The VAT treatment of over-allowances in the motor retail industry has proved contentious for South African Revenue Services (“SARS”). VAT legislation dictates that notional VAT may be claimed on the lower of the open market value and the consideration paid. The industry, however, claims notional VAT on the actual consideration paid for a used vehicle on the basis that a higher output VAT will be declared on the consequent sale of the new vehicle. This is because the over-allowance is offset against the lower discount granted. SARS allows this practice on account of SARS’ own issuance of a binding general ruling, provided certain criteria are met. This ruling is contained in the VAT Guide to Motor Dealers. This study performs an analysis of the current practice by South African motor retailers pertaining to over-allowances. The aim of the study is to determine the impact on the industry of the issuance of the Guide, both practically and from the perspective of compliance, focussing on VAT legislation and Competition Commission legislation. The study discusses the requirements contained in the Guide in the light of the Competitions Act and the practical benefits, and concludes that the industry is satisfied with the issuance of the Guide, despite its silence on the interpretation of certain key criteria. The industry has chosen to assume that, as SARS has acted reasonably in the issuance of the Guide, it would not expect the industry to deviate from any other legislation, including the Competitions Act. If SARS is not satisfied with this interpretation, the Guide will have to be amended to include definitions of terms such as “permissible discount”. AFRIKAANS : Die hantering van die toelating van oormatige BTW in die motorvoertuig-kleinhandelsindustrie is, insover dit die Suid-Afrikaanse Inkomstediens (“SAID”) betref, omstrede. BTW-wetgewing bepaal dat geagte BTW gehef mag word op die laagste van ope markwaarde en die werklike bedrag betaal. In die motorvoertuigindustrie word BTW egter altyd gehef op die werklike bedrag betaal vir ‘n gebruikte voertuig met die veronderstelling dat hoër uitset BTW verklaar gaan word met die verkoop van ‘n nuwe voertuig wat die inruiltransaksie tot gevolg gaan hê. Daar word geredeneer dat die oortoelating van BTW uitgekanselleer gaan word deur ‘n laer afslag op die nuwe verkope. As gevolg van bindende bepalings in die BTW Handleiding vir Motorhandelaars, wat uitgereik is deur die SAID en die nakoming van sekere voorwaardes deur die motorhandelaars, laat die SAID hierdie praktyk toe. In hierdie mini-verhandeling word die vereistes wat in die Handleiding vervat is teen die agtergrond van die Wet op Mededinging en die praktiese voordele daarvan bespreek. Die gevolgtrekking is dat die motorvoertuigindustrie tevrede is met die uitreiking van die Handleiding vir motorhandelaars ongeag die feit dat sekere sleutel aspekte nie in die Handleiding voldoende toegelig word nie. Die motorindustrie het die aanname gemaak dat SAID redelikerwys opgetree het deur die Handleiding uit te reik en sal daarom nie verwag dat die industrie van enige ander wetgewing sal afwyk nie, insluitende die Wet op Mededinging. As die SAID nie tevrede is met hierdie interpretasie nie sal dit beteken dat die Handleiding aangepas sal moet word om ander relevante terminologieë soos “toelaatbare afslag” beter te omskryf en te verduidelik. Copyright 2011, University of Pretoria. All rights reserved. The copyright in this work vests in the University of Pretoria. No part of this work may be reproduced or transmitted in any form or by any means, without the prior written permission of the University of Pretoria. Please cite as follows: Coventry, MA 2011, A critical analysis of the VAT implications of over-allowances in the South African motor retail industry, MCom dissertation, University of Pretoria, Pretoria, viewed yymmdd < http://upetd.up.ac.za/thesis/available/etd-03092012-112915 / > F12/4/77/gm / Dissertation (MCom)--University of Pretoria, 2012. / Taxation / unrestricted

