Journal articles on the topic 'Corporations – Finance'
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1
Nirawati, Lia, Acep Samsudin, Firdiana Nur Auliya, Ferry Fahrial Rakhmad, Muhammad Fauzy H., and Abdillah Hanif Isna. "Sistem Kerja Keuangan Internasional International Financial Work System." El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam 4, no. 5 (April 6, 2023): 1451–58. http://dx.doi.org/10.47467/elmal.v4i5.2942.
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International financial management is planning, organizing, and controlling the finances of Multinational Corporations (Multinational Corporations, often called MNCs). Multinational companies are companies that operate worldwide. MNC finance is rightly defined as a system of monetary relations, which generate the economic activities of the MNC and are necessary for the accumulation, allocation, and efficient use of capital and income funds. In that way MNC finance is a special system, not only because it ensures the smooth functioning of the corporation, and its effective development and allocation depends on the state of world markets, but primarily by the fact that the MNC's financial system itself affects the state of the national economy and the whole of global finance.
Keywords: Company, Finance, Multinational
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Gregg, Amanda, and Steven Nafziger. "Capital structure and corporate performance in late Imperial Russia." European Review of Economic History 23, no. 4 (September 10, 2018): 446–81. http://dx.doi.org/10.1093/ereh/hey020.
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Abstract This article investigates the financing of corporations in industrialization’s early stages by examining new balance sheet data describing all Imperial Russian corporations in 1914. We emphasize differences between two Russian corporation types: share partnerships and A-corporations. Share partnerships issued greater dividends, were less likely to issue bonds, and had larger accounts payable. We find that capital structures varied with age, size, and sector according to modern corporate finance theories and that scaled profits did not demonstrate differential market power across corporation types. Thus, Russian corporations exhibited considerable financial flexibility, and reducing incorporation costs could have benefited the Imperial Russian economy.
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Kiseleva, T. "Features of the Formation of the Financial Base of a Modern State Corporation for the Implementation of Projects." Scientific Research and Development. Russian Journal of Project Management 13, no. 1 (February 20, 2024): 29–36. http://dx.doi.org/10.12737/2587-6279-2024-13-1-29-36.
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The article discusses the process of forming the financial base of state corporations for finance projects. The legal framework that provides a special financial mechanism for the state corporation is analyzed. The role of income from business activities, of budget resources and their composition in financing projects, in the formation and support of the activities of the state corporation is assessed. The object of the study is non-financial state corporations. The research was carried out on the basis of a systematic approach; also the following methods were used: analysis, synthesis, comparative analysis, generalization, etc. The result of the study: to finance its projects, the state corporation is provided with a variety of sources, both budgetary and extra-budgetary, which give it an advantage in comparison with other forms of organizations.
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Van Auken, Howard E., and Tom Holman. "Financial Strategies of Small, Public Firms: A Comparative Analysis with Small, Private Firms and Large, Public Firms." Entrepreneurship Theory and Practice 20, no. 1 (October 1995): 29–41. http://dx.doi.org/10.1177/104225879502000102.
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This study uses canonical correlation analysis to examine the Interrelationships among balance sheet accounts for 190 small, publicly traded corporations. The results suggest that small, public corporations manage risk with the concurrent use of cash and equity, use long-term assets as collateral for long-term debt, and use accounts payable and other current debt to finance receivables and Inventories. Small, public corporations have characteristics similar to both small, private businesses and large corporations, while having unique, Individual qualities. These findings can be attributed to the small, public corporation having greater access to the capital markets than the small, private business, but facing greater constraints than the large corporation In accessing those markets. These results Increase the understanding of the sources and uses of funds for the small, public corporations and Indicates that financing strategies tend to evolve as firms grow.
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Il'in, Sergey, Gamlet Ostaev, and Guzaliya Klychova. "CORPORATE FINANCE IN MODERN CONDITIONS OF ECONOMY." Vestnik of Kazan State Agrarian University 16, no. 4 (February 15, 2021): 102–7. http://dx.doi.org/10.12737/2073-0462-2021-102-107.
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The study of the issues of assessing performance indicators and intensification of finance in the activities of corporations operating in modern economic conditions is necessary and relevant. The purpose of the study is to identify a group of indicators of financial and economic activity to assess the effectiveness of the corporation (corporate finance). In the course of the research, a toolkit has been developed, which is a group of indicators that allow corporations to analyze indicators of financial and economic activity in generalized and detailed forms. When choosing the resulting and factor indicators of efficiency and intensification, the author's position was based on taking into account the current economic environment, namely, the multidisciplinary activity of corporations (on the scale of state borders and beyond) and a high share of borrowed capital for the implementation of business processes in the field of core and non-core types of entrepreneurship. The research indicators in generalized and detailed forms were direct and indirect profitability. These indicators refer to the resulting performance indicators, calculated by comparing profit and consumed capital (its factor indicators). Changes in profit and capital are the resulting indicators of intensification, under the influence of the effectiveness and cost (factor indicators affecting it) of entrepreneurial national and international projects of corporations. The generated indicators fully correspond to the current economic environment and the economic nature of the categories “efficiency” and “intensification”. With their use, it is possible to calculate the dependence not only between the resulting and factor indicators, but also to analyze the interactions of the factor indicators themselves. These indicators meet all economic postulates and are fully adapted to generally recognized economic requirements, in particular, of a financial-economic and financial-management nature. The proposed approach will help maximize financial benefits through an objective analysis of the efficiency and intensification of business operations
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Murray, Georgina, and David Peetz. "Financial Markets, Climate Change, and Paradoxes of Coordination and Intervention." Perspectives on Global Development and Technology 15, no. 5 (October 10, 2016): 455–79. http://dx.doi.org/10.1163/15691497-12341402.
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While capitalism as a system follows a logic that drives it toward environmental degradation, not every corporation blindly follows. Not all capital is opposed to action on climate change as corporations have their own internal logic and agency. This divides different parts of capital. For some corporations their logic promotes long-termism and environmental sustainability as this maximizes their profit (e.g. insurance companies). So ownership and the old divisions between industrial and finance capital are less relevant as corporations become increasingly financialized. The principal cleavage on climate issues is between companies whose profits are enhanced or threatened by carbon emissions.
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Sedláček, Jaroslav, and Daniel Němec. "Interest and tax burden on corporations in the Czech industrial and banking sector after 2008." Review of Economic Perspectives 18, no. 4 (December 1, 2018): 409–24. http://dx.doi.org/10.2478/revecp-2018-0021.
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Abstract The present paper deals with the interest and tax burden of corporations in the Czech industrial and banking sector as well as with the identification of the differences between the two sectors, including the evaluation of their developmental trends in the period after the economic and financial crisis of 2008. The interest and tax burden on business entities is determined by negative cash flows that reduce the value of their assets and equity. The basis of the research is the analysis of both components of the financial burden on corporations in these sectors over the past eight years and the identification of factors influencing their capital structure and performance. According to DuPont's equation, the burden is expressed by interest and the tax reduction of corporation's earnings before interest and taxes. The amount of the financial burden depends on the macroeconomic environment where the corporations operate. Our analysis identified an asynchronous dependence between the real payments and changes in the interest and tax rates. The reduction of both rates has had a positive effect on the performance of Czech corporations and increased their capital resources. They became more attractive to foreign investors, and the return on invested capital improved. Based on the results of the analysis, we evaluated the differences in the performance of the average corporation in the banking and industrial sectors.
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Gherghina, Ștefan Cristian. "Corporate Finance." Journal of Risk and Financial Management 14, no. 2 (January 21, 2021): 44. http://dx.doi.org/10.3390/jrfm14020044.
