Suchergebnisse

PurposeThe purpose of this paper is to examine corporate social responsibility (CSR) activities in Canadian family firms.Design/methodology/approachThis paper is an empirical work using a sample of Canadian listed companies for eight years between 2010 and 2017.FindingsRelying on five measures for CSR, this paper finds that, compared with other listed firms, family listed firms have a higher level of CSR engagement. Further tests show that family-named family firms engage in more CSR activities; family firms with second largest shareholders engage in more CSR activities; and family firms affiliated with large business groups engage in more CSR activities. However, family firms whose family members are CEOs, presidents or board chairpersons engage in less CSR engagement.Originality/valueThis paper contributes to the current CSR literature by highlighting the importance of family firm heterogeneity in shaping a firm's CSR practices. It focuses on four characteristics of Canadian family firms that are potentially connected to CSR, namely, family-named family firms; family firms with family members being CEOs, presidents or chairpersons; family firms with second largest shareholders and family firms affiliated with large business groups.

Purpose
This paper aims to examine the relationship between corporate social responsibility (CSR) and tax avoidance as well as how CSR and country-level governance interplay in affecting tax avoidance in an international setting.


Design/methodology/approach
This paper is an empirical work using listed companies from 35 countries and relying on several proxies for corporate tax avoidance activities including the difference between the statutory tax rate and the annual effective tax rate, the book-tax difference and the residual book-tax difference.


Findings
This study finds strong evidence that CSR is positively related to tax avoidance. It also finds that in countries with weak country-level governance, firms with higher CSR scores engage in less tax avoidance, implying that CSR and country-level governance are substitutes.


Originality/value
This paper is the first study that examines the relationship between CSR and tax avoidance in an international setting with different legal and institutional environment.

Purpose
– The purpose of this study is to examine the relationship of using derivative financial instruments, tax aggressiveness and firm market value.


Design/methodology/approach
– This paper develops analytical models and designs an empirical study.


Findings
– Using data from large Canadian public companies, this paper finds that a firm's realized losses or unrealized gains from using derivatives are negatively associated with its effective tax rate, and a firm's realized losses or unrealized gains from using derivatives are positively associated with its market value.


Research limitations/implications
– This study simplifies the analytical model by separating the firm's intrinsic market value from the tax-timing option value. In a more general framework, the tax-timing option value could be subsumed in the firm's market value, and the firm's market value would be determined endogenously.


Originality/value
– This study develops a framework to show how firms exploit the tax-timing option by using derivatives. It is the first study to conclude that a motive for firms to use derivatives is to exploit the tax-timing option.

AbstractThis paper explores the value‐relevant information of one deferred tax component, that is, loss carryforwards. A tax‐adjusted market valuation model, based on the Feltham‐Ohlson (1995) market valuation model, shows that firm market value depends on the expected future tax payments. Under the assumption that loss carryforwards reduce a firm's future tax payments, the cross‐sectional regression results show that loss carryforwards enhance firm market value, suggesting that the market expects losses will be used to reduce a firm's tax payments in future years. In addition, loss carryforwards are classified into several categories based on the restrictions on the losses (i.e., source, jurisdiction, and timing restrictions). I show that it is the loss carryforwards category with fewer restrictions that significantly enhances firm market value.RésuméCette présentation étudie les renseignements pertinents à la valeur d'un élément d'impôts différés, c.‐à‐d. des reports de pertes à un exercice ultérieur. Un modèle d'évaluation du marché avec réajustement d'impôt, basé sur sur le modèle d'évaluation du marché de Feltham‐Ohlson (1995), démontre que la valeur marchande d'une firme dépend des paiements prévus d'impôts futurs. Selon l'hypothèse que les reports de pertes à un exercice ultérieur réduisent les paiements d'impôts futurs d'une firme, l'analyse de la régression transversale révèle que les reports de pertes à un exercice ultérieur augmentent la valeur marchande de la firme, ce qui suggère que le marché s'attend à ce que les pertes seront utilisées pour réduire les paiements d'impôts de la firme au cours des années à venir. De plus, les reports de pertes à un exercice ultérieur sont classés dans plusieurs catégories en fonction des restrictions sur les pertes (c.‐à‐d. restrictions couvrant les sources, la juridiction et le calendrier d'application). Je démontre qu'il s'agit de la catégorie de reports de pertes à un exercice ultérieur comportant le moins de restrictions, qui augmente considérablement la valeur marchande d'une firme.

