In recent years, the impact of the permanently reinvested earnings (PRE) assertion on the financial reporting environment has grown tremendously. Under Accounting Standards Codification (ASC) 740, a firm making the PRE assertion is able to avoid recognizing residual U.S. taxes on earnings of its foreign subsidiaries so long as it reinvests those earnings outside of the U.S. Suboptimal reinvestment is a potential consequence for PRE-asserting firms due to limited reinvestment opportunities abroad. Suboptimal foreign reinvestment, typically high amounts of reinvestment in financial assets, may be viewed negatively by financial statement users, particularly those users concerned with the default risk of a firm. The disclosure of PRE-related information varies substantially and the actual degree of compliance with this accounting standard has been questioned by the Securities and Exchange Commission (SEC). While firms may believe it is advantageous to obscure their PRE-related activity due to media or political concerns, recent academic literature has highlighted a negative relation between disclosure quality in financial statements and credit risk. The purpose of this study is to examine the relations among foreign reinvestment strategy, PRE disclosure, and long-term credit ratings. First, I examine the direct effect of a firm's reinvestment strategy on its long-term credit rating. Second, I investigate the relation between a firm's reinvestment strategy and its choice to disclose PRE-related information. Third, I study the relation between a firm's choice to disclose PRE-related information and its long-term credit rating. Finally, I examine the potential attenuating effect of the PRE disclosure on the negative relation between financial reinvestment and credit ratings. Using hand collected PRE data for Fortune 500 firms from 1997-2010, I find a negative relation between the intensity of a firm's reinvestment in financial assets and its (1) long-term credit rating and (2) choice to disclose PRE-related information. Furthermore, I find a positive relation between a firm's choice to disclose PRE and its credit rating. / Ph. D. / In recent years, U.S. multinational companies (MNCs) have been criticized by politicians and media members for using accounting and tax rules to avoid recognizing and paying substantial amounts of tax. Under U.S. accounting rules, U.S. MNCs include the earnings of both domestic and foreign subsidiaries in their net income for financial statement reporting purposes. Furthermore, companies are required to recognize income tax expense on the earnings from both domestic and foreign subsidiaries; this income tax expense recognition lowers companies’ net income. However, companies may make the permanently reinvested earnings (PRE) assertion, allowing them to avoid recognizing income tax expense on the income earned from foreign subsidiaries so long as they reinvest those earnings outside the U.S. Therefore, companies making the PRE assertion capture the income earned from foreign subsidiaries without the penalty of recognizing income tax expense. In order to make the PRE assertion, companies must (1) have a foreign reinvestment plan or strategy and (2) disclose required PRErelated information in the footnotes to their financial statements. One consequence of making the PRE assertion is suboptimal foreign reinvestment in financial assets (cash hoarding, financial investments with low returns, etc.). This may be viewed negatively by financial statement users, particularly those users concerned with the credit risk of a company. I investigate the relations among the effects of making the PRE assertion, (1) company reinvestment strategy and (2) financial statement disclosure quality, and the perception of a company’s credit risk. First, I find that companies more heavily reinvested in financial assets than operating assets (buildings, equipment, etc.) are (1) viewed negatively by credit rating analysts and (2) less likely to disclose PRE-related information. Second, I find that companies disclosing PRE-related information are viewed more favorably by credit rating analysts. Collectively, the results of this study indicate that (1) a company’s reinvestment strategy and its PRE disclosure quality are viewed as risk relevant by credit rating analysts and (2) a company with a reinvestment strategy focused on financial assets is less likely to disclose PRE-related information.

No

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal.

Mémoire numérisé par la Division de la gestion de documents et des archives de l'Université de Montréal

