We contribute to the empirical literature on the debt bias of corporate income taxation through a firm-level evaluation of the European Commission's recent proposal of an Allowance for Growth and Investment (AGI). We use the introduction, the application and the repeal of a similar allowance in Austria during the early 2000s to evaluate the effects of the AGI on corporate equity and profit distribution. Our analysis provides evidence that such an allowance could increase corporate equity ratios by 5.5 percentage points and reduce profit distributions by 7.6 percentage points. These effects are stronger than those the previous literature for traditional Allowance for Corporate Equity (ACE) tax systems has identified. Additionally, we contribute to the recently expanding literature on the influence of ownership on tax planning as we find significant differences in the utilization of the AGI depending on individual specifics of the majority shareholder as well as depending on the number of shareholders of the respective firms. / Series: WU International Taxation Research Paper Series

Submitted by Maicon Juliano Schmidt (maicons) on 2015-04-10T13:19:30Z No. of bitstreams: 1 Milton Lanzarini Pagini.pdf: 515097 bytes, checksum: db2105af9eb3ad071abbc4bea3b09e40 (MD5) / Made available in DSpace on 2015-04-10T13:19:30Z (GMT). No. of bitstreams: 1 Milton Lanzarini Pagini.pdf: 515097 bytes, checksum: db2105af9eb3ad071abbc4bea3b09e40 (MD5) Previous issue date: 2013-07-24 / Nenhuma / A presente dissertação objetivou analisar quais são os fatores de natureza financeira determinantes da constituição da reserva de lucros a realizar (RLR) pelas empresas listadas na BM&FBOVESPA. A constituição dessa reserva, além de ser opcional, representa uma retenção de parte do lucro líquido do exercício não realizado financeiramente e guarda estreita relação com a estrutura de capital e a política de dividendos. Dessa forma, as pesquisas abrangeram a teoria internacional sobre estrutura de capital e política de dividendos e, principalmente, estudos empíricos realizados no âmbito de empresas brasileiras sobre política de dividendos. Com base nos dados das demonstrações financeiras dos anos de 2010 e 2011 dessas empresas, foi obtida uma amostra de 170 observações, das quais 27 se referem a empresas que constituíram a RLR em questão, e 143 que não a constituíram. A partir da teoria e dos estudos empíricos relacionados à estrutura de capital e política de dividendos, foram estabelecidos oito índices econômico-financeiros com potencial impacto na constituição da RLR. Utilizando a regressão logística, foram testados vários modelos, dos quais resultou a equação composta pelas variáveis explicativas ROA (Retorno sobre o Ativo), ICJ (Índice de Cobertura de Juros) e IREP (Índice de Realização da Equivalência Patrimonial), todas significantes ao nível de 5%. Ficou evidenciado que as variáveis dessa equação representam os fatores financeiros com maior poder preditivo da probabilidade de constituição da RLR. A variável ROA, que mede a rentabilidade da empresa, apresentou coeficiente positivo e, portanto, de acordo com o modelo, quanto maior o seu valor, maior a chance de a empresa constituir a RLR. Tomando por base, contudo, os resultados de estudos empíricos brasileiros, para os quais a rentabilidade tem uma relação positiva com a distribuição de dividendos, a expectativa era de uma relação negativa entre ROA e a RLR, já que quanto maior a distribuição de dividendos (e maior ROA, a rentabilidade), menor a chance de ser constituída a RLR. Este resultado sugere que, particularmente no que tange à RLR, o nível de distribuição de lucros não exerce influência na sua constituição, o que merece ser investigado. O coeficiente da variável IREP, por sua vez, se apresentou negativo, confirmando, portanto, a expectativa inicial, já que IREP mede a capacidade de geração de caixa, via realização financeira do resultado positivo de equivalência patrimonial de investimentos permanentes. Finalmente, a baixa contribuição da variável ICJ para o resultado final do poder preditivo do modelo sugere a necessidade de realização de testes mais amplos para esta variável. / This thesis aims to analyze what financial factors are determinants to establish the RLR (reserve for unearned revenue) by companies listed on the BM & FBOVESPA. This reserve, besides being optional, represents a withholding of unearned net profit and it is closely related to capital structure and dividend policy. Thus, this research covers international theory about capital structure and dividend policy and mostly empirical studies within Brazilian companies on dividend policy. Based on the available data of these companies in their financial statements for years 2010 and 2011, we obtained a sample of 170 observations, for which establishing the reserve was optional. Of these, 27 opted to do so and 143 did not. From the available academic references and collected data, we established eight financial indexes with potential impact on the establishment of a RLR. With the use of logistic regression, we tested several models, resulting in the equation including the explanatory variables ROA (return over assets), ICJ (interest coverage ratio) and IREP (equity realization ratio), all significant at the 5% level. Thus, it was evident that the variables of this equation represent the financial factors with the highest forecasting capability of establishing the RLR. The variable ROA, which measures the profitability of the company, presented a positive coefficient, and therefore, according to the model, the higher the value, the greater the chance the company establishes the reserve. However, based on the results of empirical studies in Brazil, for which profitability has a positive relationship with distribution of dividends, we expected a negative relationship between ROA and reserves, since higher dividend distribution (and higher ROA, profitability), results in a lower chance of establishing the reserve. This result suggests that, particularly with respect to the RLR, the level of profit distribution does not influence its establishment, which merits further investigation. The coefficient of the IREP variable was negative, thereby confirming the initial expectation, since IREP measures the ability to generate cash, via financial realization of assets by recognition of profits arising from equity income from investment to meet dividend obligations on profits of the same nature. Finally, the low contribution of variable ICJ of the model ́s forecasting capability suggests conducting further tests for this variable.

