Les transactions entre parties liées sont apparues sur le devant de la scène à la suite des nombreux scandales comptables : Enron, Adelphia et Tyco aux États-Unis, Parmalat en Italie, HIH en Australie. En Asie, il y a eu de nombreux exemples de pillage d'entreprises par les dirigeants ou les actionnaires à travers l'utilisation des transactions entre parties liées pendant la crise des marchés de 1997-1998. Dans les marchés émergents et développés, les transactions entre parties liées sont utilisées comme un outil de transfert des actifs et des résultats des entreprises au bénéfice de ceux qui les contrôlent.Le Congrès américain dans la Loi Sarbanes-Oxley de 2002 a cherché à contrôler ces transactions entre parties liées. Mais, dans de nombreux pays, les transactions entre parties liées sont une pratique courante permettant des transferts de résultats et d'actifs entre entreprises. La théorie de l'agence considère généralement que les transactions entre parties liées sont faites au détriment des actionnaires. La littérature académique a tenté de mesurer l'expropriation indirecte liée aux transactions entre parties liées (voir par exemple, Bertrand, Metha, & Mullainathan, 2002; La Porta et al, 2000a, 2002; Faccio, Lang, & Young, 2001).La réglementation thaïlandaise impose, depuis la crise financière asiatique de 1997, des exigences de publication sur le montant et la nature des transactions entre parties liées. Cette thèse aborde les questions du lien entre les mécanismes de gouvernance et le recours aux transactions entre parties liées.Les résultats économétriques indiquent que : la détention de capital par les dirigeants ou par les administrateurs et la renommée du cabinet d'audit ont un impact négatif sur le volume des transactions entre parties liées. Par ailleurs, la séparation des fonctions de direction et de présidence du conseil d'administration a un impact positif sur le volume des transactions entre parties liées. De même, le pourcentage d'administrateurs indépendants et le recours à l'endettement financier ont un impact positif sur le volume des transactions entre parties liées.La thèse explore également la relation entre la performance financière et le recours aux transactions entre parties liées. Nos résultats montrent que la performance financière est indépendante du recours aux transactions entre parties liées. Ces résultats montrent que, du strict point de vue des actionnaires, le recours aux transactions entre parties liées n'est ni favorable ni défavorable. Par conséquent, l'intérêt des transactions entre parties liées ne peut pas s'apprécier dans une optique uniquement actionnariale. C'est pourquoi nous proposons de recourir au cadre théorique des parties prenantes pour pouvoir appréhender l'intérêt des transactions entre parties liées. Ce sera l'objet des travaux postérieurs à la thèse.Notre thèse permet de mieux comprendre la façon dont les transactions entre parties liées sont affectées par les mécanismes de gouvernance d'entreprise dans les sociétés cotées de Thaïlande. Nous contribuons à la littérature académique existante et tentons de démontrer en quoi les caractéristiques, les structures et la qualité des mécanismes de gouvernance d'entreprise sont importantes. / Related party transactions have recently become many accounting scandals worldwide, from Enron, Adelphia, and Tyco in U.S., Parmalat in Italy, HIH in Australia. In Asia, there have been many examples of looting of firms by managers or controlling shareholders using related party transactions during markets crisis of 1997-1998. In both emerging and developed markets, related party transactions are used as a tool to transfer assets and profits out of the firms for the benefit of those who control them.The U.S. Congress in the Sarbanes-Oxley Act of 2002 attempted to control these related party transactions. But in many countries, transactions between related parties are a common practice to transfer benefits and assets between companies. The agency theory generally considers that related party transactions are detrimental to the interests of shareholders. The academic literature has attempted to measure expropriation using indirect proxies for the propensity of firms to expropriate (see for example, Bertrand, Metha, & Mullainathan, 2002; La Porta et al., 2000a, 2002; Faccio, Lang, & Young, 2001).Thailand requires, since the Asian financial crisis of 1997, the publication on the amount and nature of related party transactions. This study addresses the question of the relationship between governance mechanisms and the applying of related party transactions.The econometric results indicate that the managerial ownership and the audit company have a negative impact on the amount of related party transactions. Moreover, the CEO duality has a positive impact on the amount of related party transactions. Similarly, the independent board and the leverage ratio have a positive impact on the amount of related party transactions.This study also explores the relationship between financial performance and the applying of related party transactions. Our results show that financial performance is independent of the applying of related party transactions. These results show that, as the shareholder approach, the applying of related party transactions is neither favorable nor unfavorable. Therefore, the benefits of related party transactions cannot be appreciated with a view only shareholder. We, therefore, propose to use the theoretical framework of stakeholders in order to capture the benefits of related party transactions. This will be the objective of future research.Our theory provides a better understanding of how related party transactions are affected by the mechanisms of corporate governance in Thai listed companies. We contribute to the existing academic literature and attempt to demonstrate how the characteristics, structure and quality of corporate governance mechanisms are essential.