L’objectif de ce travail était de déterminer i) l’influence du niveau de force absolue sur la durée du temps de maintien, et les altérations neuromusculaires subséquentes chez un même individu à l’issue d’un exercice réalisé à la même intensité relative, avec un ou deux membres ; ii) l’influence de la commande nerveuse sur la capacité de production de force de chacun des muscles extenseurs du genou lors de contractions unilatérales (UL) vs. bilatérales (BL); iii) l’évolution des mécanismes d’activation pendant une série de contractions sous-maximales évoquées par électromyostimulation (EMS).Les résultats de la première étude confirment que le temps limite est dépendant du niveau de force absolu pour un même individu, la durée de la contraction en UL étant 20% plus longue qu’en BL. De plus, une corrélation a été trouvée entre la force lors d’une contraction maximale volontaire (CMV) et le temps limite en UL et BL. Toutefois, d’autres mécanismes semblent être également mis en jeu, car dans un cas les mécanismes sont d’origine nerveux et musculaire (UL), alors que dans l’autre cas les mécanismes sont seulement nerveux (BL). Les résultats de la deuxième étude montrent que la force maximale développée lors d’une contraction BL est inférieure à la somme des forces des contractions UL (i.e. présence d’un déficit bilatéral). Les temps d’apparition des pics de force lors des CMV de chacune des jambes ne sont pas différents de celui de la CMV BL, mais la force développée au cours de celle-ci est inférieure à la somme des CMV de chacune des jambes durant la CMV BL, c'est-à-dire à la force maximale produite par chacune des jambes lors de la CMV BL. Néanmoins, aucune différence d’activité EMG, d’amplitude d’onde M, de doublet et de niveau d’activation n’a été observée entre les conditions UL et BL. Les résultats de la troisième étude montrent que l’estimation de la commande descendante, par la technique de la secousse surimposée, lors d’un effort sous-maximal fatigant présente des biais méthodologiques. Toutefois, l’estimation des mécanismes nerveux par les deux méthodes classiques (niveau d’activation volontaire (NAV) et ratio d’activation centrale (CAR)) reste néanmoins pertinente pendant des contractions maximales volontaires. L’ensemble de nos travaux met en évidence l’intervention de mécanismes d’origine nerveux différents entre les contractions UL et BL / The aim of this work was to determine i) the influence of the level of absolute force on the duration of the endurance time, and subsequent neuromuscular alterations in same individual at the end of an exercise performed at the same relative intensity, with one or two legs, ii) the influence of central drive on the force capacity production of the knee extensor muscles during unilateral (UL) vs. bilateral (BL) contractions, iii) activation mechanisms evolution for a serie of submaximal evoked contractions by electrostimulation (EMS). The results of the first study confirm that the endurance limit depends on the level of absolute force for the same individual, contraction duration for UL is 20% longer than for BL. In addition, a correlation was found between the maximal voluntary contraction force (MVC) and the endurance time in UL and BL. However, other mechanisms also appear to be involved, because in one case the mechanisms are nervous and muscular (UL), while in other cases the mechanisms are only nervous (BL). The results of the second study show that maximal force developed during BL contraction is less than the sum of the forces of UL contraction (i.e. a bilateral deficit). The timing of MVC peak force production during each leg of MVC are not different from that of BL MVC, but the force developed during the latter is less than the sum of MVC in both legs during the BL MVC, i.e. the maximum force produced by each leg during BL MVC. However, no difference in EMG activity, M-wave amplitude, doublet and level of activation was observed between UL and BL conditions. The results of the third study show that the estimation of the central drive, by the technique of superimposed twitch during a submaximal fatiguing effort presents methodological bias. However, estimation of neural mechanisms with both conventional methods (voluntary level activation (VAL) and central activation ratio (CAR)) remains relevant during maximal voluntary contractions. This work évidences the presence of different nervous mechanisms between UL and BL contractions

The diploma thesis "State Approach to Volunteers" deals with the evolution of the state's relationship to voluntary activities in Czech society, with an emphasis on the period since 1989. The starting point is the setting of volunteerism into the context of postindutrial society, which urges us to revise our values orientation, the possibilities of the labour market, our access to life-long education and our level of social cohesion. The essay pays attention to the analysis of the state's approach to the phenomena of volunteerism (in the role of a supporter) and to the resulting position of volunteers in Czech society, stressing the steps that were made to support volunteerism by the state. It analyses the statistical data that deals with the characteristics of organisation, and the projects that have been supported in connection with the Act on Voluntary Service 198/2002. Further, it presents a comparison of the problematic fields of Czech legislation on volunteering with the Polish and Hungarian legislation on volunteering. Finally, it suggests steps and arrangements that could be used in the further support of voluntary activities in the Czech environment.