The following thesis deals with the development of the accounting of corrections of the accounting errors of previous years and changes in accounting methods from the beginning of financial accounting in the Czech Republic through the processing of many interpretations by the National Accounting Board, up to the current modification, which was an amendment to the Decree No. 500/2002 Coll., which transposed certain provisions of Act No. 563/1991 Coll., which came into force on January 1, 2013. Thanks to this decree, the account Restatements of retained earnings results, in the case of a correction of an error and a change in the accounting method, in a better understanding of the financial statements than it did before the issue was addressed through extraordinary costs or revenues in the current accounting period. In addition as practical part, this thesis composes also of a research from the financial statements of large Czech companies focusing on the frequency of use of the new item in the balance sheet for 2015, the reason of the using and explanation in supplement to the financial statements, including the method of settling the final balance of the account from previous years. The research also dealt with the auditor's response to the found deficiencies. The last part of the thesis is a comparative analysis of research conducted during the years of 2013, 2014 and 2015.

The share of corporate saving in total saving in South Africa has increased during the past four decades. In this dissertation various economic theories are examined in order to try to explain this change and to determine the possible implications of this change. The conclusion is that the relationship between the investment decision of companies and their savings decision is governed by the determinants of the financing choice of firms. These include cost, risk, control and availability. If, because of these factors, firms prefer to finance investment with retained earnings, there is a relationship between investment and the level of corporate saving. The degree to which the investment decision is dependent on the availability of internal financing will determine the importance of the level of corporate saving in a country. / Oor die afgelope vier dekades het die aandeel van maatskapybesparing in die totale besparing in Suid-Afika toegeneem. In hiersie vehandeling word veskillende ekonomiese teoriee ondersoek ten einde hierdie verandering te probeer veklaar en te probeer vasstel wat die implikasies van hierdie veandering is. Die gevolgtrekking waartoe gekom word, is dat die verband tussen die investeringsbeleid en die maatskappye se besparingsbesluit bepaal word deur faktore wat die finansieringskeuse van die firmas beinvloed, naamlik koste, risiko, beheer en beskikbaarheid. Indien hierdie faktore daartoe lei dat die maatskapye verkies om investering met terruggehoue bespaaring the finansier, is daar 'n verband tussen investering en die vlak van maatskappybesparing. Die mate waarin die investeringsbesluit afhanklik is van die beskikbaarheid van interne finansiering, sal bepaal hoe belangrik die vlak van maatskappybesparing in 'n land is. / Economics and Management Sciences / M.Com.