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Guenther, David. "Of Bodies Politic and Pecuniary: A Brief History of Corporate Purpose." Michigan Business & Entrepreneurial Law Review, no. 9.1 (2020): 1. http://dx.doi.org/10.36639/mbelr.9.1.bodies.
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American corporate law has long drawn a bright line between for-profit and non-profit corporations. In recent years, hybrid or social enterprises have increasingly put this bright-line distinction to the test. This Article asks what we can learn about the purpose of the American business corporation by examining its history and development in the United States in its formative period from roughly 1780-1860. This brief history of corporate purpose suggests that the duty to maximize profits in the for-profit corporation is a relatively recent development. Historically, the American business corporation grew out of an earlier form of corporation that was neither for-profit nor nonprofit in today’s parlance but rather, served a multitude of municipal, religious, charitable, educational, and eventually business purposes in early nineteenth-century New England. The purposes of early American business corporations—rather than maximization of profit to private shareholders— were often overtly public, involving development of local transportation, finance, and other much-needed economic infrastructure. With the rise of factory-based manufacturing, railroads, and other capital-intensive industries in the middle decades of the nineteenth century and the advent of general incorporation statutes, the purpose of the American business corporation shifted fundamentally from public to private. By 1860, the stage was set for the modern firm. This Article concludes that the corporation has no intrinsic purpose. The corporation’s defining features are separate legal personality and the ability to aggregate capital toward any otherwise lawful end, whether for-profit or nonprofit. Social enterprises today more closely resemble the early American business corporation than the profit-maximizing modern firm. Social enterprise should be seen less as a legally uncertain novelty than a return to the business corporation’s nineteenth-century American roots. Finally, this Article suggests potential limitations for social enterprise.
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Nyamita, Micah Odhiambo, and Prof Nirmala Dorasamy. "The drivers of debt financing within state-owned corporations in South Africa." Archives of Business Research 9, no. 9 (October 14, 2021): 240–57. http://dx.doi.org/10.14738/abr.99.10094.
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The public sector financial management reforms being adopted by many countries, such as South Africa, have encouraged the adoption of private-sector management style, such as debt management, within the state-owned corporations. The reform agenda on debt financing is that state-owned corporations should face competitive conditions regarding access to finance. To highlight on the achievements of these reforms, this study explored the questions as to whether the drivers of debt financing within state-owned corporations in South Africa are similar to those of private-sector corporations. Applying a hybrid of cross sectional and longitudinal quantitative surveys, a panel data regression model was used to analyse data from 26 income-generating state-owned corporations in South Africa for the eight-year period 2007-2014 using the generalized method of moments (GMM). The results identified the main determinants of debt financing within the state-owned corporations in South Africa to include asset tangibility, corporation’s growth and liquidity.
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Nyamita, Micah Odhiambo, and Prof Nirmala Dorasamy. "The drivers of debt financing within state-owned corporations in South Africa." Archives of Business Research 9, no. 9 (October 14, 2021): 240–57. http://dx.doi.org/10.14738/abr.99.10094.
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The public sector financial management reforms being adopted by many countries, such as South Africa, have encouraged the adoption of private-sector management style, such as debt management, within the state-owned corporations. The reform agenda on debt financing is that state-owned corporations should face competitive conditions regarding access to finance. To highlight on the achievements of these reforms, this study explored the questions as to whether the drivers of debt financing within state-owned corporations in South Africa are similar to those of private-sector corporations. Applying a hybrid of cross sectional and longitudinal quantitative surveys, a panel data regression model was used to analyse data from 26 income-generating state-owned corporations in South Africa for the eight-year period 2007-2014 using the generalized method of moments (GMM). The results identified the main determinants of debt financing within the state-owned corporations in South Africa to include asset tangibility, corporation’s growth and liquidity.
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Erickson, Merle M., and Shiing-wu Wang. "Tax Benefits as a Source of Merger Premiums In Acquisitions of Private Corporations." Accounting Review 82, no. 2 (March 1, 2007): 359–87. http://dx.doi.org/10.2308/accr.2007.82.2.359.
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Scholes et al. (2005) predict that S corporations, and other conduit entities such as partnerships and LLCs, can sell for a tax-driven purchase price premium relative to C corporations. We test this conjecture by comparing purchase price multiples in a sample of taxable stock acquisitions of S corporations to purchase price multiples for a matched set of taxable stock acquisitions of privately held C corporations. Consistent with Scholes et al.'s (2005) predictions, we find evidence that the organizational form of the target influences acquisition tax structure and acquisition price. Specifically, the evidence supports the conclusion that conduit entities (S corporations) fetch a taxbased purchase price premium relative to similar C corporations. Furthermore, our estimates indicate that average tax benefits in S corporation acquisitions are equal to approximately 12–17 percent of deal value.
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Zaitsev, Vitaly Yu, and Yurii I. Fedchishin. "FINANCE CORPORATIONS: THEORETICAL AND METHODOLOGICAL ASPECT." Statistics and Economics, no. 5 (January 1, 2015): 39–45. http://dx.doi.org/10.21686/2500-3925-2015-5-39-45.
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Avanesova, Nina, Sulaiman Tahajuddin, Olha Hetman, Yuliia Serhiienko, and Vyacheslav Makedon. "STRATEGIC MANAGEMENT IN THE SYSTEM MODEL OF THE CORPORATE ENTERPRISE ORGANIZATIONAL DEVELOPMENT." Economics and Finance 9, no. 1 (2021): 18–30. http://dx.doi.org/10.51586/2311-3413.2021.9.1.18.30.
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The article describes organizational and methodological components of using strategic management within a framework of corporate governance and development. The authors have formed a range of methodological provisions, regarding the choice of a marketing strategy by the corporate enterprise. They identified the main recourse flows within the framework of the used strategies. They also determined the strategic management components, required for providing efficiency of the corporations’ physical resources formation and use. They developed a graphical model for the determination of the corporation’s strategic position on the market. It was proved that a functional strategy involves a close correlation between the management and incorporated ownership relations, manifesting itself in a strategy in the field of finance of the corporation, ensuring corporation industrial stability, effective use of physical resources, the formation of the cash resources funds in the established amount, real property management and caretaking control, etc. The authors offered a methodology for conducting a strategic evaluation of the corporation in the basic market conditions.
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Popov, A. N. "The Structure of Russian Large Business Demand for Innovation in the Contex of Corporate Accelerators." Vestnik of the Plekhanov Russian University of Economics 17, no. 4 (July 23, 2020): 36–47. http://dx.doi.org/10.21686/2413-2829-2020-4-36-47.
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The article studies the dynamics of the corporate accelerator model development in Russia from 2013 to 2020, the existing model of corporate acceleration and subsequent introduction of the start-up product in the corporation, as well as the structure of Russian corporations’ demand for innovation solutions of start-ups. The low level of Russian business digitalization in comparison with EU countries, dropping dynamics since 2013 of the specific weigh of innovation products and services in the total volume of sold products and services and the growing activity of corporations in the field of innovation in 2016–2019 stipulate a high potential of corporate innovation development in Russia. By studying 54 programs of corporate acceleration the author identified the key models of corporate accelerators’ organization in Russia and showed the growing dynamics of their development since 2018. For deeper investigation of the mechanism of start-ups and corporations interaction in the context of corporate accelerator through system analysis the article provides the model of organizing corporate accelerator and pilot launch of joint work of start-up and corporation on the basis of reports by spokesmen of Russian corporations at conferences and webinars. Based on open information about 72 innovation projects and experience of interaction of Russian corporations from telecommunications and finance fields the structure of corporations’ demand for highlytechnological solutions of start-ups was identified. Through classification methods the author described the demand in view of methods of technology introduction, the sphere of using technology in the corporation and key technologies applied in innovation solution of start-ups.
