To see the other types of publications on this topic, follow the link: Optimisation fiscale.
Journal articles on the topic 'Optimisation fiscale'
Create a spot-on reference in APA, MLA, Chicago, Harvard, and other styles
Consult the top 28 journal articles for your research on the topic 'Optimisation fiscale.'
Next to every source in the list of references, there is an 'Add to bibliography' button. Press on it, and we will generate automatically the bibliographic reference to the chosen work in the citation style you need: APA, MLA, Harvard, Chicago, Vancouver, etc.
You can also download the full text of the academic publication as pdf and read online its abstract whenever available in the metadata.
Browse journal articles on a wide variety of disciplines and organise your bibliography correctly.
1
Boukobza, Frédéric. "Optimisation fiscale et localisation." Revue internationale de droit comparé 47, no. 2 (1995): 385–402. http://dx.doi.org/10.3406/ridc.1995.5067.
Full text
2
Singer, Hervé, and Jean Merckaert. "Optimisation fiscale : un dirigeant s'explique." Projet 341, no. 4 (2014): 46. http://dx.doi.org/10.3917/pro.341.0046.
Full text
3
Laffitte, Sébastien. "9. L’argent caché : paradis fiscaux, optimisation et évasion fiscale." Regards croisés sur l'économie 24, no. 1 (2019): 149. http://dx.doi.org/10.3917/rce.024.0149.
Full text
4
Saint-Amans, Pascal. "La fiscalit� des entreprises�: un combat contre l�optimisation fiscale." Apr�s-demain N�29,NF, no. 1 (2014): 33. http://dx.doi.org/10.3917/apdem.029.0033.
Full text
5
Chavagneux, Christian. "Optimisation fiscale : les mauvais choix de l'Union." Alternatives Économiques N° 348, no. 7 (July 1, 2015): 96. http://dx.doi.org/10.3917/ae.348.0096.
Full text
6
David, Cyrille. "Optimisation fiscale et mondialisation des circuits financiers." ERA Forum 5, no. 2 (June 2004): 185–207. http://dx.doi.org/10.1007/s12027-004-0004-y.
Full text
7
Cormier, Denis, Suzanne Landry, and Michel Magnan. "Gestion du résultat ou optimisation fiscale?Évaluation des octrois d'options d'achat d'actions selon le contexte de gouvernance actionnariale." Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l'Administration 23, no. 2 (April 8, 2009): 153–68. http://dx.doi.org/10.1111/j.1936-4490.2006.tb00687.x.
Full text
8
Ciocanea, Bianca Cristina, Ioan Cosmin Piţu, Paraschiva Mihaela Luca, and Dragoş Mihai Ungureanu. "Optimisation through offshore – between reality and legality." MATEC Web of Conferences 342 (2021): 08009. http://dx.doi.org/10.1051/matecconf/202134208009.
Full textAbstract:
The study highlights the complete image of the characteristics regarding offshore areas, by taking into account the perspective to deploy new measures of fiscal transparency. The importance of such areas stems from the fact that world economies lose important sums of money, every year by default of taxes. This happens as a consequence of corporative international abuse of fiscal evasion and the relocation of the profit made by big companies. The sums resulted from erosion of national taxation bases, from fiscal evasion and fraud and other infringements connected with fiscal evasion (are often being transferred to offshore companies so that their illegal characteristics gets lost and after that to be reintroduced into the economic cycle. The main characteristics of these offshore centres is lack of transparency and cooperation with foreign authorities, fiscal and banking secrecy being considered the guarantee of the offshore areas, measurable variables, fleshes in indicators that reflect the secret degree for each state. Therefore, fighting against such practicies through offshore societies aims at enforcing some measures to enlarge transparency and for the regions do not cooperate there is no granting of fiscal deductibility for transactions that entail the transfer of sums to the respective regions.
9
Schuster, Florian, and Philippa Sigl-Glöckner. "Behebung eines Webfehlers: Wie die Konjunkturkomponente demokratisch legitimiert und nachhaltiger werden könnte." Wirtschaftsdienst 102, no. 11 (November 30, 2022): 826–29. http://dx.doi.org/10.1007/s10273-022-3323-0.