The share of corporate saving in total saving in South Africa has increased during the past four decades. In this dissertation various economic theories are examined in order to try to explain this change and to determine the possible implications of this change. The conclusion is that the relationship between the investment decision of companies and their savings decision is governed by the determinants of the financing choice of firms. These include cost, risk, control and availability. If, because of these factors, firms prefer to finance investment with retained earnings, there is a relationship between investment and the level of corporate saving. The degree to which the investment decision is dependent on the availability of internal financing will determine the importance of the level of corporate saving in a country. / Oor die afgelope vier dekades het die aandeel van maatskapybesparing in die totale besparing in Suid-Afika toegeneem. In hiersie vehandeling word veskillende ekonomiese teoriee ondersoek ten einde hierdie verandering te probeer veklaar en te probeer vasstel wat die implikasies van hierdie veandering is. Die gevolgtrekking waartoe gekom word, is dat die verband tussen die investeringsbeleid en die maatskappye se besparingsbesluit bepaal word deur faktore wat die finansieringskeuse van die firmas beinvloed, naamlik koste, risiko, beheer en beskikbaarheid. Indien hierdie faktore daartoe lei dat die maatskapye verkies om investering met terruggehoue bespaaring the finansier, is daar 'n verband tussen investering en die vlak van maatskappybesparing. Die mate waarin die investeringsbesluit afhanklik is van die beskikbaarheid van interne finansiering, sal bepaal hoe belangrik die vlak van maatskappybesparing in 'n land is. / Economics and Management Sciences / M.Com.

本論文探討兩稅合一制所增設的兩個機制，即稅額扣抵比率及加徵保留盈餘稅對上市公司股利發放、資本結構以及公司租稅規劃的影響。首先以數學模式推導出兩稅合一制下這兩個機制與股利發放率及負債權益比率之間的關係，再據以建立研究假說，而後進行兩步驟多變量程序之實證測試。研究所獲致的結果包括： 　　一、兩稅合一制實施後，上市公司稅額扣抵比率與總（盈餘）股利發放率呈正相關，且上市公司稅額扣抵比率愈高者，其總（盈餘）股利發放率、現金股利發放率及盈餘配股發放率皆較兩稅合一制實施前高。由於公積配股並不受兩稅合一制實施的影響，故本文也發現兩稅合一制實施前後公積配股率並無顯著差異。整體而言，兩稅合一制實施後，總（盈餘）股利發放率、盈餘配股發放率及公積配股率較實施前減少，而現金股利發放率較實施前增加。進一步的分析顯示現金股利發放率的增加係受到健全股利政策的推行影響，而盈餘配股發放率的減少可能是受到股票股利緩課取消的影響。 　　二、兩稅合一制實施後，符合促進產業升級條例第八條及第九條規定之投資方案，選擇股東投資抵減之公司並無顯著多於選擇五年免稅之公司，可能原因為選擇五年免稅有利於公司現金流量及每股盈餘的金額。此一結果雖與預期方向相反，但也顯示政府原先擔心公司會選擇股東投資抵減而造成鉅額稅收流失的疑慮並未獲得實證支持。但從兩稅合一實施後公司股權結構的變動分析顯示，公司法人持股比率較實施前增加，而僑外投資持股率較實施前減少，支持公司在不同股東身分稅負差距的考量下，會有股權結構移轉之租稅規劃，以降低股東所負擔的稅負。 　　三、兩稅合一制實施後，上市公司稅額扣抵比率愈高者，股東所享扣抵權愈多，則舉債租稅利益愈少，因而總負債權益比率將降低；而上市公司保留盈餘比率愈高者，所課徵的保留盈餘稅愈高，舉債利息的租稅利益反而增加，會造成總負債權益比率增加。本文的實證結果也顯示，兩稅合一制實施後，上市公司稅額扣抵比率愈高者，其總負債權益比率較實施前低；而上市公司保留盈餘比率愈高者，其總負債權益比率較實施前高。 　　綜合本論文實證結果顯示，兩稅合一制實施後，稅額扣抵比率的機制確實其有消除股利所得重複課稅的效益，進而提高公司股利發放的意願，並且有助於公司資本結構的改善。但是，政府對於未分配盈餘加徵 10％營利事業所得稅的規定卻不利於公司資本的累積，反而提高舉債的租稅誘因，也可能抵銷稅額扣抵比率降低舉債的效果，值得政府深入檢討對公司未分配盈餘課稅的不利影響。 / Enacted in 1998, the Integrated Income Tax System has two important features, i.e., the imputation tax credit to shareholders and the 10% surtax levied on undistributed earnings. Using two-step multivariate regression, this study exmines the impacts of these two features on corporations' dividend payout, tax planning, and capital structure. The findings of this study are as follows : 　　1. After implementation of the Integrated Income Tax System, the imputation tax credit ratio is positively related with total dividends payout ratios. Companies with higher imputation tax credit ratios tend to pay out more cash dividends and earnings stock dividends, ceteris paribus. However, there appears no significant relation between the imputation tax credit ratio and capital stock dividends. On average, after implementation of the Integrated Income Tax System, stock dividend payout ratios, including earning stock dividends and capital stock dividends, are decreased, but cash dividend payout ratios are increased. The increase in cash dividend payout may be affected by the balance dividend policy by the SEC, which require corporations to pay out greater proportions in cash dividends. The decrease in earning stock dividends may be due to the cancellation of the deferral of tax on stock dividends. 　　2. After implementation of the Integrated Income Tax System, inconsistent with the expectation, companies still prefer the five-year tax exemption to the investment tax credits. The results suggest that companies' choices are affected more by such factors as corporate cashflows and earnings per shares. However, after implementation of the Integrated Income Tax System, there is a significant change in stockholder structures, with the ratios of corporation stockholders being increased while the ratios of oversea stockholders being decreased. The opportunity of tax arbitrage will have a significant impact on corporations' stockholder structures. 　　