En hållbar värld blir mer och mer viktigt för världens befolkning. Det märks inte minst genom ett EU-direktiv från 2014. Direktivet innebär att en del företag i medlemsländerna blir tvingade, genom egna lagar, att upprätta hållbarhetsredovisningar. I Sverige infördes lagen under 2016 och gäller för räkenskapsår som inleds 2017. Frågan som undersöks i denna studie är om det finns någon skillnad mellan frivilliga och lagstadgade hållbarhetsredovisningar gällande aktiepris och finansiella nyckeltal. Studien tar hänsyn till förändringarna i justerat aktiepris (RI), price-to-earnings och price-to-book för att uttala sig om företagen som enbart har lagstadgade hållbarhetsredovisningar påverkas mer eller mindre än företagen som haft hållbarhetsrapporter för samtliga undersökta år. Fokuset ligger i brytpunkten mellan perioden 2015–2016 och 2017–2018 och undersöker om de olika grupperna av företag har en förändring som är signifikant skilt från varandra, vilket skulle innebära att lagstadgade hållbarhetsredovisningar tas emot annorlunda är frivilliga rapporter. Vidare kommer studien också  att undersöka huruvida olika företagsfaktorer ökar sannolikheten för en frivillig hållbarhetsrapport. Det finns tidigare studier som undersöker hållbarhetsredovisningars effekter. Bland annat studerade Lo och Sheu (2007) amerikanska bolag om samband fanns mellan hållbart företagande och marknadsvärde. Deras resultat visar att hållbara amerikanska bolag hade en högre värdering än företag som inte var hållbara. Andra forskare som ifrågasätter hållbarhetsredovisningarnas effekter är Lys et al.(2015) som undersökte om det finns någon relation mellan företagens avkastning och dess kostnader för hållbarhetsarbete. Deras slutsats var att de inte kunde avgöra om det fanns ett positivt samband mellan de två. De teoretiska perspektiven som denna studie baseras på är intressentmodellen, principal-agentteorin, signalteorin, disclosure-teorin och effektiva marknadshypotesen. Resultatet visar ingen statistisk signifikans mellan grupperna. Studiens resultat antyder dock att företag med frivilliga hållbarhetsredovisningar har högre förändring i finansiell avkastning än företag med enbart lagstadgade rapporter. Resultatet tyder på att det inte finns någon anledning för företagen att invänta lagkrav och att det inte heller finns möjlighet att generera överavkastning på företag vid införandet av lagkrav på rapporterna. Resultatet visar även att företagsfaktorerna storlek och tillväxt är av betydelse för sannolikheten att företaget upprättat en frivillig hållbarhetsrapport. En viktig aspekt som inte får glömmas är att området fortfarande behöver mer forskning och att denna studie är enbart en del i att förklara effekterna av lagstadgad hållbarhetsredovisning.

Sustainable business has become highly sought after today by stakeholders, which explains the importance of CSR for companies. Companies are required to work sustainably in order to legitimize themselves both in the market and society. This can be done by fulfilling and satisfying the economic, environmental and sustainable, as well as the social frameworks that exist in business society. Despite CSR's central role in companies, researchers have differentiated meanings on whether CSR initiatives really improve corporate profitability in terms of financial performance, and whether it has a positive relationship with corporate value. Regarding this, the report examines CSR's relationship to CFP and company value, through the profitability measures ROA and ROE, as well as the valuation measures market value and P/E ratio. A quantitative method has been applied to examine the companies published on Dagens Industri's sustainability index for the year 2021. Dagens Industri's list includes the largest listed companies in the GICS categories on the Swedish stock market exchange. The study uses regression analysis as a choice of statistical analysis method to examine the variables relationships. From the regressions, a small part of the result showed a weak negative relationship between CSR and ROA. The regressions otherwise mainly showed a non-significant relationship between CSR and a company's profitability and value. The variables do not have a significant relationship with each other, and a neutral relationship between them can thus be demonstrated. The existing research gap is therefore still ambiguous, hence the room for further future studies in the field.