Miljömålet Levande skogar talar om frivilliga avsättningar som en viktig del i arbetet med att bevara skogens möjlighet att bidra med allt vad både människor och andra organismer behöver av skogen. Det är viktigt att frivilliga avsättningar genomförs, men de genomförs enbart om den som äger skog vet vad en frivillig avsättning är.Denna studie har undersökt andelen frivilliga avsättningar inom småskogsbruket i Östersunds kommun, om det finns någon skillnad i avsättningsgrad hos kvinnliga respektive manliga skogsfastighetsägare samt hur stor del av de tillfrågade som vet vad frivilliga avsättningar är. Detta för att kunna bidra med insikt i hur dagens informationsflöden kring frivilliga avsättningar ser ut.Studien bygger på en kvantitativ undersökningsmetod, där respondenter under telefonintervjuer svarat på ett antal ja- och nej-frågor rörande vetskap om frivilliga avsättningar samt avsättningsgrad inom respektive respondents skogsfastighet.Resultaten av undersökningen av den totala andelen frivilliga avsättningar har jämförts med vilken information som utgått till de som förväntas genomföra dessa avsättningar. Därefter har en analys av underskottet i genomförande av frivilliga avsättningar genomförts utifrån de informationsflöden som identifierats under studien. Studien har därutöver undersökt hur stort genomslag informationen om frivilliga avsättningar haft, genom att undersöka graden av vetskap kring frivilliga avsättningar bland fastighetsägare.Studien har kommit till slutsatsen att avsättningsgraden i det geografiska området studien behandlar ligger i på samma nivå som tidigare studier visar för Jämtland, men lägre än riket som helhet. Studien nådde också slutsatsen att det kontinuerligt utgår relativt stora mängder information gällande frivilliga avsättningar, men att dagens information inte fungerar då enbart 30 % av de undersökta fastighetsägarna har kunskaper om vad frivilliga avsättningar är. / The Swedish national environmental goal Sustainable forests suggests voluntary forest set-asides as an important part of preserving the ability of the forest to provide what humans and other organisms need from the forest. It is crucial that voluntary forest set-asides are implemented, but this can only happen if those who own the forests know about the term of voluntary forest set-asides.In this study, the small-scale forestry within Östersund municipality has been examined in relation to the share of voluntary forest set-asides, if; and to what extent, there is a difference in share of voluntary forest set-asides in forest properties controlled by female and male owners and lastly to what degree the respondents know what voluntary forest set-asides are. This in order to contribute with insight into the flows of information regarding voluntary forest set-asides.The study is based on a quantitative research method, in which the respondents during telephone interviews was asked a series of Yes- and No-questions concerning the level of knowledge in the area of voluntary forest set-asides and the rate of voluntary forest set-asides for each forest property.The result of the inquiry of the total share of voluntary forest set-asides was later compared to the information that has been distributed to those who are expected to voluntarily refrain from use of a part of their land. Thereafter, an analysis of the implementation deficit and the identified information flows was conducted. Finally, the study has examined how big of an impact the information of voluntary forest set-asides has had, by examination of the rate of knowledge of voluntary forest set-asides among the property owners.The study can conclude that the share of voluntary forest set-asides in the examined area is in line with what other studies conclude for the county of Jämtland, but lower than for the nation as a whole. The study also reached the conclusion that the flow of information is continuous and rather vast, when it comes voluntary forest set-asides, but that the current information does not work since only 30 % of the property owners have got enough knowledge of the concept of voluntary forest set-asides. / <p>2018-06-08</p>

This thesis on the Swedish voluntary women’s defence organisation Riksförbundet Sveriges lottakårer (SLK), studies how the board and the members of SLK discussed the problems and the meaning of voluntary defence work during the 1960s and 1970s. Furthermore the thesis aims to engage with previous research and give an explanation to why people may be interested in voluntary defence. Views varied greatly within SLK: some meant that the voluntary grounds of participation gave a sense of elite status to the organisation; however others saw voluntary work as untenable, since more women at the time had both work and family obligations. Another issue was professionalisation versus socialisation. While some members wanted to see a centralisation and professionalisation of the organisation, others found it more important to safeguard the social functions and independence of the local corps unit. The results suggest that gender structures as well as individual agency create multiple reasons and meanings behind voluntary defence work.