Transfer pricing between related parties and its issues As the globalization of the world continues, and as the companies are merging into multinational enterprises, the number of transactions between related parties under circumstances that would not be concluded between unrelated parties is rising. The correct application of transfer pricing between related parties ensures that the transactions are concluded as it would have been between unrelated parties. More and more attention is paid to issue of transfer pricing, frequently in connection with tax planning and tax optimization, which is partly misleading. The tax consequences of transfer pricing are nonetheless substantial. The purpose of this thesis is to analyse transfer pricing issues in the Czech Republic in the context of international rules and standards as set by international organizations, mainly Organization for Economic Cooperation and Development (OECD), United Nations (UN) and European Union (EU), primarily from the tax perspective. The thesis is composed of 11 chapters. In first chapters the thesis describes the basics of transfer pricing, the concept of related parties, arm's length principle, transfer pricing methods and transfer pricing documentation. The next chapters are mainly focused on international transfer pricing...

This diploma thesis deals with thin capitalisation rules in the Czech Republic. The main objective is to analyze tax-deductibility of financial costs connected with loans from related parties. Czech Republic has been member of EU since 2004. The EU membership established the responsibility for Czech Republic to approximate national legislation of taxation with EU law, so the second objective of the diploma thesis is to consider how the Czech Republic deals with harmonisation of tax-deductible financial cost connected with loans from related parties.

¡§Regulations Governing Assessment of Profit-Seeking Enterprise Income Tax on Non-Arm's Length Transfer Pricing¡¨ was promulgated in Taiwan on Dec. 28, 2004 which stroke enterprises that set related companies, especially multinational enterprises. In the past, enterprises had been taking advantages of the discrepancy on different countries¡¦ tax system to establish affiliated companies in countries with preferential tax treatment policy or so-called tax paradise district, in order to evade or decrease tax burden. In recent years, with economy globalization and expansion of region integration scope, to respond to the development of industry competition, employing global resources extensively for global arrangement is requisite in promoting competitive power. Therefore, multinational enterprise has been normality day by day. Taxation, a kind of operation cost without additional value, no enterprise doesn¡¦t devote to minimize it for the entire Group. Only to avoid multinational enterprise evading duties of local country in virtue of Transfer Pricing System, each country established transfer pricing assessment system and regulations one after one. To orientate to world trend, maintain fair taxation, and Taiwan¡¦s revenue, Taiwan also speeds up to introduce and complete the system gradually. As a result, this study focuses to explore the new Transfer Pricing System. Exploratory Research is adopted in this study and coordinated with qualitative study method, experienced specialists, enterprise taxation superintendents and tax authority officers who utilize Transfer Pricing System are selected as objectives to perform deep interview, in order to understand the condition of Taiwan¡¦s Transfer Pricing System in real practice. And further generalize and analyze the result obtained from interview, suggestions are made accordingly as follows: (1) Tax authority shall reinforce staff education training and amend legislation defects. (2) Tax authority shall complete and strengthen all kinds of databases and establish way to legally access to database. (3) Tax authority shall consider simplifying transfer pricing report applicable in the scope of enterprise and report content and procedure as well properly. (4) Tax authority shall consider reinforcing the interaction and cooperation with Taiwan¡¦s major countries of foreign trades through taxation forum and so on to avoid double taxation in reality. (5) Enterprise shall strengthen inner staff¡¦s profound understanding towards Transfer Pricing System instead of relying excessively on accountants. (6) Enterprise shall change to adopt the concept of ¡§Most Appropriate Profit, Most Appropriate Taxation.