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Schultz, Thomas D., and Kyle Scott. "Puerto Rico: The Evolution of America's Corporate Tax Haven." ATA Journal of Legal Tax Research 12, no. 1 (March 1, 2014): 17–40. http://dx.doi.org/10.2308/jltr-50746.
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ABSTRACT We examine the taxation of corporate income earned in the Commonwealth of Puerto Rico and how the repeal of the possession tax credit available under Internal Revenue Code (IRC) §936 resulted in many U.S. companies converting former possessions corporations into controlled foreign corporations. Although Puerto Rico is a U.S. territory, the conversions highlight that corporations organized under the laws of the Commonwealth generally are foreign corporations for U.S. tax purposes. A U.S. Senate Subcommittee reports Microsoft Corporation shifted offshore the recognition of nearly one-half of its U.S. net retail sales revenue for the period 2009–2011 by transferring intellectual property rights to a controlled subsidiary in Puerto Rico. We find that the corresponding U.S. tax benefits are significant compared to the credits once claimed under IRC §936, and over 20 percent of Standard & Poor's (S&P) 500 firms were in a similar position to avoid federal taxation by shifting income between political subdivisions of the United States.
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Dubrova, M. "Limits of financial independence of state corporations." Management and Business Administration, no. 2 (July 5, 2021): 26–34. http://dx.doi.org/10.33983/2075-1826-2021-2-26-34.
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Russian state corporations are becoming the most important tools for implementing state policy in significant areas of the economy in Russia, through the mobilization of state financial resources and directing them to priority areas of state development, the implementation of social projects. The purpose of the study is to study the financial independence of state corporations in order to increase the efficiency of their activities and interaction with state authorities for the implementation of state policy in various areas. The proposed article emphasizes the specifics of a state corporation as a unitary non-profit organization, substantiates the principles of organizing finance, taking into account the specifics of the association and management of commercial organizations, and provides recommendations for improving the openness of the financial statements of state corporations.
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Malkawi, Bashar H. "Editorial: Corporate governance and COVID-19 in the context of coming drastic changes." Corporate Board role duties and composition 16, no. 3 (2020): 4–6. http://dx.doi.org/10.22495/cbv16i3editorial.
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Corporate governance faces a new set of challenges in light of COVID-19. Corporations would have to reduce their finance by assuming more debt and providing dividends for shareholders. This will lead to a stable financial environment. Corporations might choose among diverse interests that would include a mix of government interests and concentrated ownership. Also, as a result of increase in the use of technology, there will a shift in the bargaining power between capital and labor as corporations will have a wide spectrum in hiring employees worldwide. As we have seen over the past few years, there is increasing pressure to limit foreign investment in strategic sectors and focus on national security screening for foreign corporation accruing domestic firms. This trend is expected to continue as a result of COVID-19 as countries are trying to shore up their economics against external shocks. Moreover, there would be an increase in government ownership in corporations and other types of controls. The presence of the COVID-19 health crisis is likely to push the debate toward stakeholder perception of the corporation, shifting away – over the next few years – from shareholders’ interests. There could be even more focus on employees and the role they play in the corporation. Employees are expected to act as active players in running the affairs of the corporation. Overall, these topics are addressed in the current issue of Corporate Board: Role, Duties and Composition.
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Ozili, Peterson K. "Digital Finance, Green Finance and Social Finance: Is thera a Link?" Financial Internet Quarterly 17, no. 1 (March 1, 2021): 1–7. http://dx.doi.org/10.2478/fiqf-2021-0001.
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Abstract Identifying the intersection between digital finance, green finance and social finance is important for promoting sustainable financial, social and environmental development. This paper suggests a link between digital finance, green finance and social finance. Using a simple conceptual model, I show that digital finance offers a smooth, efficient and seamless channel for individuals and corporations to fund social projects that deliver a social dividend, and green projects lead to a sustainable environment. The implication is that digital finance is both an enabler and a channel for efficient green financing and social financing.
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Li, Yuanhui, and Check Teck Foo. "A sociological theory of corporate finance." Chinese Management Studies 9, no. 3 (August 3, 2015): 269–94. http://dx.doi.org/10.1108/cms-12-2014-0232.
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Purpose – The paper aims to investigate the relationship between social responsibility and equity in China. In the process, the authors utilize data on corporate social responsibility (CSR) reports (in particular, information disclosure) and equity capital (focusing on cost). The overarching hypothesis may be phrased simply as: is CSR reporting rewarded by the capital market in China? Design/methodology/approach – The data of 3,012 list corporations in China securities are used and 1,015 CSR report quality scores (Rankins CSR Ratings) are hand-gathered from HEXUN (Web site) and utilized in the process of developing the model; financial and stock market information is obtained from the Wind database and the China Stock Market and Accounting Research database. Findings – The authors’ results suggest that overall the quality of CSR report is strongly, negatively related with the cost of capital: the higher the quality of social responsibility information disclosure, the lower the cost of equity capital. Most intriguingly, the authors find a sharp contrast between the government-owned corporations (state-owned enterprises) and privately owned, listed corporations. The quality of CSR reporting has a much higher impact in lowering the cost of equity capital for privately owned corporations. In contrasting the results for mandatory versus voluntary CSR disclosure, the quality of CSR reporting for the latter does not have any higher impact in lowering the cost of equity. Practical implications – Good social responsibility behavior by corporations and their subsequent information disclosure has beneficial financial impacts. In the authors’ research, the authors showed its immediate impact to be in the lowering of the overall corporate cost of equity. In this regard, the authors would recommend that chief executive officers pay more attention to CSR practice and its disclosure. Private firms issuing CSR reports will benefit from much lower financing costs through the capital market. Originality/value – Due to the structure of capital markets in China, the authors are able to show that CSR reporting of privately owned, listed corporations have much more effective signaling power. On the basis of the authors’ empirical findings in relation to the quality of CSR reporting and its impact on cost of capital, the authors suggest there is greater scope for research which takes a “finance and society” perspective. Based on more extensive research, such a perspective may enable scholars to orientate finance and finance research toward a model of “socio-capitalism”.
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Klychova, Guzaliya, Alsou Zakirova, Gamlet Ostaev, Vyacheslav Sokolov, and Elena Nekrasova. "Corporate finance in the system of economic analysis management and intensification." E3S Web of Conferences 273 (2021): 10037. http://dx.doi.org/10.1051/e3sconf/202127310037.
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The study of the issues of assessing the indicators of efficiency and intensification of finance in the activities of corporations operating in modern economic conditions is necessary and relevant. The research was conducted in order to identify a group of financial and economic indicators for assessing the financial efficiency of the corporation. In the course of the research a toolkit was developed, which is a group of indicators that allow corporations to analyze financial and economic activity in generalized and detailed forms. When selecting the resulting and factor indicators of efficiency and intensification, the author's position was based on taking into account the current economic situation, namely, the multiprofile activities of corporations (within and outside the state borders) and the high proportion of borrowed capital for business processes in the core and non-core types of entrepreneurship. The objects of the study in generalized and detailed forms were direct and indirect profitability. They refer to the resulting indicators of efficiency, calculated by comparing the profit and consumed capital. The formed indicators fully correspond to the modern economic situation and the economic nature of the categories of «efficiency» and «intensification». With their use it is possible to calculate the dependence not only between the resultant and factor indicators, but also to analyze the interaction of the factor indicators themselves. These factor indicators meet all the economic postulates and are fully adapted to the generally recognized economic requirements, in particular, financial and economic and financial management. The proposed approach will help to maximize the financial benefits through an objective analysis of the effectiveness and intensification of economic operations.
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Макашина, Ольга Владиленовна, and Наталия Сергеевна Красникова. "THE ALGORITHM OF ORGANIZATION OF FINANCE OF THE PUBLIC SECTOR." «Izvestia vyssih uchebnyh zavedenij. Seria «Ekonomika, finansy i upravlenie proizvodstvom», no. 4 (46) (December 29, 2020): 25–34. http://dx.doi.org/10.6060/ivecofin.2020464.500.