AbstractIn a game theoretical model, this paper analyzes taxpayers' decisions on reporting financial income and taxable income to the tax authority, and the tax authority's strategic auditing. It extends the previous research by incorporating taxpayers' financial reporting decision into the model. It leads to three conclusions: (a) the tax authority is more likely to audit taxpayers reporting high accounting income but low taxable income than those reporting no accounting‐tax differences; (b) the tax authority is more likely to audit taxpayers reporting low taxable income and low accounting income if they have low financial reporting costs than if they have high such costs; and (c) the degree of connection between the true taxable income and the true accounting income affects taxpayers' reporting strategies.RésuméDans un modèle théorique du jeu, le papier analyse les décisions des contribuables pour la déclaration de leur revenu financier et leur revenu imposable à l'administration fiscale et la stratégie de vérification comptable de l'administration fiscale. Il élargit les recherches précédentes en incorporant la décision de communication de l'information financière du contribuable dans le modèle. Cela conduit à trois conclusions: (a) l'administration fiscale est plus susceptible d'effectuer une vérification comptable des contribuables qui déclarent un revenu fiscal élevé mais un faible revenu imposable que ceux qui ne déclarent aucune différence imposable; (b) l'administration fiscale est plus susceptible d'effectuer une vérification comptable des contribuables qui déclarent un faible revenu imposable et un faible revenu fiscal s'ils déclarent de faibles coûts d'information financière que si ces coûts sont élevés; et (c) le rapport entre le revenu imposable réel et le revenu fiscal réel affecte les stratégies de déclaration de revenus des contribuables.

Purpose– This paper aims to examine corporate social responsibility (CSR) in the context of listed Chinese firms. In particular, it examines the relationships between CSR and profitability, state ownership and tax reporting behavior.Design/methodology/approach– The paper is an empirical study using CSR reports published by the Chinese Academy of Social Sciences and financial data collected from the China Stock Market Financial Statement Database (CSMAR).Findings– The paper finds that state ownership is positively associated with CSR and its three components including the governance, social and environmental scores; firm profitability is positively associated with CSR and its market score; and tax reporting behavior is negatively associated with the environmental score. But the result is weak.Research limitations/implications– The results in this study should be treated with some caution as the sample size of 85 observations represents only a small fraction of China's listed firms. A larger sample size is desirable and may affect our results.Social implications– This paper is of interest to policy-makers, corporate management and academics who wish to explore the relationship between CSR and other firm characteristics.Originality/value– This paper is the first study which provides a comprehensive examination of CSR and its four components in connection with Chinese firms. In particular, it examines the relationship between CSR and profitability and state ownership.

This study aims to investigate the effectiveness of explicit information (EI) in the context of Processing Instruction (PI) as an alternative to traditional teaching methods. PI encompasses explicit information and structured input activity (SI). However, the effectiveness of EI has been a subject of debate. To address this question, grade-7 students were divided into three groups: the complete Processing Instruction group, the explicit information only group, and the structured input activity only group. Following pre-tests and the implementation of different teaching instructions on English passive voice, the scores of the participants were analyzed for the immediate post-test and delayed post-test. The results suggested that although EI did not accelerate the acquisition of the form-meaning connection of English passive voice, it was beneficial for final performance similar to SI. The complete Processing Instruction, however, proved to be the most effective. This study suggests a possible association between the effectiveness of EI and the relative difficulty of the target item for language learners.

Das Institut "freie Presse" bzw. die "institutionelle Eigenständigkeit der Presse" bilden in der Rechtsprechung des Bundesverfassungsgerichts fest verankerte Termini, wenn es um die dogmatische Konturierung der Pressefreiheit geht. Tao Zeng hinterfragt die objektiv-rechtlichen Deutungen der Pressefreiheit in Rechtsprechung und Literatur und zeigt die damit einhergehenden Probleme auf. Anschließend schlägt er eine Rekonstruktion des objektiv-rechtlichen Gehalts der Pressefreiheit aus verfassungstheoretisch wie auch dogmatisch fundierter Perspektive vor. Damit erzielt er eine größere Klarheit des objektiv-rechtlichen Gehalts der Pressefreiheit im Hinblick auf ihre Begründung und die konkreten Konsequenzen dieser dogmatischen Figur