¡¨ When global arrangement is required due to development, to adjust to the application of Transfer Pricing System, function and risk analysis shall serve as basis, to position operation mode and design the most appropriate trade structure in advance, and further refer to proper objectives that can be compared to set transfer price, in order to achieve reasonable profit allocation and make duly adjustment in compliance with changes in reality. (7) Enterprises shall prepare written contract regarding operation mode and trade structure among its related companies, and establish core documents upon the issue of transfer pricing, and further adjust to local transfer pricing report in accordance with the different requirements of countries that branches located. (8) The accountant offices shall reinforce the overall cooperation with enterprises, getting rid of the viewpoint that transfer pricing report is an item of routine annual taxation report to enable specific suggestions be duly offered, and to assist enterprises to make more correct decisions in the respect of global arrangement. (9) Accountant office shall duly raise and make suggestions to tax authority based on the defects of Transfer Pricing Regulation or System that are well known as far as its duties concerned.

The topic of this thesis is transfer pricing, its significance in international trade and the on-going effort to create appropriate tax rules by both international organisations and the Financial Administration of the Czech Republic. My thesis has a particular focus on a new disclosure to a company's income tax return, that is, the Overview of Transactions with Related Parties. The theoretical part of this thesis addresses the function and significance of transfer pricing in international trade as well as the current development in international and domestic transfer pricing rules. The practical part focuses on an analysis of how the connections between the Overview of Transactions with Related Parties and the financial statements of entities help the Financial Administration to derive significant ratios and conduct systematic data collection to analyse transactions with related parties and detect which entities to audit.

ISSUES OF TRANSFER PRICING Transfer pricing has been often-discussed topic in recent years which is unlikely to change in the upcoming years. Given the great importance of transfer pricing in international tax planning, as well as in so called aggressive tax planning, it is a priority for states to set transfer pricing rules based on the arm's length principle in such a way that untaxed profits are not transferred from the jurisdictions where it was generated. Although this is a tax issue concerning the direct taxation, it shall be regulated at least in a coordinated manner by most countries in the world, as the international overlap is the greatest danger to state treasuries. From the perspective of taxpayers, it is often very difficult to meet all obligations regarding the setting of transfer pricing pursuant the arm's length principle, but it can be pointed out that a sufficiently clearly specified rules may be in favor of the taxpayers, because unjustified price manipulation between the related parties may cause some distortion of the functioning of the market. The main purpose of this thesis is to provide a comprehensive overview of transfer pricing issues from the perspective of Czech legislation, especially the Income Tax Act and instructions issued by the Ministry of Finance and the...

Background: As a nurse, meeting relatives of deceased patients is a complex task. Possessing the knowledge required to be able to deal with everyone in an individualized way is a prerequisite for being able to provide good care to grieving relatives. Relatives express multiple needs and wishes after a death. Among other things the need for a person–centered approach with straightforward and clear communication. Eriksson's theory of care science is the basis for this work, where caring, playing, teaching and compassion is described as a strength in a nurse profession. It also brings up how the nurse practice the rules, laws and regulatory documents. Aim: Is to describe nurses' experiences of treatment towards relatives at the patient's death. Method: The work is done with a general literature review where tencare science articles have been analyzed, of which two were quantitative and seven were qualitative and one were mixed method. Results: The analysis led us to four themes, where the themes were to be present in difficult times, to communicate with relatives, to make room for grief and to be inadequate. Conclusion: As nurses, facing death in their daily work contributes to emotional expressions and at the same time responding to sad, desperate and angry relatives makes the work difficult and emotionally demanding, then it is important that the nurse has the conditions to provide good care.