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The purpose of the study was to identify the reasons why there was a need to form a new model of public sector finance and develop an algorithm for organizing public sector finance. The article compares the provisions of the guidelines developed by the international monetary fund on public finance statistics. The authors proceeded from the guidelines that the starting point for the organization of public sector Finance was the identification of institutional units and activities that relate to the public sector. This made it possible to determine the composition of public sector finances. The purpose of the organization of public sector finance is to meet the socio-economic needs of society, ensuring compliance with the appropriate level of national security. The need for the functioning of institutional units in the public sector is related to the fact that it would be impossible to meet public needs on a purely entrepreneurial basis. It is determined that the practical application of the principles of classification of sectors will be required in cases where it is necessary to find out whether a particular entity belongs to institutional units and, if so, to which sector (either to the public administration sector or to state corporations). The paper shows that from the point of view of the impact on fiscal policy, public sector finances include the finances of the public administration sector, which in turn consists of institutional units that are mainly engaged in non-market activities, and the finances of state corporations (organizations). The proposed approach to the organization of public sector Finance based on the concept of institutional units will increase the availability of key statistical data. This is certainly in line with the desire of most countries to increase transparency and accountability in the public sector. In addition, it helps to identify shortcomings at the early stages of the deterioration of the financial situation in the country and to take timely corrective measures
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Wati, Dwi Ananda Fajar. "PERTANGGUNGJAWABAN HUKUM TERHADAP KERUGIAN KEUANGAN NEGARA PADABUMN/PERSERO." Badamai Law Journal 1, no. 1 (March 1, 2016): 159. http://dx.doi.org/10.32801/damai.v1i1.256.
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Issues regarding legal accountability to state-owned corporation loss toward state finance have been considered significant concerning the importance of the existence of the state-owned corporation as one of the driving wheel of national development. There are, however, numerous laws and regulations which regulate the state owned corporation. To some communities, these regulations tend to limit the performance of the corporations itself as an independent legal entity, and in turn, the corporation faces difficulties to compete with private corporations. Based on the issue, this thesis aims to evaluate the concept whether the wealth of the state-owned corporation is the wealth of the state; to evaluate whether the loss of state-owned corporation is a state loss; and to evaluate the legal accountability towards the loss and the settlement compensation of the state owned corporation administrators. Based on the research, it is found that to this date, the accountability of the state-owned loss is regulated by multi laws, in which the private law, state administrative law, and criminal law. This fact is based on the vast interpretation of state finance in the State Finance Law, and in turn, the loss in this section is considered as the loss of state’s finance. This finding also shows that the legal accountability of state finance loss in a state owned corporation is regulated in the statutory laws associated with state finance and the regulation of the state owned corporation itself. Moreover, State-Owned Corporation is also regulated in the regulation about corporation and limited company as if it was a private company. Keywords :Responsibility, corporation, loss toward state finance Isu mengenai akuntabilitas hukum untuk kerugian perusahaan milik negara terhadap keuangan negara telah dianggap signifikan mengenai pentingnya keberadaan perusahaan milik negara sebagai salah satu penggerak roda pembangunan nasional. Namun demikian, banyak undang-undang dan peraturan yang mengatur perusahaan milik negara. Untuk beberapa komunitas, peraturan ini cenderung membatasi kinerja perusahaan itu sendiri sebagai entitas hukum independen, dan pada gilirannya, perusahaan menghadapi kesulitan untuk bersaing dengan perusahaan-perusahaan swasta. Berdasarkan hal tersebut, tesis ini bertujuan untuk mengevaluasi konsep apakah kekayaan perusahaan milik negara adalah kekayaan negara; untuk mengevaluasi apakah hilangnya perusahaan milik negara adalah kerugian negara; dan untuk mengevaluasi pertanggungjawaban hukum terhadap kerugian dan kompensasi penyelesaian BUMN administrator perusahaan. Berdasarkan penelitian, ditemukan bahwa sampai saat ini, akuntabilitas kerugian BUMN diatur oleh undang-undang multi-, di mana hukum privat, hukum administrasi negara, dan hukum pidana. Fakta ini didasarkan pada interpretasi yang luas dari keuangan negara dalam UU Keuangan Negara, dan pada gilirannya, hilangnya bagian ini dianggap sebagai kerugian keuangan negara. Temuan ini juga menunjukkan bahwa akuntabilitas hukum kerugian keuangan negara dalam sebuah perusahaan milik negara diatur dalam undang-undang hukum yang terkait dengan keuangan negara dan peraturan dari perusahaan milik negara itu sendiri. Selain itu, Milik Negara Corporation juga diatur dalam peraturan tentang perusahaan dan perusahaan terbatas seolah-olah itu sebuah perusahaan swastaKata kunci : BUMN/Persero,Kerugian Keuangan Negara, Pertanggungjawaban Hukum
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Geisler, Gregory G., and Sally Wallace. "The Use of Compensation for Tax Avoidance by Owners of Small Corporations." Journal of the American Taxation Association 27, no. 1 (March 1, 2005): 73–90. http://dx.doi.org/10.2308/jata.2005.27.1.73.
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This study provides empirical evidence on the extent to which taxes influence owners' compensation in small (fewer than 500 employees) Subchapter Selecting corporations (S corporations), taxable corporations that provide professional services (PSC corporations), and other taxable corporations (C corporations). Paying additional compensation to owner-employees likely increases the total after-tax income for PSC corporations with positive taxable income. Paying additional compensation to owner-employees is, however, less likely to increase the total after-tax income for C corporations and does not increase the total after-tax income for S corporations. Using data from the corporate tax returns of 503 small corporations, this study examines the marginal change in owners' compensation as taxable income changes. The study finds that, per dollar of taxable income, PSC corporations increase compensation to owneremployees significantly more than C corporations.
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Dyer, M. Renee. "Women in Finance: Advice from Female Finance Executives." Applied Economics and Finance 11, no. 1 (February 27, 2024): 13. http://dx.doi.org/10.11114/aef.v11i1.6770.
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Women in the finance industry create a needed balance for corporations that can improve firm outcomes. Even with this knowledge, women are still underrepresented in the finance industry. This study is about the factors that lead women into the finance industry and those that discourage them from a career in finance. Interviews with ten women currently working in different sectors of the finance industry uncover the motives that lead them to careers in finance and areas that need to be addressed to encourage more women to choose finance as a college major and a career.
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Hammer, Yoav. "Should Corporations Have A Right To Finance Political Campaigns?" Law & Ethics of Human Rights 11, no. 1 (May 8, 2017): 89–118. http://dx.doi.org/10.1515/lehr-2017-0005.
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Abstract Although on election day each vote carries equal weight, in the U.S. there is a strong correlation between policy and the preferences of the affluent, and a weak correlation between policy and the preferences of the middle class or the poor. This state of affairs can result from unequal input into the democratic process. If a democracy allows unlimited private financing of political campaigns, then prior to elections wealthy citizens or businesses can gain greater influence than others on the political discourse. In addition, there is a danger that elected representatives − who wish to be re-elected − would decide in ways that serve the interests of their big donors. In this article, I discuss an important aspect of money’s influence on politics, namely whether corporations should be allowed to participate in the financing of campaigns. This issue produced intense disagreement over the last several years, following the U.S. Supreme Court decision which held that restrictions against corporate campaign finance are unconstitutional since a corporation’s right to freedom of political speech is no less than a citizen’s right to freedom of political speech. Since in my opinion the Court’s position is seriously mistaken, I find it important to look at the arguments the Court provides and try to refute them.