Full textAbstract:
AbstractThe optimisation of the cyclical adjustment procedure under the German debt brake should focus on how to contribute to a democratically legitimate and sustainable fiscal policy. In this article, we discuss four criteria that should be satisfied: The method must (i) be sufficiently determined, (ii) take the current state of research into account, (iii) incentivise a policy that enhances supply-side capacities, and (iv) be transparent. We show that today’s form of the cyclically adjusted budget balance does not satisfy these criteria, and we propose a reform. Finally, we discuss several recent trends in German fiscal policy, questioning whether such a reform can save the debt brake’s plausibility.
10
Zhu, Wen, and Yilong Chen. "Fiscal Decentralisation, Economic Development, and Carbon Emissions: Empirical Analysis Based on the Provincial Static and Dynamic Panel Data." Advances in Economics and Management Research 1, no. 2 (September 24, 2022): 258. http://dx.doi.org/10.56028/aemr.1.2.258.
Full textAbstract:
The target 'Carbon Peak' and 'Carbon Neutral' in China is a key strategic choice to promote environmental regulation and high-quality economic growth. Public finance, as the bedrock and pillar of national governance, has a significant influence on China's macroeconomics and policy execution. This paper selects provincial panel data of China from 2010 to 2019, together with a two-way fixed-effect model and a Difference-GMM model, in order to conduct an empirical analysis of the impact of fiscal decentralisation and economic development on carbon emissions. The findings reveal that fiscal decentralisation has a considerable positive impact on carbon emissions, and that economic development and carbon emissions have an inverted U-shaped connection. Furthermore, economic development may reduce fiscal decentralisation's contribution to carbon emissions. In addition, there is a dynamic lag impact associated with carbon emissions. As a result, to achieve green and low-carbon transformation in China, advanced and long-term planning is required, as well as the optimisation of local government evaluation mechanisms and the application of fiscal funds.
11
Zhu, Wen, and Yilong Chen. "Fiscal Decentralisation, Economic Development, and Carbon Emissions: Empirical Analysis Based on the Provincial Static and Dynamic Panel Data." Advances in Economics and Management Research 2, no. 1 (September 24, 2022): 258. http://dx.doi.org/10.56028/aemr.2.1.258.
Full textAbstract:
The target 'Carbon Peak' and 'Carbon Neutral' in China is a key strategic choice to promote environmental regulation and high-quality economic growth. Public finance, as the bedrock and pillar of national governance, has a significant influence on China's macroeconomics and policy execution. This paper selects provincial panel data of China from 2010 to 2019, together with a two-way fixed-effect model and a Difference-GMM model, in order to conduct an empirical analysis of the impact of fiscal decentralisation and economic development on carbon emissions. The findings reveal that fiscal decentralisation has a considerable positive impact on carbon emissions, and that economic development and carbon emissions have an inverted U-shaped connection. Furthermore, economic development may reduce fiscal decentralisation's contribution to carbon emissions. In addition, there is a dynamic lag impact associated with carbon emissions. As a result, to achieve green and low-carbon transformation in China, advanced and long-term planning is required, as well as the optimisation of local government evaluation mechanisms and the application of fiscal funds.
12
Tóth, Orsolya Éva. "Borderless offices : Opportunity for tax optimisation?" Economy & finance 11, no. 1 (2024): 82–106. http://dx.doi.org/10.33908/ef.2024.1.5.
Full textAbstract:
The prevalence of telework, or working remotely or from home, has grown significantly in recent years, in which the COVID-19 pandemic played a major role. This paper focuses on a narrower subsection of remote work arrangements, and analyses employees’ possibilities for tax optimization and potential taxation risks in the context of cross-border remote work or telework. Major obstacles to the spread of remote work are identified by investigating the challenges associated with cross-border remote work from an employer’s perspective. As a further objective, the paper aims to explore how jobs offered in the Hungarian labour market, but performed remotely from abroad influence domestic tax revenues. Three scenarios were developed which reveal that the budget of Hungary suffers at least HUF 46 billion loss in fiscal revenues if 10% of remote job vacancies are filled from across Hungary’s borders. If only 50% of remote/workfrom-home job vacancies are filled within borders, the potential loss in revenue from taxes and contributions is HUF 229 billion. The research conducted under this study highlights the tax consequences of technology-driven changes in the labour market for individuals, employers and central budgets. States need to consider these factors when shaping their tax systems to ensure sustainable tax revenues.