Este trabalho emprega métodos quantitativos a dados de Demonstrações Financeiras para avaliar a existência de relação de causalidade entre a Lei 12.249 de 11 de junho de 2010, que institui normas de subcapitalização no Brasil, e a estrutura de capital de empresas brasileiras que possuem partes vinculadas no exterior. Esta lei estabeleceu limites ao endividamento oriundo de tais partes vinculadas para que os respectivos juros pagos sejam considerados dedutíveis para fins da apuração de tributos sobre o lucro e foi usada como intervenção exógena na análise proposta. Os dados são oriundos de empresas fechadas e de empresas públicas, coletados manualmente, em jornais publicamente disponíveis, e na base de dados Economatica® e foi obtida uma amostra inicial de 2,070 observações. Após exclusão daquelas com Patrimônio Líquido negativo, restaram 1,816 observações em um painel não balanceado, subamostra usada para estimação com o método principal de investigação deste trabalho, que foi o de Diferenças-em-diferenças (DD). Neste, a variável dependente consistiu da razão entre dívida onerosa total e Ativo Total, observados anualmente no período compreendido entre o ano de 2006 e ano de 2014. Este método foi estimado por OLS seus resultados foram complementados com o pareamento de observações por meio de quatro procedimentos de propensity score matching (PSM), one-to-one, nearest neighbour, radius e kernel, em que a variável resposta consistiu da diferença, observada entre o ano de 2011 e o ano de 2009, dos valores da variável resposta descrita anteriormente. Para estimação por meio de matching, foram excluídas observações de empresas que variaram a composição societária ao longo do período de forma a possuir partes vinculadas estrangeiras em determinado momento e não possuí-las mais tarde e também foram excluídas aquelas empresas que não possuem observações durante todo o período avaliado, obtendo-se um painel balanceado com 114 empresas e 1,026 observações. O propensity score obtido foi ainda empregado para ponderar as observações no modelo previamente estimado com o método DD. As variáveis de controle empregadas tanto no DD quanto na estimação do propensity score consistiram dos valores de Ativo Imobilizado, Vendas Líquidas, Lucro Bruto e Patrimônio Líquido, obsevados anualmente e dividido pelo Ativo Total. Os resultados obtidos não foram significantes aos níveis convencionais de confiança, apontando para possível redução da relação entre dívida total e Ativo Total das empresas do grupo tratamento em valores que variaram entre 4.17% e 0.5% em termos de Ativo Total, dependendo do método e modelo estimados. Observa-se que tanto a variável resposta quanto o endividamento oneroso total das empresas de ambos os grupos parecem ter aumentado durante o período investigado, mas a variável resposta, aparentemente, já apresentava crescimento menos acentuado nas empresas do grupo tratamento antes do advento da lei, não sendo possível concluir que esta seja a causa da tendência de decréscimo da relação entre dívida e Ativo Total no grupo de empresas que possuem partes vinculadas estrangeiras. Ressalvadas as limitações do estudo, conclui-se que a lei não teve efeito sobre o endividamento total e, portanto, sem efeitos sobre a arrecadação de tributos sobre o lucro destas empresas. / This work applies quantitative methods to data from Financial Statements to assess the existence of a causal relationship between the Law 12,249 of June 11, 2010, which establishes thin capitalization rules in Brazil, and the capital structure of Brazilian companies that keep foreign related parties. This law established limits to the tax deductibility arising from interest payments to such related parties and was here employed as a source of exogenous variation to perform the proposed analysis. The data came from private and public companies, were manually collected, from publicly available newspapers, and obtained from the Economatica database. An initial sample of 2,070 observations was obtained. After the exclusion of those with negative Equity, there were 1,816 observations composing an unbalanced panel, sub-sample which was used for estimation with the main research method of this investigation, which was the Differences-in-differences (DD) method. A dependent variable consisted of the ratio between total costly debt and Total Asset, observed annually in the period between the years 2006 and 2014. This method has been estimated by OLS