The diploma thesis deals with how the influence of territorial infrastructure affects the real estate market in the border regions of the Czech republic, Poland and Germany. In the thesis are created databases about localities and realities, that are the outcomes of the data collection. Data collections mainly concerns the type of property, layout and the location of the property. From the data analysis is possible to evaluate the influence of territorial infrastructure in the context of average market values of real estates in the border region Czech Republic-Germany-Poland.

The thesis deals comparison of house prices in Nový Jičín and its surroundings in 2015 and 2016. This family house is located in the village Starý Jičín and then for comparison will be moved to the center of Nový Jičín. In given locations we have to determined observed price and market value. In theoretical part is explained basic terminology, the main legislation which was used and methods of valuation of immovable property. The result of this work is getting to know the influences of locations of family house and it´s price. and identify factors that influence these prices.

[pt] O termo ESG está ocupando cada vez mais destaque nos planos estratégicos empresariais em que se estabelecem metas socioambientais que podem acarretar na maior eficiência e ganhos de lucratividade. Com isso, esse estudo tem como objetivo utilizar o modelo Schramade (2016) que contém um conjunto de perguntas adotado como ferramenta para identificação de adoção ou desenvolvimento de planos de ação que integram sustentabilidade na análise de investimento nos temas: modelo de negócios, posição competitiva, estratégia e impulsionadores de valor. O modelo foi aplicado à empresa WEG reconhecida por suas práticas de ESG. Como resultado, verificou-se o quanto a WEG está positivamente vinculada ao termo ESG, sob uma perspectiva financeira sustentável. Assim, a ideia é tornar esse trabalho um parâmetro para outras empresas que estejam com a meta de fazer a transição para um modelo de negócio mais sustentável. / [en] The term ESG is occupying more prominence in corporate strategic plans in which socio-environmental goals are established that can lead to greater efficiency and profitability gains. With this, this study aims to use the Schramade model (2016) which contains a set of questions adopted as a tool for identifying the development of action plans that integrate sustainability into the analysis of investment in the themes: business model, competitive position, strategy and value drivers. The model was applied to the company WEG recognized for its ESG practices. As a result, it was verified how much WEG is positively linked to the term ESG, from a sustainable financial perspective. Thus, the idea is to make this work a parameter for other companies that are aiming to make the transition to a more sustainable business model.

This thesis investigates the relation between the day-ahead electricity market prices and the electricity production in the Nordic synchronous area of the European electric power system by looking into the market data ranging from 2015 to the current time. The increasing penetration of variable renewable energy sources, coupled with the deeper electrification in various sectors of the economy, has led to a higher volatility in the market, e.g. in the market prices. Since all power plant owners plan their production depending on prices, price forecasts, availability, it is necessary to better understand the relation between price signals and the production variations. Firstly, balancing contributions, considered as a suitable tool, are found unfit to apply to this research. Secondly, spectral analysis is used to highlight frequencies in the signals, leading to the determination of three time scales of variations: daily, two-weekly and yearly. It is used to define three timehorizons which are used to apply different mathematical tools on the market data. Thirdly, the correlation coefficient between a type of production and the day-ahead prices assesses the linearity of their respective variations. Lastly, the relative market value of the production gives insight into the , e.g. with regard to flexibility. Results of this research show that the correlation between the day-ahead prices and the production depends on the time-horizon, the production type, as well as the area. E.g., if SE2’s and SE1’s hydro production are highly correlated to prices in the daily and two-weekly patterns, the former has not enough storage to follow prices on the yearly horizon, while the latter can, due to its bigger reservoirs. Results also show that wind power is one of the drivers of the day-ahead prices, especially in the