13
Rutkauskas, Aleksandras Vytautas. "INTEGRATED MANAGEMENT OF MIGRATION, EMPLOYMENT, FISCAL POLICY AND PUBLIC DEBT." Business, Management and Education 11, no. 2 (December 30, 2013): 376–90. http://dx.doi.org/10.3846/bme.2013.21.
Full textAbstract:
The main idea of the paper states that national migration indicators are closely related with employment opportunities in that country. In addition, the management quality of migration and employment processes is an indicator of the national socio-economic policy competency, while management of these processes is the main purpose of intelligent adjustment of the national fiscal policy and government debt management. The author of the paper selected the formation of the system of quantitative indicators as the main objective of the paper. The system should allow employing government debt possibilities for the selection of proper fiscal policy in order to prevent the transformation of unemployment into the key reason of uncontrolled national inflation. This would be done by revealing the possibilities of fiscal policy to impact on the level and structure of unemployment. Recent globalisation processes and integration possibilities bring a lot of uncertainty to predetermined viability of theoretical assumptions as well as the adequacy of the applied quantitative methods. The paper uses the possibilities of stochastic optimisation and stochastically informed expertise pursuing the possibilities of integrated management of employment, migration processes, fiscal policy and government debt provisions.
14
罗, 文清. "Exploring the Optimisation Path to Improve the Structure of Fiscal Expenditure on People’s Livelihoods." Advances in Social Sciences 12, no. 08 (2023): 4438–43. http://dx.doi.org/10.12677/ass.2023.128606.
Full text
15
Febriani, Ratu Eva, and Roosemarina Anggraini Rambe. "Government revenue and spending nexus in regional Indonesia: Causality approach." Economics Management and Sustainability 7, no. 1 (May 17, 2022): 34–42. http://dx.doi.org/10.14254/jems.2022.7-1.3.
Full textAbstract:
This study aims to test the hypothesis that explains the relationship between tax revenue and government spending in six Indonesian regions. Furthermore, the units of analysis were districts and cities in each region from 2006 to 2017, and a Granger panel causality approach was used. The results showed five experienced bidirectional causalities between tax revenues and local government spending out of the six regions, namely Java, Sumatra, Kalimantan, Sulawesi, and the Bali & Nusa Tenggara. Also, there was fiscal synchronisation in five regions, while the tax-spend hypothesis applies in the Papua & Maluku regions. Therefore, the local governments in these regions need to be careful in deciding actions related to increasing revenue. This can be achieved through the tax sector's optimisation and expenditure increment by encouraging public spending from the administration.
16
Švabovič, Miroslav, and Algirdas Miškinis. "A QUANTITATIVE ANALY SIS OF THE MAIN LITHUANIAN TAXES AND THEIR OPTIMISATION DURING THE CRISIS." Ekonomika 95, no. 3 (January 11, 2017): 98–111. http://dx.doi.org/10.15388/ekon.2016.3.10331.
Full textAbstract:
Seeking to contribute to the analysis of anti-crisis economic policy decisions, the authors of the current article have developed an economic analysis modelling system of the main tax rates, which makes it possible to carry out research into modelling economic scenarios in order to determine the variables of optimal tax rates. By applying this modelling system in practice, it is possible to measure the maximum probability rates of Value Added, Profit, and Personal Income Taxes for the collection of necessary revenues to the state budget. This method presents a possibility to accurately evaluate the impact of fiscal policy measures on the state budget as well as to reflect economic processes more comprehensively and model accurate short- and long-term projections.
17
Wahyuputro, Bernardus, Steve Begg, and Graeme Bethune. "Characterisation of petroleum assets for portfolio management." APPEA Journal 50, no. 2 (2010): 721. http://dx.doi.org/10.1071/aj09085.