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Lee, B. "Crafting a Corporate Analogue to Criminal Disenfranchisement." Michigan Business & Entrepreneurial Law Review, no. 8.2 (2019): 381. http://dx.doi.org/10.36639/mbelr.8.2.crafting.
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The Supreme Court’s 2010 decision in Citizens United v. FEC represented a sea change in the world of corporate citizenship. Although the decision dealt with campaign finance law, it has sparked significant discussion of the concept of corporate personhood more broadly. Corporations have increasingly taken advantage of legal rights previously reserved for individuals. This Note argues that where corporations reap the benefits of constitutional entitlements intended for individuals, they should suffer consequences for malfeasance similar to those imposed on individuals who engage in criminal conduct. Specifically, this Note advocates for limitations on corporate electioneering as a collateral consequence of a corporation’s criminal conviction, just as individuals may forfeit the right to vote following a felony conviction. Such a reform would address common criticisms regarding corporate criminal prosecutions’ lack of deterrent effect. It would also send an important expressive message that corporations do not enjoy more favorable treatment than individuals when facing criminal prosecutions.
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МУХИН Д.А., МУХИН Д. А. "ANALYSIS OF THE IMPACT OF SIZE OF COMPANY ON ITS FINANCIAL PERFORMANCE DURING ECONOMIC UNCERTAINTY." Экономика и предпринимательство, no. 5(166) (June 28, 2024): 1469–72. http://dx.doi.org/10.34925/eip.2024.166.5.300.
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В статье проводится эконометрический анализ, направленный на выявление влияния размера корпорации на её финансовую устойчивость в периоды экономических кризисов. Проверяется авторская гипотеза, что крупные корпорации обладают более высокой финансовой устойчивостью по сравнению с небольшими корпорациями в условиях кризисов, благодаря диверсификации бизнеса, широкому географическому распределению деятельности и более простому доступу к капиталу. Полученный вывод, подтвержденный результатами анализа, имеет важное значение для понимания динамики финансов корпораций и разработки инвестиционных стратегий в периоды экономических нестабильностей. The author conducts an econometric analysis aimed at identifying the impact of the size of a corporation on its financial stability during economic crises. The author tests a hypothesis that large corporations have higher financial stability compared to small corporations in times of crisis. The hypothesis is linked to business diversification, wide geographical distribution of activities and easier access to capital for larger corporations. The conclusion which confirms the results of the analysis is important for understanding the dynamics of corporate finance and developing investment strategies during periods of economic instability.
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A. Omran, Mohamed, and Ahmed M. El-Galfy. "Theoretical perspectives on corporate disclosure: a critical evaluation and literature survey." Asian Review of Accounting 22, no. 3 (August 26, 2014): 257–86. http://dx.doi.org/10.1108/ara-01-2014-0013.
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Purpose – The purpose of this paper is to provide an extensive and critical overview of the theoretical perspectives used in the accounting disclosure literature including economic theories, political and social theories. Design/methodology/approach – The paper reviews and discusses in details the positive accounting theory (PAT), agency theory, signalling theory, political economy theory (PET), stakeholder theory, legitimacy theory and contingency theory to identify the situations suit each of these perspectives. Findings – The main finding shows that there is no universal theory applicable for all situations or societies. For example, PAT is probably used when a corporation believes that its primary responsibility is to use its resources and engage in activities designed to maximise its profits. On the other hand, the PET seems to better explain why some corporations appear to respond to government or public pressure for information about their social impact. The agency theory provides the required framework to evaluate accounting choices and disclosure decisions in market-based studies. While the legitimacy theory seems to be more suitable for multinational corporations working in developed/democratic countries, the stakeholder theory seems to be most suitable for multinational corporations working in developing/dictator countries; whereas a corporation can manage its stakeholders. The contingency theory supports our main finding that different theories are required for different situations, as it clearly indicates that management's preferences of reporting practices are related to the nature of environmental and organisational constraints rather than their relative income effects. Originality/value – The paper contributes to the limited body of literature concerning the accounting disclosure theories and to identify the main theoretical perspective that can be used in the accounting disclosure research.
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Verheliuk, Yuliia, Yuliia Koverninska, Vladimir Korneev, and Alexey Kononets. "Bank crediting to the sector of non-financial corporations in Ukraine." Banks and Bank Systems 14, no. 3 (September 4, 2019): 64–75. http://dx.doi.org/10.21511/bbs.14(3).2019.06.
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The importance of studying the bank crediting (lending) to non-financial corporations in Ukraine is due to the recent increase in borrowing costs and a low credit supply from banks. This article defines certain parameters, which could help to allocate the limited credit recourses to meet current macroeconomic challenges. The main purpose of the article is to discuss and substantiate the choice of these parameters. The study is focused on the systematic approach and statistical methods to achieve the research goals.Quantitative parameters of bank lending to non-financial corporations were analyzed through the prism of macroeconomic indicators. In particular, the analysis was conducted on the following parameters of bank lending to non-financial corporations: share of bank loans to non-financial corporations in GDP, volume of loans by type of economic activity, sectoral shares of non-financial corporations in creating gross economic value added, interest rates on loans to non-financial corporations, etc.It is defined that the share of bank lending to non-financial corporations in GDP is currently low and gradually decreasing. The analysis of the volume of lending by types of economic activities, by the size of borrowers and the respective sectoral shares of non-financial corporations in creation of gross value added showed disproportionate distribution of credit resources by economic returns. The calculation and analysis of the localization and concentration coefficients allowed to identify current problems in crediting of Ukrainian businesses. The interest rates on loans to non-financial corporations remain high, which often makes bank credits inaccessible for them, especially considering the low level of profitability of Ukrainian enterprises.
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Pitt-Watson, David, and Hari Mann. "The purposeful corporation and the role of the finance industry." Journal of the British Academy 10s5 (2022): 125–61. http://dx.doi.org/10.5871/jba/010s5.125.
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The finance industry�banks, insurers, fund managers and the rest�play a pivotal role in our economy. In particular they have a profound influence on the behaviour of our corporations and the individuals that work for them. To provide its services, the finance industry has considerable powers in corporate governance. So, if we are to reconceptualise the purpose of the corporation, this article argues that we also need to do the same for the role of the finance industry. The article begins with a review of the limited literature around �the purpose of the finance industry�. It then poses the question about what that purpose should be, whether the industry�s current practices are adequately fulfilling that purpose, and how this affects corporate behaviour. The article argues that if the finance industry itself were more purposeful, that would help to promote purposeful companies. Finally, the article makes a series of recommendations on how stakeholders can create a model of change within the industry to support purposeful outcomes.
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Chuang, You-Ta, Robin Church, and Changya Hu. "Effects of Movements and Opportunities on the Adoption of Same-Sex Partner Health Benefits by Corporations." Journal of Management 44, no. 7 (February 12, 2016): 2766–800. http://dx.doi.org/10.1177/0149206315623839.
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In this study, we draw upon a social movement perspective to examine how movements and institutional opportunity (political and cultural) influenced a sample of Fortune 500 corporations’ adoption of a controversial organizational practice—same-sex partner health benefits. Our results show that while corporations’ gay, lesbian, bisexual, and transgender (GLBT) employee resource groups increased the rate of the corporations’ benefits adoption, the effect of the GLBT employee resource groups became weaker when the degree of resource concentration of local GLBT advocacy organizations was high. Political opportunity derived from state legal environments and cultural opportunity derived from the tenor of moral legitimacy in leading national press coverage had little influence on the rate of benefits adoption. Furthermore, the influence of a GLBT employee resource group on the rate of benefits adoption by its corporation became weaker when cultural opportunity, derived from increases in positive tenor of pragmatic legitimacy discourse used by movement and countermovement organizations in the press, was present. Accordingly, our study shows the complicated effects of movements within and outside corporations and cultural opportunity on the adoption of a controversial practice and reveals the importance of mobilizing structure (both internal and external movements) and cultural opportunity in the adoption.