two-weekly time horizon. The increasing share of wind power will hence lead in more price variations as well as lower average price levels.. This study aims to provide insights to the plant owners with flexibility possibility on how to face those future challenges. / Detta examensarbete undersöker sambandet mellan day-ahead-priser på elmarknaden och elproduktion i den nordiska synkrona delen av det europeiska elsystemet. Analysen bygger på data mellan 2015 och maj 2021. I och med att andelen väderberoende förnybara energikällor ökar samtidigt som olika sektorer elektrifieras har elmarknaden och elpriserna blivit mer volatila. Den volatiliteten behöver elproducenter förhålla sig till när de planerar sin produktion beroende på elpriser, elprisprognoser, tillgänglighet m.m. och därför är det avgörande att belysa förhållandet mellan prissignaler och anpassning av produktionsnivåer. Arbetet inkluderar olika steg: Först undersöktes balansbidrag och det kunde visas att detta mått inte lämpar sig för att beskriva sambandet mellan produktion och elpriser. Sedan gjordes en spektralanalys för att identifiera de grundläggande variationerna: dygns-, tvåveckors- och årsvariationer. Baserad på dem specificerades tre tidshorisonter som olika matematiska mått utvärderas på. Ett sådant mått är korrelationskoefficienter som användes för att beskriva sambandet mellan produktionsdata per kraftslag och elpriser på ett linjärt sätt. Slutligen användes relativa marknadsvärden på samma sätt för att kunna undersöka olika kraftslags karakteristik och få inblick i deras flexibilitet samt körsättet. Resultaten visar att korrelationen mellan day-ahead-priser och produktion beror påtidshorisonten, kraftslag och prisområde. Till exempel är vattenkraften i norra Sverige (SE1 och SE2) starkt korrelerad med elpriserna på dyngs- och tvåveckorsnivå medan korrelationen på årsnivå är starkare för SE1 eftersom vattenmagasin i SE1 har större reglerutrymme på den långa tidshorisonten än magasinen i SE2. Resultaten visar dessutom att vindkraften är den drivande faktorn för elprisvariationerna, särskilt när det gäller tvåveckorshorisonten. Vindkraften kommer öka prisvariationerna och samtidigt sänka prisnivån. Målet med examensarbetet är att få mer inblick i kraftslagens flexibilitet och därmed öka förståelsen för framtida utmaningar.

Concern that high property taxation of agricultural land encourages its conversion to nonagricultural uses has led to the adoption of use-value taxation practices. Use-value taxation has had mixed results as a deterrent to the conversion of agricultural and open space land. It has been argued that use-value taxation does not succeed in retaining open space along the rura1-urban fringe (Stocker 1975; Ferguson), and further that such programs may actually lower the community's property tax base significantly (Tiebout; Anderson 1993). Additionally, when land is taxed by its use-value rather than market-value, the local tax base declines curtailing local public services and consequently reducing the attractiveness of the community for residential, commercial and industrial land uses (Abeyratne and Johnson, Bickerdike, Netzer, Oates). This study seeks to determine the fiscal impacts of use-value taxation and incurred and immediate revenues generated by a particular land use project. By comparing the net impact on the property tax rate of different land uses, the effectiveness of land use taxation policies for communities can be determined. The fiscal impact of alternative land uses are measured using The Virginia Impact Projection (VIP) model. The empirical models employed are based on a static cross-sectional econometric analysis of Virginia counties initially developed by Johnson and Keeling and updated for the current analysis using more recent data. The empirical equations are used to construct a fiscal impact assessment (simulation) model. The simulation model allows the comparison of impact and baseline scenarios developed using alternative land uses. It was found that the impact of farmland enrollment in use-value assessment programs is not as large when net impacts are considered rather than sole consideration of the direct property tax revenue changes. / Master of Science