Full textAbstract:
There is growing use of modern portfolio management methods that integrate risks, strategic goals and optimisation techniques to aid investment decision-making in the exploration and production industry. This modern approach consists of stages of analysis that include asset analysis, strategic goals definition and portfolio selection to maximise the probability of meeting the strategic goals. To date, most work in this area has focussed on the portfolio management requirements of oil and gas operators. However, the approach has the potential to help decision-making surrounding the management of the petroleum resources of a state. Specifically, we are investigating its potential to help set fiscal terms that encourage investment whilst meeting state goals. Indonesia’s petroleum resources are used to inform and provide data for the study. This paper presents the problems identified and solutions developed in performing the first step—describing, quantifying and modelling the uncertainty in the performance of the assets that comprise the portfolio. Due to the size and heterogeneity of the portfolio, we have chosen to characterise the assets into different types, rather than model each one individually. The main benefit of characterising the assets is to make the problem tractable, particularly when it comes to optimisation. Characterisation will also provide insight to decision-maker’s about the nature of the portfolio that may impact long-term planning and setting of targets. Whilst the approach taken is motivated by the specific needs of a nation’s portfolio, it is expected that the lessons learned will be of use to operators with similar characteristics—large, heterogeneous portfolios.
18
Li, Yihua, Chunchao Chu, Yanzhen Weng, and Jia Song. "A Government Subsidy Model for Expressway Public Private Partnerships Projects Based on Project Revenue Features and Whole Life-cycle Management." E3S Web of Conferences 292 (2021): 02065. http://dx.doi.org/10.1051/e3sconf/202129202065.
Full textAbstract:
Popularisation and application of Public Private Partnerships (PPP) model is an important measure used to deepen the investment and financing reform of China. The transportation industry actively explores and promotes the wide application of PPP models as they have injected new impetus into the construction and development of transportation investment. For PPP projects of expressways that are subsidised by government in the construction or operation period, since the traffic flow in the project construction period or the early operation period is low, the government subsidy is more concentrated and the payments are high, which aggravates pressure on the fiscal purse in the current period and is not conducive to the realisation of smooth fiscal expenditure in the project cooperation period. In this regard, aiming at the features of the investment revenue of expressway projects, a whole life-cycle government optimisation of subsidy mode is proposed through the analysis of the problems existing in the general subsidy mode of the PPP model in the present work. The results show that the proposed model can not only smooth government expenditure in the project’s cooperation period, but also fully exploit the advantages of higher income in the middle and later stages of project operation and maximise the growth potential of government revenue. The results of the research can provide decision-making reference for the development of innovative PPP models for transportation infrastructure in the new Era.
19
Fang, Xuan, and Ying Zhu. "Determinants of Farmers’ Acceptance of the Volumetric Pricing Policy for Irrigation Water: An Empirical Study from China." Water 16, no. 9 (April 26, 2024): 1243. http://dx.doi.org/10.3390/w16091243.
Full textAbstract:
Volumetric-based pricing for irrigation water was introduced as part of a comprehensive reform of agricultural water prices in China. However, operational deficiencies and farmers’ lack of willingness to adopt the volumetric pricing policy (VPP) hinder the coordinated implementation of the reform. To address these practical challenges, we employed a binary logistic regression model to analyse farmers’ acceptance of the VPP for agricultural irrigation water usage in Suqian City, Jiangsu Province. A variable set was formed by selecting potential variables from four types of influencing factors: the subject (water users), the object (water supply departments), natural condition factors, and social condition factors. Our results revealed seven factors that determine whether farmers accept the VPP: irrigation water measurement at the water inlet of a lateral canal, the irrigation water-saving rewards scale, enforcement efforts of charging by volume, the irrigation water source type, the use of agricultural water-saving for trade, financial investment in water-saving technology, and the level of irrigation water pricing. We determined the degree of influence of the seven determining factors, among which the irrigation water-saving rewards scale and enforcement efforts of charging by volume most influence farmers’ decisions on the VPP for irrigation water. The results of this study can be used as a reference for innovation of the agricultural water-saving system in Suqian City, optimisation of an accurate fiscal subsidy scale, quantification of irrigation water rights, optimisation of the measurement facility layout, and effective implementation of agricultural water rights trading. More broadly, this study provides a valuable reference for solving the difficulties faced in the comprehensive reform of agricultural water pricing in China, which includes irrigation water pricing mechanisms, management systems, subsidy mechanisms, and water-saving incentive measures.
20
Andrejević Panić, Andrea, and Zagorka Lozanov-Crvenković. "Analysis of Higher Education Indicators Coherency in Central and Eastern Europe." Business Systems Research Journal 10, no. 2 (September 1, 2019): 6–17. http://dx.doi.org/10.2478/bsrj-2019-014.