Syfte: Den externa redovisningen har som syfte att förmedla en rättvisande bild av företagets ställning och riktar sig till företagets externa omgivning. Årsredovisningar visar inte endast företagens finansiella prestanda utan är även ett sätt att kommunicera med omgivningen. Det som publiceras i årsredovisningar styrs av olika regelverk. Förutom att redovisa det som är lagstadgat, kan företag även redovisa ytterligare information, vilket kallas för frivillig redovisning. Företag inom sjukvårdssektorn utstår ofta offentlig granskning, och genom frivillig redovisning kan de erhålla och bibehålla sin legitimitet. Syftet med denna studie är att studera sambandet mellan företagsspecifika egenskaper och mängden frivillig redovisning i svenska börsnoterade företag inom sjukvårdssektorn, samt vilken typ av information den frivilliga redovisningen består av. Studiens frågeställningar lyder: vilka faktorer påverkar mängden frivillig redovisning och vilken typ av frivillig information redovisas. Metod: Metoden som har tillämpats i denna studie är en kvantitativ metod. Det har först genomförts korrelationsanalyser mellan de oberoende variablerna, därefter har en multipel regressionsanalys genomförts mellan den beroende variabeln och respektive oberoende variabel. Insamling av data för de oberoende variablerna har skett via databasen Retriever och från Nasdaq Stockholm (Stockholmsbörsen). Insamling av data för den beroende variabeln har gjorts manuellt från varje företags årsredovisning från år 2021. Studiens urval består av 58 företag, från en population av 60 företag. Resultat och slutsats: Den slutsats som fastställs är att faktorerna lönsamhet, likviditet och ägarstruktur har ett samband med mängden frivillig redovisning. Av de olika områdena redovisas allmän information i genomsnitt mest, och aktierelaterad information i genomsnitt minst. Företagen uppfyller dock ungefär i genomsnitt lika stor andel inom varje område i indexet. Därav finns inget utstickande mönster avseende vilket område som redovisas mest respektive minst. Examensarbetets bidrag: Svenska bolag inom specifika sektorer är relativt outforskade då majoriteten av tidigare studier är generella och inkluderar företag från olika branscher. Tidigare forskning fokuserar främst på vilka faktorer som påverkar mängden frivillig redovisning, och mindre på vad den frivilliga redovisningen faktiskt innehåller. Därmed bidrar detta arbete med en studie avseende frivillig redovisning i svenska bolag på sektornivå på senare år. Förslag till fortsatt forskning: Förslag för framtida liknande studier är att studera frivillig redovisning inom andra sektorer än sjukvårdssektorn. Dessutom är det möjligt att studera onoterade företag eller företag utanför EU då tillämpningen av regelverk varierar för dessa. Framtida studier kan även studera sambandet mellan frivillig redovisning och ytterligare företagsspecifika egenskaper än de som beaktas i denna studie. / Aim: Financial management aims to convey a justified image of a company's financial performance and is addressed to the company's external environment. Annual reports are not only a way to present the financial performance but also a way to communicate with external stakeholders. Information that’s published in the reports are regulated by differentregulations. Besides obligated disclosure, companies also choose to publish additional information, this type of information is called voluntary disclosure. Companies within the healthcare sector are often publicly scrutinized, thus they frequently disclose voluntarily in order to attain and maintain legitimacy. The aim of this study is to examine the relationship between company characteristics, and the extent of voluntary disclosure in listed companies within the Swedish healthcare sector and which type of information the voluntary disclosure consists of. The research questions formulated are: what are the determinants of voluntary disclosure, and what type of information is voluntarily disclosed. Method: The methodology used for this study is a quantitative method. Initially a correlation analysis was done, to determine the correlation between each independent variable. Thereafter a multiple regression analysis was implemented to determine the relationship between the dependent variable and each of the independent variables. The data for the independent variables was collected from the database Retriever and Nasdaq Stockholm (Stockholm Stock Exchange). The data for the independent variable was collected manually from annual reports for the fiscal year 2021. The sample size for this study is 58 listed companies, from a population of 60 companies. Results and conclusion: The results indicate that the determinants profitability, liquidity, and ownership structure are statistically associated with the extent of voluntary disclosure. On average, general information was disclosed the most, and stock related information was disclosed the least. However, the companies fulfill roughly the same percentage in each area of the index on average. As a result, there is no outstanding pattern regarding which area is disclosed the most and the least. Contribution of the thesis: There is a lack of studies of Swedish companies within specific sectors, since past studies are more general and include companies from different industries. In addition, prior studies focus more on the determinants of voluntary disclosure and less on what it consists of. Therefore, this thesis contributes to a more recent study of voluntary disclosure within Swedish listed companies within a specific sector. Suggestions for future research: A suggestion for future studies like this one, may be studying voluntary disclosure within different sectors. Another suggestion may also be studying non-listed companies or companies outside of the EU, since implementation of regulations vary amongst these. It may also be of interest to study other determinants of voluntary disclosure than those considered in this study.

Call number: LD2668 .T4 1978 M44 / Master of Arts