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Zhunusova, R. M., and D. T. Ahmetova. "Assessment of the activities of the agricultural credit corporations as a development institution." Bulletin of "Turan" University, no. 1 (April 1, 2023): 104–15. http://dx.doi.org/10.46914/1562-2959-2023-1-1-104-115.
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In the article, based on the public reporting materials of JSC «Agrarian Credit Corporation» for the period from 2017 to 2021, its activities as a development institution that finances agricultural entities are analyzed. A sufficiently detailed assessment of the financial condition of the Corporation itself was carried out. Financial and operational indicators are studied in dynamics, changes in the assets, liabilities and capital of the corporation, as well as the final financial results of the Corporation’s activities are shown. The changes in income and expenses of the corporation were studied and assessed, which made it possible to substantiate the level of efficiency of its activities. As a result, the indicators of the effectiveness of the use of assets ROA and the indicator of the efficiency of the use of equity ROE were calculated, which are characterized by high values. It was noted that in order to expand the coverage of agribusiness entities with credit funds, the Agrarian Credit Corporation uses various financial instruments: direct lending and funding of financial institutions. The volumes of borrowings are considered in dynamics and their importance in increasing the amount of financing of agricultural producers in the industry is shown. Such borrowing made it possible to identify the main creditor of the Corporation, which annually provides loans for lending to spring field and harvesting work through the Ministry of Finance of the Republic of Kazakhstan and loans from other financial institutions for subsequent lending to agribusiness entities. This indicates that this corporation will continue to act as the main financial institution for the development of agriculture.
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Tarasov, A. A. "Eurobond Flotation by Russian Corporations and Finance Institutions." Vestnik of the Plekhanov Russian University of Economics 17, no. 6 (December 4, 2020): 54–61. http://dx.doi.org/10.21686/2413-2829-2020-6-54-61.
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Eurobonds are one of the key instruments of international corporate financing. The article studies Eurobond market as a source of raising cash by Russian corporations and finance institutions. It provides structural parameters of Eurobonds and depicts types of securities available on debt market for Russian issuers (issues with one or several tranches, benchmark issues). The author analyzes results of Russian issuers’ flotation, including high activity on Eurobond market of exporting companies and successful flotation of ruble Eurobonds. The article studies transaction aspects of Eurobonds market: the role of principle participants of the deal (leading managers, global coordinators, book-runners) and key stages of the security flotation process (getting the credit rating, preparation of legal papers, syndication and marketing on market). It makes a comparative analysis of key instruments of raising finance by Russian borrowers on international markets of debt capital – Eurobonds and syndicated credits. These instruments both compete and supplement each other, which was proven by using the combination of Eurobonds and syndicated credits by leading borrowers. The article comes to the conclusion that combined use of these debt instruments for solving a wide range of finance problems is optimal for corporate capital structure and finance institutions.
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Antoniou, Andreas, and John Christopher Robin Rowley. "Finance and the structural adjustment of canadian corporations." Économie appliquée 40, no. 4 (1987): 771–93. http://dx.doi.org/10.3406/ecoap.1987.4139.
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SHKRETA, Xhesi, and Elvin MEKA. "Capital structure in Albanian manufacturing corporations- The main factors which determine it." Economicus 20, no. 1 (2021): 49–63. http://dx.doi.org/10.58944/wadl5916.
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For every company, decisions made on achieving an optimal capital structure are important for its life cycle and economic profitability. Properly funded investments contribute to the creation of new wealth, which reflects a high added value in the market. A number of theories have been developed by specialists, in the field of finance and economics about the capital structure and its optimal level. In general, these theories came up to conflicting conclusions. One of these theories, developed by Myers and Majluf in 1984, is the “Pecking Order Theory”, which states that companies choose to finance their activity in a certain hierarchical order, preferring domestic financing at first and if it is not possible, they will prefer to be financed through debt, and ultimately through new equity. This paper tends to analyze in which extent this theory of capital structure is applied in the Albanian reality of large manufacturing corporations. Through empirical analysis of the sample, it is analyzed to what extent manufacturing corporations taken in the study, choose to apply this preferential order in decision making between different financing alternatives. Through the inductive method used in the argument, it is concluded that “Pecking Order Theory” is widely applicable to large manufacturing corporations operating in Albania. They prefer domestic and debt financing rather than new equity. Based on the results, in the end are given some recommendations for large corporations, in order to see as an effective way of financing the issuance of new equity, or even debt securities, such as corporate bonds.
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Chakraborty, Dr Subhajit, and Susmita Biswas. "Examining Global Resource Mobilization: Strategies and Hurdles in Accessing the International Capital Market." Indian Journal of Economics and Finance 4, no. 1 (May 30, 2024): 32–38. http://dx.doi.org/10.54105/ijef.a2571.04010524.
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The role of finance is indispensable for business entrepreneurs as it fuels both fixed and working capital, driving growth and operational efficiency. Financial decisions are crucial for directing business growth from its inception through various phases. Corporate finance is pivotal in exploring alternative methods to finance fixed and working capital needs. Capital markets, including domestic ones like India's Securities Exchange Board-regulated and international markets, serve as vital platforms for businesses to secure funding and ensure smooth operations. Effective corporate governance, shareholder wealth maximization, regulatory compliance, profitable project funding, and global brand recognition are key goals for corporations to sustain and thrive. This paper aims to delve into the Overseas Depositories' role in international capital markets, highlighting their contribution to funding corporations globally. It will also discuss the significance of two-way fungibility in trading shares and depository receipts across borders, and how overseas depositories facilitate finance raising for corporations. Additionally, the paper will examine the trading dynamics of American and Global depository receipts vis-à-vis shares in the international capital market context.
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Harris, Ron. "A new understanding of the history of limited liability: an invitation for theoretical reframing." Journal of Institutional Economics 16, no. 5 (June 8, 2020): 643–64. http://dx.doi.org/10.1017/s1744137420000181.
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AbstractI investigate the historical development of limited liability – widely considered a cornerstone of the business corporation – and challenge the commonplace linear narratives about how limited liability evolved. I dismiss the claim that limited liability was invented with the very first joint-stock business corporations around 1600. I also reject the assertion that it became dominant with the limited liability acts of the mid-19th century. My argument is that it was only around 1800 that limited liability became a separate corporate attribute, distinct from legal personality, and that limited liability in the modern sense became a uniform attribute of all corporations only in the 20th century. Since corporations, stock markets and the corporate economy enjoyed a long and prosperous history well before limited liability in its modern sense became established and dominant, the economic theory of limited liability needs to be revisited. The paper opens a new set of conceptual, empirical and theoretical research questions, and points to new possibilities in terms of viable future liability regimes.
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Il'in, Sergey, Gamlet Ostaev, Aleksandr Podrezov, and Oksana Zlobina. "CONCEPTUAL APPROACH TO PERFORMANCE ASSESSMENT AND INTENSIFICATION OF CORPORATE FINANCE." Russian Journal of Management 9, no. 2 (August 31, 2021): 166–70. http://dx.doi.org/10.29039/2409-6024-2021-9-2-166-170.