Até cerca de vinte anos, o termo Corporate Governance (Governança Corporativa) não existia na língua inglesa. Os códigos de boas práticas de Governança Corporativa começaram a surgir no início dos anos noventa na Inglaterra, nos Estados Unidos e no Canadá, em resposta ao desempenho insatisfatório de companhias líderes, percebido como uma deficiência de efetividade dos conselhos de administração, e em resposta às pressões exercidas pelos investidores institucionais. No Brasil, o termo Governança Corporativa é ainda mais recente, mas já começa a ser preocupação e a merecer a atenção de pesquisadores, Bolsa de Valores e associações. Este estudo objetiva identificar possíveis relações entre variáveis independentes, representativas de mecanismos de Governança Corporativa, e medidas de performance econômica de empresas integrantes do Índice Brasil IBX da Bolsa de Valores de São Paulo BOVESPA, com dados do período de 1997 a 2001.Utilizando a técnica estatística de dados em painel, modelo de componentes de erros, trabalha-se 16 variáveis independentes representando os mecanismos de Governança Corporativa: concentração de propriedade (5 variáveis), características do conselho de administração (3 variáveis), capital votante (1 variável), remuneração da diretoria executiva (2 variáveis), política financeira (3 variáveis), controle interno (1 variável) e mais uma variável de controle representando o tamanho das empresas. Essas variáveis são regredidas contra cada uma das cinco variáveis de medidas de performance econômica estudadas. Tais variáveis mediram o Market Value Added, a razão preço de mercado e valor patrimonial da ação, TOBINS Q, rentabilidade sobre o ativo e rentabilidade sobre o patrimônio líquido. Os resultados indicam que a concentração de propriedade, o capital votante, a remuneração da diretoria executiva e a política financeira são relacionadas à performance econômica. Surpreendentemente, o capital votante e a remuneração da diretoria executiva são negativamente relacionados à performance. Observa-se, também, que a medida de performance econômica utilizada faz diferença no estudo dos mecanismos de Governança Corporativa, pois aquelas puramente contábeis não apresentaram qualquer relação com os mecanismos testados. Este estudo, com esta abrangência de mecanismos, variáveis e período tratado, está dentre os estudos empíricos de Governança Corporativa pioneiros no Brasil. Espera-se oferecer uma contribuição aos acadêmicos interessados no assunto, bem como a acionistas, gestores, analistas de mercado, consultores, administradores de Bolsa de Valores, órgãos reguladores e associações de classe. / Up until twenty years go, the term Corporate Governance didnt exist in the English language. The codes of good practices of Corporate Governance began to arise in the early nineties in England, in the United States and in Canada, as an answer to an unsatisfactory performance of leading companies - recognized as a deficiency of effectiveness in the board of directors and also as an answer to the pressures exerted by institutional investors. In Brazil, the term Corporate Governance is still more recent, but begins to be pondered and to deserve attention of researchers, of Stock Exchanges and associations. This study aims to identify possible relationship among independent variables, representative of Corporate Governance mechanisms, and measures of economic performance of enterprises of the Brazil Index IBX of the São Paulo Stock Exchange BOVESPA, with data referring to the period comprehended between 1997 and 2001. Using the statistic technique of panel data, model of error components, we work with 16 independent variables representing the Corporate Governance mechanisms: concentration of propriety (5 variables), characteristics of the board of directors (3 variables), voting capital (1 variable), remuneration of the executive directorate (2 variables), financial policy (3 variables), internal control (1 variable), and one more control variable, representing the size of the enterprises. These variables are regressed against each one of the five variables of the studied economic performance measures. Such variables have measured up the Market Value Added, the market to book value price ratio, TOBINS Q, profitability over the assets and profitability over the net equity. The results indicate that the property concentration, the voting capital, the remuneration of the executive directorate and the financial policy are related to the economic performance. Surprisingly, the voting capital and the remuneration of the executive directorate are negatively related to performance. We can also observe that the economic performance measure utilized makes difference in the study of the Corporate Governance mechanisms, because that ones purely accountants doesnt have any relation with the mechanisms tested. This study, comprising such diverse mechanisms, variables and also the observed period, is among the leading empiric studies of Corporate Governance in Brazil. We hope to offer a contribution to the academics holding an interest in the matter, as well as to shareholders, managers, market analysts, consultants, Stock Exchange administrators, regulating bodies and class associations.