and its results were complemented with the pairing of companies by means of four matching methods: One-to-one, nearest neighbour, radius, and kernel, where the response variable consisted of the difference between the dependent variable\'s values observed in the years 2011 and 2009. To estimate the laws\' effects by means of matching procedures, data from companies that showed variation at the societal composition in such a way that led them to have foreign related parties in less than the whole period and from those companies that do not have data throughout the whole period evaluated were excluded, and a balanced panel with 114 companies and 1,026 observations remained. Yet again, the obtained propensity score was applied as weight for another OLS DD estimation. Control variables consisted of the values of Fixed Assets, Net Sales, Gross Profits and Shareholders\' Equity, reported annually and divided by Total Assets. The results obtained were not significant at any conventional confidence levels, nevertheless pointing to a reduction of the treatment group companies\' ratio between debt and Total Assets which varied between 4.17% and 0.5% of Total Assets, depending on the estimated method and model. It appears that the companies\' both response variable and total costly indebtedness increased during the period analysed, but the response variable seems to have already presented a less pronounced growth in the treatment group\'s companies before the existence of the law, therefore making it not possible to conclude that this legislation piece is the cause of the downward trend in the ratio between debt and Total Assets of companies that keep foreign related parties. Subject to this study\'s limitations, it is possible to conclude that the law had no effect on total indebtedness and, therefore, had no effect on profit taxes base erosion regarding this group of companies.

Este trabalho emprega métodos quantitativos a dados de Demonstrações Financeiras para avaliar a existência de relação de causalidade entre a Lei 12.249 de 11 de junho de 2010, que institui normas de subcapitalização no Brasil, e a estrutura de capital de empresas brasileiras que possuem partes vinculadas no exterior. Esta lei estabeleceu limites ao endividamento oriundo de tais partes vinculadas para que os respectivos juros pagos sejam considerados dedutíveis para fins da apuração de tributos sobre o lucro e foi usada como intervenção exógena na análise proposta. Os dados são oriundos de empresas fechadas e de empresas públicas, coletados manualmente, em jornais publicamente disponíveis, e na base de dados Economatica® e foi obtida uma amostra inicial de 2,070 observações. Após exclusão daquelas com Patrimônio Líquido negativo, restaram 1,816 observações em um painel não balanceado, subamostra usada para estimação com o método principal de investigação deste trabalho, que foi o de Diferenças-em-diferenças (DD). Neste, a variável dependente consistiu da razão entre dívida onerosa total e Ativo Total, observados anualmente no período compreendido entre o ano de 2006 e ano de 2014. Este método foi estimado por OLS seus resultados foram complementados com o pareamento de observações por meio de quatro procedimentos de propensity score matching (PSM), one-to-one, nearest neighbour, radius e kernel, em que a variável resposta consistiu da diferença, observada entre o ano de 2011 e o ano de 2009, dos valores da variável resposta descrita anteriormente. Para estimação por meio de matching, foram excluídas observações de empresas que variaram a composição societária ao longo do período de forma a possuir partes vinculadas estrangeiras em determinado momento e não possuí-las mais tarde e também foram excluídas aquelas empresas que não possuem observações durante todo o período avaliado, obtendo-se um painel balanceado com 114 empresas e 1,026 observações. O propensity score obtido foi ainda empregado para ponderar as observações no modelo previamente estimado com o método DD. As variáveis de controle empregadas tanto no DD quanto na estimação do propensity score consistiram dos valores de Ativo Imobilizado, Vendas Líquidas, Lucro Bruto e Patrimônio Líquido, obsevados anualmente e dividido pelo Ativo Total. Os resultados obtidos não foram significantes aos níveis convencionais de confiança, apontando para possível redução da relação entre dívida total e Ativo Total das empresas do grupo tratamento em valores que variaram entre 4.17% e 0.5% em