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The article discloses the author's position on the issues of calculating indicators reflecting the efficiency and intensification of the finances of organizations engaged in large business (corporate finance), which is the most popular among both the population and the state, due to their possession of hypertrophic resource potential, which they need rationally ( effectively) apply in the process of carrying out economic activities, including absolute leadership financial opportunities. It is based on the diversification of corporations' activities, which is a set of operational, investment, financial commercial transactions with corresponding cash receipts (results) and payments (costs), when comparing them with each other, performance indicators are formed that affect their subsequent change (intensification) ... The content of this position includes a toolkit composed of the proposed methods for determining the efficiency indicators and intensification of corporate finance of a direct (direct) and indirect (indirect) nature, which do not contradict the interpretations of both categories established in economic science and fully disclose the mechanism for the formation of interacting results. (net profit) and costs (payments), performance (direct profitability or direct profitability) and cost (indirect profitability or indirect profitability) of cash flows. All of these techniques will help managers heading corporations in accurately assessing efficiency and intensifying finance, including through the harmony of statistical and mathematical calculation postulates that fit into the concept developed by the authors.
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Sapozhnikova, N. G. "Formation of Risks’ Information in Corporate Accounting and Reporting." Accounting. Analysis. Auditing 8, no. 5 (January 18, 2022): 41–54. http://dx.doi.org/10.26794/2408-9303-2021-8-5-41-54.
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The paper examines the impact of risk management practices on improving the competitiveness and financial stability of corporations. The purpose of the study is to develop recommendations for the formation in accounting and disclosure in the accounting (financial) statements of information about the risks inherent in the activities of corporations. The need for the above is noted by the document of the Ministry of Finance of Russia “Information No. PZ‑9/2012”. A critical analysis of the risks typologies presented in the studies of domestic and foreign researchers that had allowed to draw a conclusion about their quantitative increase in the number of risks of corporations including such as: stoppages and disruptions of production due to the death and damage of assets (equipment, transport, raw materials); overvoltage of technical and technological systems; problems inadequate use of raw materials; rising costs and other factors. The author introduces the concept of the risk of loss of a corporation’s equity capital caused by a decrease in the value of assets, which can be identified by impairment testing, which ensures the reliability of the assessment of the accounting objects and elements of accounting (financial) statements. Risk assessment based on the assumption that assets are shown in reliable value in the appropriate accounts and ledgers, is one of the elements of internal control of the corporation and allows users to make informed economic decisions. Impairment testing involves the identification of external and internal indicators characteristic of certain assets, the calculation of the amount of impairment, systematization and disclosure of information in accounting and reporting. Along with the recommended risks typology it is advisable for the Ministry of Finance of Russia to include in the list of risks to be disclosed in the accounting (financial) statements, the risks of loss of equity capital due to asset depreciation. It has been proven that the analysis and assessment involve identifying risk-forming factors, determining the level of risk and developing measures to reduce the risk. Therefore, it is expediently to systematize the risk information in corporate accounting and reporting standards, the use of which is recommended by the Federal Law “On Accounting”.
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Mugarura, Norman. "The juxtaposition of success and failure of corporate governance procedures." Journal of Financial Crime 23, no. 2 (May 3, 2016): 379–413. http://dx.doi.org/10.1108/jfc-07-2013-0047.
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Purpose The paper aims to explore a multiplicity of corporate governance issues in the narrow purview of different corporate governance systems and procedures across jurisdictional contexts. It shows a correlation between proper implementation of rules and procedures in a corporation for determining the success or failure of corporations. The paper also posits that however robust internal corporate rules and procedures are, the recent experiences have demonstrated that the fate of corporation could also be dictated beyond the remit of individual corporations by extraneous factors such as globalisation. This was vividly underscored by the recent global financial crisis (2008-2010) and its devastating consequences on well-managed corporation worldwide. The author has structured the paper into two parts – part one and part two. Part one is designed to explore the dynamics of corporate governance in fostering the success or failure of corporations. In part two, the paper examines the interplay between rules and practices in the context of two corporate governance examples –MTN in Uganda and the defunct BCCI (1991) in the UK in corporate success or failure. The former underscores a correlation between effective corporate governance mechanisms in fostering corporate success, whereas the latter underscores how the practice of overlooking corporate rules and procedures could trigger catastrophic consequences for corporations. The paper also tries to tease out how poor corporate governance could be exploited for criminal purposes. This was underscored in the case of the BCCI. The last part underscores how two distinctive corporate governance approaches in MTN (Uganda) and defunct BCCI could proffer a lesson for change of modern corporate governance systems and procedures. Design/methodology/approach The paper was written by way of a comparative analysis of different corporate governance approaches in different jurisdictions and their different implications for the success or failure of corporations. It has examined recent corporate scandals with a view to delineate how lax governance procedures and lack robust oversight of corporation could have played in precipitating conditions for criminal exploitation. Findings The findings of the paper clearly demonstrate a close correlation between good corporate governance and corporate success. It also correlates how lack of robust corporate governance procedures could provide an environment for exploitation of corporation by executives who may have criminal inclination. The lax corporate environment can also be exploited by criminals to perpetuate other forms of criminal activities such as money laundering and fraud. Research limitations/implications The paper was largely undertaken by the analysis of secondary data sources. Because there were no interviews carried to corroborate the foregoing data, it is possible that some of it could have been biased. Undertaking interviews would have mitigated the potential for bias and infused the paper with first-hand experiences from different stakeholders Practical implications The paper underscores how two distinctive corporate governance approaches gleaned in the context of MTN (Uganda) and defunct BCCI (1991) could proffer different approaches for a change in modern corporate governance systems and procedures. Social implications The paper has demonstrated that lack of proper corporate governance procedures and oversight could provide a recipe for criminal exploitation to perpetuate crimes such as money laundering in a corporation. This could have far-reaching implications not only for individuals corporations but also local communities in form of job losses), governments and markets. Originality/value The originality of this paper is manifested that there are no comparable studies undertaken in its purview. It is, therefore, a must-read for both academic and policy purposes.
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Hodder, Leslie, Mary Lea McAnally, and Connie D. Weaver. "The Influence of Tax and Nontax Factors on Banks' Choice of Organizational Form." Accounting Review 78, no. 1 (January 1, 2003): 297–325. http://dx.doi.org/10.2308/accr.2003.78.1.297.
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This paper identifies tax and nontax factors that influence commercial banks' conversion from taxable C-corporation to nontaxable S-corporation from 1997 to 1999, after a 1996 tax-law change allowed banks to convert to S-corporations for the first time. We find that banks are more likely to convert when conversion saves dividend taxes, avoids alternative minimum taxes, and minimizes state income taxes. Banks are less likely to convert when conversion restricts access to equity capital, nullifies corporate tax loss carryforwards, and creates potential penalty taxes on unrealized gains existing at the conversion date. Banks with significant deferred tax assets are less likely to convert, presumably because the write-off of deferred taxes at conversion decreases regulatory capital and exposes the bank to costly regulatory intervention. We also investigate the strategic choices banks make before converting to S-corporations. Converting banks alter their capital structures, deliberately sell appreciated assets, and strategically set dividends to augment net conversion benefits.
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Laux, Judy. "Topics In Finance Part IV - Valuation." American Journal of Business Education (AJBE) 3, no. 9 (September 1, 2010): 1–6. http://dx.doi.org/10.19030/ajbe.v3i9.473.
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This article looks at security valuation from the perspective of the financial manager, accenting the relationships to stockholder wealth maximization (SWM), risk and return, and potential agency problems. It also covers some of the pertinent literature related to how investors and creditors price the stocks and bonds of corporations.
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SMIRNOV, Valerii V. "Russian finance formation tactics amid the COVID-19 pandemic." Finance and Credit 28, no. 1 (January 31, 2022): 81–104. http://dx.doi.org/10.24891/fc.28.1.81.
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Subject. This article studies the tactical practices of Russian finance formation. Objectives. The article aims to identify critical indicators and ways to implement the policy of forming Russian finance amid the COVID-19 pandemic. Methods. For the study, I used the methods of statistical, neural network, and cluster analyses. Results. The article identifies critical indicators of the tactics of forming Russian finance amid the COVID-19 pandemic and finds that the policy of forming Russian finance in the context of COVID-19 is implemented within the framework of statutory regulation of requirements for the private sector and other obligations to other deposit corporations, as well as requirements for other deposit and financial corporations. Conclusions. The identified critical indicators of the tactics of forming Russian finance amid the COVID-19 pandemic and the way it is implemented can help the government of the Russian Federation adjust actions to support economic growth.