3. After implementation of the Integrated Income Tax System, for companies with higher imputation tax credit ratios, their stockholders will have greater tax benefits, and, hence, the tax benefit for companies to use debt financing is decreased. Conversely, companies with higher ratios of retained earnings will bear more tax burdens on the 10% surtax levied on undistributed earnings; therefore, the tax benefit of debt financing is increased. The empirical results support that, ceteris paribus, companies with higher imputation tax credit ratios tend to have lower debt-to-equity ratios, while companies with higher ratios of retained earnings tend to have greater debt-to-equity ratios. 　　In summary, after implementation of the Integrated Income Tax System, the imputation tax credits reduce the double taxation on stockholders' dividend income and, hence, improve corporations' capital structure. However, the 10% surtax on undistributed earnings may result in opposite effect on corporations' capital structure. The findings of this study have important implications for the government to take into account the potential adverse impacts resulted from taxes levied on corporations' retained earnings.

Från 1900-talets början har banker och låneinstitut använt nyckeltal som hjälpmedel vid bedömning och kvantifiering av kreditrisk. För dagens investerare är den ekonomiska miljön mer komplicerad än för bara 40 år sedan då teknologin och datoriseringen öppnade upp världens marknader mot varandra. Bedömning av kreditrisk idag kräver effektiv analys av kvantitativa data och modeller som med god träffsäkerhet kan förutse risker. Under 1900-talets andra hälft skedde en snabb utveckling av de verktyg som används för konkursprediktion, från enkla univariata modeller till komplexa data mining-modeller med tusentals observationer. Denna studie undersöker om det är möjligt att prediktera att svenska företag kommer att gå i konkurs och vilka variabler som innehåller relevant information för detta. Metoderna som används är diskriminantanalys, logistisk regression och överlevnadsanalys på 50 aktiva och 50 företag försatta i konkurs. Resultaten visar på en träffsäkerhet mellan 67,5 % och 75 % beroende på vald statistisk metod. Oavsett vald statistisk metod är det möjligt att klassificera företag som konkursmässiga två år innan konkursens inträffande med hjälp av finansiella nyckeltal av typerna lönsamhetsmått och solvensmått. Samhällskostnader reduceras av bättre konkursprediktion med hjälp av finansiella nyckeltal vilka bidrar till ökad förmåga för företag att tillämpa ekonomistyrning med relevanta nyckeltal i form av lager, balanserad vinst, nettoresultat och rörelseresultat. / From the early 1900s, banks and lending institutions have used financial ratios as an aid in the assessment and quantification of credit risk. For today's investors the economic environment is far more complicated than 40 years ago when the technology and computerization opened up the world's markets. Credit risk assessment today requires effective analysis of quantitative data and models that can predict risks with good accuracy. During the second half of the 20th century there was a rapid development of the tools used for bankruptcy prediction. We moved from simple univariate models to complex data mining models with thousands of observations. This study investigates if it’s possible to predict bankruptcy in Swedish limited companies and which variables contain information relevant for this cause. The methods used in the study are discriminant analysis, logistic regression and survival analysis on 50 active and 50 failed companies. The results indicate accuracy between 67.5 % and 75 % depending on the choice of statistical method. Regardless of the selected statistical method used, it’s possible to classify companies as bankrupt two years before the bankruptcy occurs using financial ratios which measures profitability and solvency. Societal costs are reduced by better bankruptcy prediction using financial ratios which contribute to increasing the ability of companies to apply financial management with relevant key ratios in the form of stock , retained earnings , net income and operating income.