termos de Ativo Total, dependendo do método e modelo estimados. Observa-se que tanto a variável resposta quanto o endividamento oneroso total das empresas de ambos os grupos parecem ter aumentado durante o período investigado, mas a variável resposta, aparentemente, já apresentava crescimento menos acentuado nas empresas do grupo tratamento antes do advento da lei, não sendo possível concluir que esta seja a causa da tendência de decréscimo da relação entre dívida e Ativo Total no grupo de empresas que possuem partes vinculadas estrangeiras. Ressalvadas as limitações do estudo, conclui-se que a lei não teve efeito sobre o endividamento total e, portanto, sem efeitos sobre a arrecadação de tributos sobre o lucro destas empresas. / This work applies quantitative methods to data from Financial Statements to assess the existence of a causal relationship between the Law 12,249 of June 11, 2010, which establishes thin capitalization rules in Brazil, and the capital structure of Brazilian companies that keep foreign related parties. This law established limits to the tax deductibility arising from interest payments to such related parties and was here employed as a source of exogenous variation to perform the proposed analysis. The data came from private and public companies, were manually collected, from publicly available newspapers, and obtained from the Economatica database. An initial sample of 2,070 observations was obtained. After the exclusion of those with negative Equity, there were 1,816 observations composing an unbalanced panel, sub-sample which was used for estimation with the main research method of this investigation, which was the Differences-in-differences (DD) method. A dependent variable consisted of the ratio between total costly debt and Total Asset, observed annually in the period between the years 2006 and 2014. This method has been estimated by OLS and its results were complemented with the pairing of companies by means of four matching methods: One-to-one, nearest neighbour, radius, and kernel, where the response variable consisted of the difference between the dependent variable\'s values observed in the years 2011 and 2009. To estimate the laws\' effects by means of matching procedures, data from companies that showed variation at the societal composition in such a way that led them to have foreign related parties in less than the whole period and from those companies that do not have data throughout the whole period evaluated were excluded, and a balanced panel with 114 companies and 1,026 observations remained. Yet again, the obtained propensity score was applied as weight for another OLS DD estimation. Control variables consisted of the values of Fixed Assets, Net Sales, Gross Profits and Shareholders\' Equity, reported annually and divided by Total Assets. The results obtained were not significant at any conventional confidence levels, nevertheless pointing to a reduction of the treatment group companies\' ratio between debt and Total Assets which varied between 4.17% and 0.5% of Total Assets, depending on the estimated method and model. It appears that the companies\' both response variable and total costly indebtedness increased during the period analysed, but the response variable seems to have already presented a less pronounced growth in the treatment group\'s companies before the existence of the law, therefore making it not possible to conclude that this legislation piece is the cause of the downward trend in the ratio between debt and Total Assets of companies that keep foreign related parties. Subject to this study\'s limitations, it is possible to conclude that the law had no effect on total indebtedness and, therefore, had no effect on profit taxes base erosion regarding this group of companies.

The aim of this thesis is to find out the answer to the question whether the state authorities influence the employment of debt financing of companies. First part of the work briefly summarizes the main economic theories engaged in the research on capital structure. Further are depicted approaches to thin capitalization in the European countries with focus on the Czech republic tax law dealing with the subject. The final part of the thesis demonstrates on the financial data of Czech companies from the period 2003-2008 that the state authorities influence the employment of debt in Czech companies by means of tax laws and so affect the capital structure of the companies.