Full textAbstract:
AbstractBackground: Higher education has the main role in generating innovative activity in knowledge-based economies. Therefore, the efficiency of the higher education sector reflects the alignment of the higher education policy with government expenditure. However, countries in Central and Eastern Europe (CEE region) have been struggling with national budget optimisation, which can cause fiscal stress and thus affect the efficiency of higher education.Objectives: The main objective is to examine mutual interaction of higher education indicators, through formulating financial models that connect performance and financial indicators.Methods/Approach: A total of 4 higher education indicators were analysed and observed in the time period of 10 years in selected CEE countries. The statistical analysis was based on panel data models.Results: The main result of the paper is the analysis of coherency of selected higher education indicators in selected CEE countries in order to establish functional links between government expenditure and efficiency through formulating financial models.Conclusions: Formulated financial models can predict the behaviour of selected performance indicators, depending on financial indicators. Therefore, the obtained models can contribute to the efficient allocation of funds and comprehensive macro-level decision making assessments in higher education policy reforms.
21
Kupriyanova, L. M., and I. D. Surkhaev. "Balance of the Federal Budget." Accounting. Analysis. Auditing 7, no. 4 (August 26, 2020): 52–62. http://dx.doi.org/10.26794/2408-9303-2020-7-4-52-62.
Full textAbstract:
The article is devoted to the problem of balancing the budget from the point of view of the form of implementation of the principle of building the budgetary system of the Russian Federation and the state of the federal budget, provided that all its expenses are covered by its revenues. If income is insufficient, a budget deficit occurs. The research methodology provides for a comparative analysis of the concepts and content of budget balance, tools for its provision, the main directions of budget policy and solutions to strategic problems. The result of the study is the proposals for assessing the balance of the budget to cover the deficit and the need for sources of financing the budget deficit. The formulated recommendations are focused on the optimisation of income, expenditures, the formation and use of budgetary reserves, public debt management, as well as effective regulation of intergovernmental fiscal relations. The federal budget deficit is subject to regulation in the direction of its reduction, for which the instruments for balancing it and priority directions for the activities of the financial bodies of the Government of the Russian Federation have been determined.
22
Kvasovskyi, Oleksandr, Mykola Stetsko, and Olga Nipialidi. "Tax risks of business entities in the field of transfer pricing and ways to prevent and minimise them." Herald of Economics, no. 1 (May 3, 2024): 47–66. http://dx.doi.org/10.35774/visnyk2024.01.047.
Full textAbstract:
Introduction. The introduction of the transfer pricing fiscal regulation system in Ukraine restricts business entities to use it for tax minimisation purposes, which leads to a reduction in fiscal revenues, outflow of profits to low-tax jurisdictions, distortion of competition and a general slowdown in macroeconomic development. At the same time, compliance with complex tax and regulatory procedures for transfer pricing negatively affects the financial performance of companies and hinders their development. The dilemma of finding compromise solutions that balance the fiscal interests of the state and business goals lies in the clear identification of these tax risks at the micro level and the identification of ways to reduce them. Purpose. The purpose of the article is to identify and systematise the main tax risks for domestic business entities because of compliance with the procedures of transfer pricing fiscal regulation, and develop measures to prevent and minimise these risks. Methods. A systematic approach is applied to the study of tax risks associated with a business entity’s compliance with tax and regulatory requirements in the field of transfer pricing. The methods of analysis and synthesis, induction and deduction, verbal and discursive reasoning, processing and graphical display of statistical data, argumentation, logical explanation, etc. were used to identify, systematise and group these risks at the micro level and to substantiate proposals for preventing and minimising their negative consequences. Results. Using the data of an international sociological survey, the article confirms that the fundamental determinant of tax risks of business entities when applying transfer pricing is the significant complexity of fiscal and regulatory procedures. The author identifies and explains the content of three groups of these risks: increase in financial costs for compliance with tax and regulatory requirements; additional income tax based on the results of audits or independent adjustment of taxable profit; significant financial sanctions for failure to submit, late submission of transfer pricing reports to regulatory authorities, incomplete or inaccurate information in them. The article provides a set of measures to reduce the probability of occurrence and neutralise the negative effects of tax risks of business entities in the field of transfer pricing. Discussion. Transfer pricing generates significant tax risks for business entities associated with the implementation of complex tax and regulatory procedures. Preventive protection and mitigation of these risks require the introduction of effective systems of specialised management accounting and control, optimisation of document flow processes and development of internal transfer pricing standards, and, if necessary, outsourcing of transfer pricing tax reports. The priority area for further research is the development of the theoretical, conceptual, scientific and applied foundations of a balanced transfer pricing policy and the introduction of an effective system of internal control of this process.
