WorldWideScience

Sample records for corporate treasury stock

  1. 47 CFR 32.4530 - Treasury stock.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 2 2010-10-01 2010-10-01 false Treasury stock. 32.4530 Section 32.4530... FOR TELECOMMUNICATIONS COMPANIES Instructions for Balance Sheet Accounts § 32.4530 Treasury stock. This account shall include the cost of the company's own capital stock which has been issued and...

  2. 26 CFR 1.1032-1 - Disposition by a corporation of its own capital stock.

    Science.gov (United States)

    2010-04-01

    ... corporation of its own capital stock. (a) The disposition by a corporation of shares of its own stock (including treasury stock) for money or other property does not give rise to taxable gain or deductible loss... stock. 1.1032-1 Section 1.1032-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY...

  3. Are Stock and Corporate Bond Markets Integrated?

    OpenAIRE

    van Zundert, J.; Driessen, Joost

    2017-01-01

    This study explores the cross-sectional integration of stock and corporate bond markets by comparing a firm’s expected stock return, as implied by corporate bond spreads, to its realized stock return. We compute expected corporate bond returns by correcting credit spreads for expected losses due to default, which are then transformed into expected stock returns. We find, surprisingly, a strong negative cross-sectional relation between these expected and realized stock returns over the period ...

  4. Are Stock and Corporate Bond Markets Integrated?

    NARCIS (Netherlands)

    van Zundert, J.; Driessen, Joost

    2017-01-01

    This study explores the cross-sectional integration of stock and corporate bond markets by comparing a firm’s expected stock return, as implied by corporate bond spreads, to its realized stock return. We compute expected corporate bond returns by correcting credit spreads for expected losses due to

  5. 76 FR 7236 - Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Boston Stock Exchange...

    Science.gov (United States)

    2011-02-09

    ...-001] Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Boston Stock Exchange... is hereby given that on January 19, 2011, Stock Clearing Corporation of Philadelphia, Inc. (``SCCP'') and Boston Stock Exchange Clearing Corporation (``BSECC'') filed with the Securities and Exchange...

  6. Does monetary policy affect stock prices and Treasury yields? An error correction and simultaneous equation approach

    OpenAIRE

    J. Benson Durham

    2003-01-01

    This study pursues two addenda to the practitioner and academic on the effect of monetary policy on asset prices. First, this paper applies cointegration theory, and, second, relaxes the stringent assumption in the literature that changes in 10-year Treasury yields, stock returns, and changes in the stance of monetary policy are exogenous. Given quarterly data from 1978:Q4 to 2002:Q3, two-stage least squares (2SLS) regressions suggest that changes in the exogenous component of the federal fun...

  7. 26 CFR 1.1036-1 - Stock for stock of the same corporation.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Stock for stock of the same corporation. 1.1036...) INCOME TAX (CONTINUED) INCOME TAXES Common Nontaxable Exchanges § 1.1036-1 Stock for stock of the same corporation. (a) Section 1036 permits the exchange, without the recognition of gain or loss, of common stock...

  8. 78 FR 23487 - Certain Outbound Property Transfers by Domestic Corporations; Certain Stock Distributions by...

    Science.gov (United States)

    2013-04-19

    ... Outbound Property Transfers by Domestic Corporations; Certain Stock Distributions by Domestic Corporations... corporation in certain nonrecognition exchanges, or to distributions of stock of certain foreign corporations... establish reporting requirements for property transfers and stock distributions to which the final...

  9. Municipal and Treasury Bond Market Segments Development at Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Cornelia POP

    2012-02-01

    Full Text Available The current paper reviews the developments that took place, starting with November 2001, inside the Romanian Municipal and Treasury bond market segments at the Bucharest Stock Exchange. The development of a debt market has as a main objective to encourage the central, regional and local governments to consider bond finance as an important way for regional and local project investments; it could enhance the quality and the efficiency of financed projects and encourage long term financial planning. The relatively modest profile of the Romanian public bond sector at Bucharest Stock Exchange can be explained by the late introduction of the T-bonds (7 years after the bond sector was launched. Lacking the benchmark the T-bonds could offer, it was only natural for investors to avoid the (Municipal bond sector. The development of the domestic public bond sector is expected to continue in the years to come, mainly if through bond financing the central/regional and local authorities will support investment projects that will trigger and/or generate economic development.