Até cerca de vinte anos, o termo Corporate Governance (Governança Corporativa) não existia na língua inglesa. Os códigos de boas práticas de Governança Corporativa começaram a surgir no início dos anos noventa na Inglaterra, nos Estados Unidos e no Canadá, em resposta ao desempenho insatisfatório de companhias líderes, percebido como uma deficiência de efetividade dos conselhos de administração, e em resposta às pressões exercidas pelos investidores institucionais. No Brasil, o termo Governança Corporativa é ainda mais recente, mas já começa a ser preocupação e a merecer a atenção de pesquisadores, Bolsa de Valores e associações. Este estudo objetiva identificar possíveis relações entre variáveis independentes, representativas de mecanismos de Governança Corporativa, e medidas de performance econômica de empresas integrantes do Índice Brasil IBX da Bolsa de Valores de São Paulo BOVESPA, com dados do período de 1997 a 2001.Utilizando a técnica estatística de dados em painel, modelo de componentes de erros, trabalha-se 16 variáveis independentes representando os mecanismos de Governança Corporativa: concentração de propriedade (5 variáveis), características do conselho de administração (3 variáveis), capital votante (1 variável), remuneração da diretoria executiva (2 variáveis), política financeira (3 variáveis), controle interno (1 variável) e mais uma variável de controle representando o tamanho das empresas. Essas variáveis são regredidas contra cada uma das cinco variáveis de medidas de performance econômica estudadas. Tais variáveis mediram o Market Value Added, a razão preço de mercado e valor patrimonial da ação, TOBINS Q, rentabilidade sobre o ativo e rentabilidade sobre o patrimônio líquido. Os resultados indicam que a concentração de propriedade, o capital votante, a remuneração da diretoria executiva e a política financeira são relacionadas à performance econômica. Surpreendentemente, o capital votante e a remuneração da diretoria executiva são negativamente relacionados à performance. Observa-se, também, que a medida de performance econômica utilizada faz diferença no estudo dos mecanismos de Governança Corporativa, pois aquelas puramente contábeis não apresentaram qualquer relação com os mecanismos testados. Este estudo, com esta abrangência de mecanismos, variáveis e período tratado, está dentre os estudos empíricos de Governança Corporativa pioneiros no Brasil. Espera-se oferecer uma contribuição aos acadêmicos interessados no assunto, bem como a acionistas, gestores, analistas de mercado, consultores, administradores de Bolsa de Valores, órgãos reguladores e associações de classe. / Up until twenty years go, the term Corporate Governance didnt exist in the English language. The codes of good practices of Corporate Governance began to arise in the early nineties in England, in the United States and in Canada, as an answer to an unsatisfactory performance of leading companies - recognized as a deficiency of effectiveness in the board of directors and also as an answer to the pressures exerted by institutional investors. In Brazil, the term Corporate Governance is still more recent, but begins to be pondered and to deserve attention of researchers, of Stock Exchanges and associations. This study aims to identify possible relationship among independent variables, representative of Corporate Governance mechanisms, and measures of economic performance of enterprises of the Brazil Index IBX of the São Paulo Stock Exchange BOVESPA, with data referring to the period comprehended between 1997 and 2001. Using the statistic technique of panel data, model of error components, we work with 16 independent variables representing the Corporate Governance mechanisms: concentration of propriety (5 variables), characteristics of the board of directors (3 variables), voting capital (1 variable), remuneration of the executive directorate (2 variables), financial policy (3 variables), internal control (1 variable), and one more control variable, representing the size of the enterprises. These variables are regressed against each one of the five variables of the studied economic performance measures. Such variables have measured up the Market Value Added, the market to book value price ratio, TOBINS Q, profitability over the assets and profitability over the net equity. The results indicate that the property concentration, the voting capital, the remuneration of the executive directorate and the financial policy are related to the economic performance. Surprisingly, the voting capital and the remuneration of the executive directorate are negatively related to performance. We can also observe that the economic performance measure utilized makes difference in the study of the Corporate Governance mechanisms, because that ones purely accountants doesnt have any relation with the mechanisms tested. This study, comprising such diverse mechanisms, variables and also the observed period, is among the leading empiric studies of Corporate Governance in Brazil. We hope to offer a contribution to the academics holding an interest in the matter, as well as to shareholders, managers, market analysts, consultants, Stock Exchange administrators, regulating bodies and class associations.