23
Parkes, Rebekah J., Olusegun Ayeko, Luke Brunton, William Griffiths-Jones, Zsolt Ungvari, and Henry Goss. "Revolutionising rapid recovery: a quality improvement project in hip and knee replacement." BMJ Open Quality 10, no. 2 (April 2021): e001249. http://dx.doi.org/10.1136/bmjoq-2020-001249.
Full textAbstract:
With increasing bed pressures and an ageing population, there is a need to increase throughput and reduce the bed burden of joint replacements. These issues were recognised in North Devon and an enhanced recovery pathway was established. Enhanced recovery, which aims to optimise the patient journey and shorten the inpatient admission, was first adopted for hip and knee replacements in North Devon District hospital in 2011. The Rapid Recovery Group, comprised a multidisciplinary team involved in the perioperative patient pathway, formed in the third financial quarter of 2018/2019 (Q3). The group was tasked with the optimisation of the pathway for patients requiring hip and knee replacement from referral to 12 months postoperation. Representatives from the group visited a similar sized hospital with successful outcomes from their pathway in order to compare and then construct a new pathway based on observed practices. Multiple interventions were instigated, alongside continuous data collection, forming a combination of simultaneous and sequential Plan Do Study Act cycles. Interventions involved intraoperative local anaesthetic injection protocols, use of Taurus frames together with nurse-led mobilisation and trials of simplified drug charts. Information collected included type of surgery, length of stay, who mobilised patients and when. Mean length of stay in total hip and knee replacement has dropped from 3.6 to 2.4 days and 3.6 to 2.0 days respectively, comparing mean for the fiscal year 2018/2019 to 2019/2020, putting the hospital in the top 10 trusts in the country. With multiple changes occurring simultaneously, the impact of individual elements is difficult to isolate but the overall impact of the interventions is evident. A drastic improvement in the length of stay has been seen and the collaborative multidisciplinary approach has been pivotal to success.
24
Maudgal, S., and M. Kakkar. "Environmentally Compatible Coal Extraction and Utilisation Indian Scenario." Energy Exploration & Exploitation 11, no. 2 (April 1993): 112–36. http://dx.doi.org/10.1177/014459879301100203.
Full textAbstract:
Environmental quality is as much an indicator of the level of development as the generally accepted norm of per capita consumption of energy. Coal, being the mainstay of energy in India, will continue to play a crucial role on both the counts as annual coal utilization is expected to increase by 2.5 times by the year 2005. Indian coal being of poor quality with 35 to 48% ash content has serious adverse implications on air, water and land environment which will be aggravated further by opening up extensive areas for opencast coal mining operations to meet the increased coal demand. Many coal deposits in India are located in areas rich in bio-diversity and, these areas need to be specially protected as they are crucial for our very survival. Mining operations, therefore, need to be harmonised with protection of genetic stock and the forest areas which serve as cheap “Carbon-dioxide Sinks”. A prerequisite in coal extraction and its utilization is the need for making technological conversion processes as efficient as possible to achieve a higher output from the same resource base. This calls for setting up a chain of coal washeries for better plant performance, reduced environmental pollution and overall cost savings. Demonstrated benefits of coal washeries include 5–15% saving in coal consumption with a freight saving alone to the tune of $3 billion in the year 2000; 2% increase in plant availability for every percent drop in ash content and, improved plant load factor netting annual savings of $1.4 million in a single 210 MW thermal power plant. Switching over to cleaner technologies and replacement or retrofitting of vintage boilers can further add to coal savings, and an improved environment. Optimisation of coal utilisation and internalisation of environmental concerns demands adoption of “carrying capacity based” planning process. Adoption of rational pricing at full cost, introduction of fiscal incentives for promoting Clean Coal Technologies and, reorientation of lending policies towards “Greener Credit” can also contribute to improved benefit stream with reduced environmental damage. This paper outlines the strategy for sustainable development while concurrently meeting the obligations for controlling Green House Gases under the International Conventions.