  10. The US stock market leads the federal funds rate and treasury bond yields.

    Science.gov (United States)

    Guo, Kun; Zhou, Wei-Xing; Cheng, Si-Wei; Sornette, Didier

    2011-01-01

    Using a recently introduced method to quantify the time-varying lead-lag dependencies between pairs of economic time series (the thermal optimal path method), we test two fundamental tenets of the theory of fixed income: (i) the stock market variations and the yield changes should be anti-correlated; (ii) the change in central bank rates, as a proxy of the monetary policy of the central bank, should be a predictor of the future stock market direction. Using both monthly and weekly data, we found very similar lead-lag dependence between the S&P 500 stock market index and the yields of bonds inside two groups: bond yields of short-term maturities (Federal funds rate (FFR), 3M, 6M, 1Y, 2Y, and 3Y) and bond yields of long-term maturities (5Y, 7Y, 10Y, and 20Y). In all cases, we observe the opposite of (i) and (ii). First, the stock market and yields move in the same direction. Second, the stock market leads the yields, including especially the FFR. Moreover, we find that the short-term yields in the first group lead the long-term yields in the second group before the financial crisis that started in mid-2007 and the inverse relationship holds afterwards. These results suggest that the Federal Reserve is increasingly mindful of the stock market behavior, seen as key to the recovery and health of the economy. Long-term investors seem also to have been more reactive and mindful of the signals provided by the financial stock markets than the Federal Reserve itself after the start of the financial crisis. The lead of the S&P 500 stock market index over the bond yields of all maturities is confirmed by the traditional lagged cross-correlation analysis.

  11. Corporate Governance and the Design of Stock Option Programs

    NARCIS (Netherlands)

    Sautner, Z.; Weber, M.

    2008-01-01

    Investors and academics increasingly criticize that various design features of executive stock option (ESO) plans reflect self-dealing by managers and the inability of corporate governance mechanisms in monitoring executives (managerial power hypothesis). We use a unique and not publicly available

  12. 26 CFR 1.367(b)-4 - Acquisition of foreign corporate stock or assets by a foreign corporation in certain...

    Science.gov (United States)

    2010-04-01

    ...) and any regulations thereunder. If any of the assets transferred are intangible assets, see section... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Acquisition of foreign corporate stock or assets...) INCOME TAXES Effects on Corporation § 1.367(b)-4 Acquisition of foreign corporate stock or assets by a...

  13. Corporate Governance and Efficiency of Russian Companies from Stock Market Perspective

    OpenAIRE

    Kleiner, Vadim

    2009-01-01

    The article shows that a transition from a static to a dynamic analysis of corporate governance changes of the definition of "corporate governance" to include not only relationships between a company and its shareholders, but also company relationships with a variety of other stock market participants. The article analyses corporate governance's level of influence on company efficiency. It also suggests a minimum set of key corporate governance principles, by examining which company meets com...

  14. Empirical studies on the cross-section of corporate bond and stock markets

    NARCIS (Netherlands)

    van Zundert, Jeroen

    2018-01-01

    This dissertation contains five empirical studies on the efficiency of corporate bond and stock markets. In Chapter 2, the pricing of interest rate risk in the stock market is analyzed. Over the long run, 1927 to 2015, the price of bearing interest rate risk is positive as expected, but there is

  15. Corporate governance and stock price performance of firms during the crisis

    DEFF Research Database (Denmark)

    Farooq, Omar; Chetioui, Youssef

    2012-01-01

    with superior stock price performance. We argue that lower agency problems that accompany firms with better corporate governance mechanisms make it hard for controlling shareholders to expropriate, thereby improving stock price performance. Our results are important in a way that they highlight the power...

