by the local norms established in the collective agreement of the company, which are binding to both of the parties. The legislator stimulates a social dialogue by various means. The institute of the labour councils has been found as an alternative to the trade unions however it is still practically ineffective. In addition the Labour Code includes many provisions that can be stipulated only in a collective agreement. However the collective contractual regulation is not developed in Lithuania. In our opinion the adoption of a national collective agreement would change the situation as the national collective agreement would be mandatory to the employers that are members of employer’s organizations. A principle of in favorem would be maintained in such a way. However, the adoption of the national collective agreement would face... [to full text]