25
Marzuki, Muhammad Jufri, and Graeme Newell. "The evolution of Belgium REITs." Journal of Property Investment & Finance 37, no. 4 (July 1, 2019): 345–62. http://dx.doi.org/10.1108/jpif-03-2019-0029.
Full textAbstract:
PurposeThe Belgium Real Estate Investment Trust (REIT) market was created primarily to facilitate a transparent, professionally managed and fiscally efficient market, providing access to the European property markets. Being the 2nd oldest REIT market in Europe, it has undergone many evolutionary changes over the years that add to its considerable stature as a sophisticated investment opportunity. This includes an increased recent focus on the social infrastructure property sectors such as healthcare, care facilities and nursing homes, consistent with the evolving investment mandates requiring stronger integration of environmental, social and governance (ESG) aspects in the investment strategy formulation. The purpose of this paper is to highlight the strategic transformation of Belgium REITs and empirically assess their performance attributes over 1995–2018. Sub-period performance dynamics of Belgium REITs in the pre-global financial crises (GFC) (1995–2007) and post-GFC (2009–2018) contexts are provided.Design/methodology/approachIn total, 23-year monthly total returns over 1995–2018 were used to analyse the risk-adjusted performance and portfolio diversification potential of Belgium REITs. The traditional mean-variance portfolio optimisation model using theex-postreturns, risk and correlation coefficient of Belgium REITs and other financial assets was developed to determine the added-value benefits of Belgium REITs in a diversified investment framework. The analysis was further extended to cover the sub-periods of pre-GFC (1995–2007) and post-GFC (2009–2018).FindingsThe results of the analysis provide a strong investment case for Belgium REITs, as they are able to deliver a discernible premium in the total return performance, superior risk-adjusted returns and strong diversification benefits with the stock market in a long-term investment horizon. Broadly consistent results are similarly observed in the sub-period analysis over varying market conditions. Importantly, the role of Belgium REITs in a diversified investment framework was also empirically validated, as they enhanced the mixed-asset portfolio performance comprised of the traditional asset classes of stocks and bonds across a broad portfolio risk-return spectrum. Dividend yield was also found to be a key component of the financial performance of Belgium REITs.Practical implicationsThe Belgium REIT market has evolved to become the 5th largest market in Europe by the capitalisation volume. This is mainly due to the robust regulatory support and innovations since its debut which have resulted in a polished framework that is both supportive and attractive to financial players and investors. The broad direct consequence of this paper is to highlight the performance attributes of Belgium REITs, adding clarity to the ongoing discussion regarding the viability of European REITs as a liquid and tax transparent route for institutional investors to obtain their property exposure. The strong dividend yield and ESG/social infrastructure focus of Belgium REITs sees Belgium REITs well-placed going forward to meet the evolving investment mandates from major investors.Originality/valueThis paper is the first empirical investigation that elucidates the risk-adjusted performance and role of Belgium REITs as an important property investment opportunity. It equips investors and practitioners with an independent and comprehensive empirical validation of the strategic role of Belgium REITs in a portfolio. Well-informed and practical property investment decision making regarding the use of Belgium REITs for access to the property asset class is the main outcome of this paper.
26
Pius Kwena, Hugo. "Government Fiscal Transfers and the Technical Efficiency of Optimising Sustainable Public Debt in Kenya." JOURNAL OF ECONOMICS, FINANCE AND MANAGEMENT STUDIES 06, no. 11 (November 24, 2023). http://dx.doi.org/10.47191/jefms/v6-i11-39.
Full textAbstract:
Over the past decade, as Kenya has consistently made fiscal transfer from the central government to the counties, the country’s public debt has continuously become less sustainable. This observation contrasts with the position held in devolution literature that fiscal decentralisation makes the management of public funds more efficient, manifested by improvements in public debt sustainability. This study sought to establish the relationship between fiscal transfers from the central government to the county governments and the technical efficiency of optimising sustainable public debt in Kenya. The study was anchored on the economic theory of technical efficiency. Using a co-relational quantitative research design, a time series analysis was made on secondary data collected over the period 2013 to 2021 from a census enquiry of all the 47 counties of the country. It employed the stochastic frontier analysis technique using the Evsey Domar debt sustainability assessment. Between 2013 and 2021, the technical efficiency of optimising sustainable public debt averaged 12.5% ranging between 87.5% and 0.05%. Over the period, fiscal transfers were found to improve the technical efficiency of optimising the sustainability of public debt (β = - 17.224); the relationship between the two variables was found to be statistically significant (p = 0.000 < 0.05). However over the study period, fiscal transfers had a downward trend. The study provides useful information for fiscal transfers policy and recommends that future research examine the relationship between the optimisation of sustainable public debt and the different forms of fiscal transfers.