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Klychova, Guzaliya, Alsou Zakirova, Almaz Nigmetzyanov, Igor Nikitenko, and Gamlet Ostaev. "Efficiency of corporate finance: formation of accounting and management tools." E3S Web of Conferences 273 (2021): 10038. http://dx.doi.org/10.1051/e3sconf/202127310038.
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The commercial sector of the economy is the guarantor of the stability of the state functioning, since the economic subjects employed in it are able to combine personal (entrepreneurial) interests with the interests of the population, thanks to their economic potential formed at the expense of business processes aimed at profit (the main source of financing measures to meet human needs for the existing benefits). The purpose of the study - the formation of accounting and management tools that allow corporations to conduct a comprehensive analysis of the effectiveness of financial relationships, taking into account all the conditions of activity inherent in big business. In the course of the study the calculative-constructive, deductive and inductive methods were used, which allow to interconnect dialectically resultant and factor efficiency indicators, in our case, in the sphere of corporate finance, through multiple-additive correlation of efficiency and cost of financial relations in big business. The article presents the system of indicators developed by the authors, offered to corporations for assessment by the accounting and management apparatus of efficiency of their financial relations, which play the key role in business due to the greatest liquidity of monetary resources. The toolkit of such a system is built on the study of controlled and uncontrolled conditions of corporations' functioning. The use by corporations of the recommended author's approach will provide them with the optimization of the result and costs (profit and expenses) and, accordingly, the effectiveness and cost effectiveness (direct and indirect profitability or profitability) of activities, by which their financial efficiency is determined.
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Löfqvist, Sara, Rachael D. Garrett, and Jaboury Ghazoul. "Incentives and barriers to private finance for forest and landscape restoration." Nature Ecology & Evolution 7, no. 5 (May 8, 2023): 707–15. http://dx.doi.org/10.1038/s41559-023-02037-5.
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AbstractIncreased private finance can accelerate forest and landscape restoration globally. Here we conduct semi-structured interviews with asset managers, corporations and restoration finance experts to examine incentives and barriers to private restoration finance. Next, we assess what type of restoration projects and regions appeal to different private funders and how current financial barriers can be overcome. We show that market incentives for corporations include meeting net-emission-reduction commitments, impact and sustainable branding opportunities, and promotion of sustainability in supply chains. Conversely, asset managers face stronger barriers to investing in restoration as it is deemed a high-risk, unknown investment with low profitability. We find that investment finance biases towards restoration projects in low-risk areas and corporate finance towards areas with business presence. Both private finance types tend to omit projects focusing on natural regeneration. Through expanded and diversified markets for restoration benefits, strong public policy support and new financial instruments, private finance for restoration can be scaled for a wider variety of restoration projects in more diverse geographical contexts.
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Li, Xinli, Junzhou Yan, Jun Cheng, and Jiaying Li. "Supply-Chain Finance and Investment Efficiency: The Perspective of Sustainable Development." Sustainability 15, no. 10 (May 11, 2023): 7857. http://dx.doi.org/10.3390/su15107857.
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Recent debates regarding supply-chain finance have separated financial attributes from supply-chain attributes, ignoring their unity and the utilization efficiency of funds after financing. Can supply-chain finance affect corporate investment efficiency? There is still insufficient research in existing studies. In this paper, multiple regression analysis is used on 9757 listed companies in China for the period 2010–2020, to empirically test the impact of supply-chain finance on investment efficiency by integrating financial and supply-chain attributes of supply-chain finance, and we further analyze its mechanism. The results show that supply-chain finance can alleviate corporate under-investment and inhibit over-investment. The relationship is stronger for nonstate-owned corporations and is stronger when corporations operate in a superior information environment. Further, financial constraint plays an intermediary role between supply-chain finance and under-investment, while corporate social responsibility plays an intermediary role between supply-chain finance and over-investment. This study enriches the relevant research on the economic consequences of supply-chain finance, and provides new evidence for how supply-chain finance can promote the high-quality development of the real economy.
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Boyd, Brian K., and Angelo M. Solarino. "Ownership of Corporations." Journal of Management 42, no. 5 (March 23, 2016): 1282–314. http://dx.doi.org/10.1177/0149206316633746.
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The ownership of corporations has been studied in multiple disciplines and using diverse theoretical frameworks for several decades. Despite a wealth of research, both research gaps and contradictory findings are common. This is partly due to the fragmentation of the foci of individual studies. We synthesize the work done to date through a content analysis of 145 articles and 523 effect size estimates. On the basis of this review, we develop an integrated perspective to understand how institutional, government, family, executive, and board ownership affect a variety of firm outcomes. We conclude by offering new theoretical and contextual directions to better understand the role of ownership in shaping firm outcomes.
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Malyshev, M. K. "Assessing Finance Interaction of Chemical Industry Corporations with State." Vestnik of the Plekhanov Russian University of Economics, no. 6 (December 22, 2021): 112–25. http://dx.doi.org/10.21686/2413-2829-2021-6-112-125.
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The article assessed interaction of state and chemical industry corporations by criteria of budget making, tax burden and managerial impact. The appraisal was made on the basis of methodological tools worked out by the author. Within the period from 2012 to 2020 earnings of corporations of chemical industry producing mineral fertilizers grew and exceeded tax revenues of regions of their location, which caused an increase in companies’ taxation potential. However, analysis of tax payments to the budget system by profit tax, property tax, income tax and VAT did not confirm the growth in this potential. A rise in dividends, payments for losses were typical for enterprises, as well as increasing amount of dividends surpassing net profit. The goal of the article is to identify the level of finance interaction efficiency between state and enterprises of chemical industry. The following enterprises of chemical industry producing mineral fertilizers acted as the object of the research: the public company ‘Apatit’ (Vologda region), the public company ‘Akron’ (Novgorod region) and the public company ‘Dorogobuzh’ (Smolensk region). This choice was stipulated by location of these enterprises in regions with weakly-diversified economic structure and serious dependence on the budget-forming enterprise. The information base of the research was formed by works by Russian and overseas authors dealing with chemical industry development, finance accounting of the companies, data of the Federal Taxation Service and the Treasury of Russia.
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Laptev, Vasiliy Andreevich, and Daria Rinatovna Feyzrakhmanova. "Digitalization of Institutions of Corporate Law: Current Trends and Future Prospects." Laws 10, no. 4 (December 2, 2021): 93. http://dx.doi.org/10.3390/laws10040093.
Full textAbstract:
Digital technologies have been integrated into all aspects of public life, including politics, law, finance, business, education, science, and society. As a result of the use of digital technologies by various subjects, a transformation has occurred of the economic relations existing in society, including corporate relations. This study analyzes the impact of digitalization on individual institutions of corporate law. The authors investigate the following aspects of the digitalization of corporate law: (1) digital legal personality of the corporation (online registration (e-residency) of corporations and the digital footprint that companies leave in public registers); (2) digital corporate governance; and (3) digital (network or decentralized) autonomous organizations. The purpose of this research is to identify trends and directions of transformation of individual institutions of corporate law in a digital society. The authors conclude that the digitalization of institutions of corporate law will result in: (1) the reinterpretation of certain concepts of corporate law, such as corporation and corporate governance; (2) the improvement of the legal mechanisms of corporate governance following the introduction of AI into the collegial executive bodies of corporations; (3) the digitalization of corporate assets; and (4) the emergence of new subjects of corporate and other relevant relations.