27
Clemente-Almendros, José Antonio, and Tomás González-Cruz. "Family involvement and proactive tax management behaviour in private family SMEs." International Journal of Entrepreneurial Behavior & Research, August 26, 2022. http://dx.doi.org/10.1108/ijebr-01-2022-0021.
Full textAbstract:
PurposeThis paper investigates whether board composition, a family chief executive officer (CEO) and the firm's managerial capabilities affect proactive tax management in family small and medium-sized enterprises (SMEs). The main statement is that the professionalisation of corporate government and management practices explains the difference in tax avoidance behaviour in closely held family SMEs.Design/methodology/approachUsing the 2012 Spanish thin-capitalisation rule as a quasi-experiment, the authors estimate panel regressions with firm fixed effects and robust standard errors. This model represents a triple difference-in-differences combined with propensity score matching (PSM-DID).FindingsAnalysis shows that having a high proportion of non-family board members and a high endowment of managerial capabilities lead to tax liability optimisation in family SMEs. Conversely, familial boards and family SMEs with low managerial capabilities lack enough expertise to weigh the costs of tax avoidance over the benefits, resulting in a reluctance to engage in tax optimisation behaviours. Alike, results show no significant relation between CEO's family affiliation and tax management behaviour.Practical implicationsWhen implementing fiscal policies, the specific needs of family SMEs should be considered, and how these needs interact with corporate governance and managerial mechanisms. Moreover, policymakers need a deeper understanding of family SMEs in order to develop policies appropriate to their characteristics. A more comprehensive knowledge of how family firm heterogeneity affects corporate decisions, such as indebtedness and fiscal decisions, may improve public policies.Originality/valueThis study addresses the issue of tax behaviour in family SMEs in a particular event that implies a specific logic to weigh the pros and cons of each alternative: reducing debt or paying more taxes. This study’s conclusions are based on a model that deals with potential endogeneity problems, which avoids bias in the findings.
28
Keogh, Fiona, Tom Pierse, David Challis, and Eamon O’Shea. "Resource allocation across the dementia continuum: a mixed methods study examining decision making on optimal dementia care among health and social care professionals." BMC Health Services Research 21, no. 1 (March 18, 2021). http://dx.doi.org/10.1186/s12913-021-06230-9.
Full textAbstract:
Abstract Background The understanding of appropriate or optimal care is particularly important for dementia, characterised by multiple, long-term, changing needs and the increasing expectations of people using services. However, the response of health and social care services is limited by resource constraints in most countries. This study sought to determine the optimal level, mix and cost of services for different dementia case types across the dementia continuum, and to better understand the resource allocation decision making process among health and social care professionals (HSCPs). Methods A balance of care framework was applied to the study questions and developed in three ways; firstly by considering optimality across the course of dementia and not just at the margin with residential care; secondly, through the introduction of a fixed budget to reveal constrained optimisation strategies; and thirdly through the use of a mixed methods design whereby qualitative data was collected at workshops using nominal group technique and analysed to obtain a more detailed understanding of the decision-making process. Twenty four HSCPs from a variety of disciplines participated in the resource allocation decision-making exercise. Results HSCPs differentiated between case type severity; providing 2.6 times more resources to case types with higher level needs than those with lower level needs. When a resource constraint was introduced there was no evidence of any disproportionate rationing of services on the basis of need, i.e. more severe case types were not favoured over less severe case types. However, the fiscal constraint led to a much greater focus on meeting physical and clinical dependency needs through conventional social care provision. There was less emphasis on day care and psychosocial provision when resources were scarcer following the introduction of a fixed budget constraint. Conclusions HSCPs completed complex resource allocation exercises for people with dementia, including expected differentiation across case type severity. When rationing was introduced, HSCPs did not discriminate in favour of case types with high levels of need. They did, however, support conventional home care provision over psychosocial care, although participants were still keen to provide some residual cover for the latter, especially for case types that might benefit.