  16. Linkages among U.S. Treasury Bond Yields, Commodity Futures and Stock Market Implied Volatility: New Nonparametric Evidence

    Directory of Open Access Journals (Sweden)

    Vychytilova Jana

    2015-09-01

    Full Text Available This paper aims to explore specific cross-asset market correlations over the past fifteen- yearperiod-from January 04, 1999 till April 01, 2015, and within four sub-phases covering both the crisis and the non-crisis periods. On the basis of multivariate statistical methods, we focus on investigating relations between selected well-known market indices- U.S. treasury bond yields- the 30-year treasury yield index (TYX and the 10-year treasury yield (TNX; commodity futures the TR/J CRB; and implied volatility of S&P 500 index- the VIX. We estimate relative logarithmic returns by using monthly close prices adjusted for dividends and splits and run normality and correlation analyses. This paper indicates that the TR/J CRB can be adequately modeled by a normal distribution, whereas the rest of benchmarks do not come from a normal distribution. This paper, inter alia, points out some evidence of a statistically significant negative relationship between bond yields and the VIX in the past fifteen years and a statistically significant negative linkage between the TR/J CRB and the VIX since 2009. In rather general terms, this paper thereafter supports the a priori idea- financial markets are interconnected. Such knowledge can be beneficial for building and testing accurate financial market models, and particularly for the understanding and recognizing market cycles.

  17. Corporate governance and its effect on the liquidity of a stock

    DEFF Research Database (Denmark)

    Farooq, Omar; Seffar, Mohammed

    2012-01-01

    What causes investors to trade in certain stocks more than the others? We answer this question by documenting significant relationship between various proxies of corporate governance mechanisms and liquidity in the MENA region. Our results show that higher analyst following, lower ownership...... to higher liquidity. Our results indicate that managers can improve information environment of a firm, if they want to increase tradability of their stocks. Interestingly, our results show a negative relationship between dividend payout ratio and liquidity. Consistent with Banerjee et al. (2007), we argue...... that frictions in the MENA region stock markets lead to high demand for dividends in less liquid stocks, thereby resulting in negative relationship between the two....

  18. The effect of corporate performance on the stocks in the companies doing IPO

    Directory of Open Access Journals (Sweden)

    - Suherman

    2016-07-01

    Full Text Available This study tries to (1to examine the difference of corporate social performance (CSP between the old IPO firms and the new IPO firms, and (2to investigate the influence of corporate social performance (CSP on stock return. Corporate social performance (CSP is measured using NH approach and stock return is measured using cumulative abnormal returns (CAR and holding-period returns (HPR. The sample covers 75 IPO firms listed on the Indonesia Stock Exchange between 2011 and April 2015. Our study employs independent sample test and ordinary least square (OLS regression to analyze the research models. The results show that 1 there is significant difference in corporate social performance (CSP between the old IPO firms and the new IPO firms, and 2CSP has positive and significant effect on stock return, controlling for firm size, firm growth, institutional ownership and managerial ownership. Robustness tests support the results. Investor should pay much more attention on the old IPO firms and corporate social performance (CSP. Firms that are going to sell IPO stocks, specifically for young firms, should concern more on social responsibilities.

  19. 26 CFR 1.367(b)-4T - Acquisition of foreign corporate stock or assets by a foreign corporation in certain...

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) INCOME TAXES Effects on Corporation § 1.367(b)-4T Acquisition of foreign corporate stock or... treated, under section 318, as indirectly owning 100% of the CFC2 stock after the transaction, under... section 318, as indirectly owning 100% of CFC2 after the transaction, section 302(a) does not apply to the...

  20. 26 CFR 1.409(p)-1 - Prohibited allocation of securities in an S corporation.

    Science.gov (United States)

    2010-04-01

    ... TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Pension, Profit-Sharing, Stock Bonus Plans, Etc... disqualified person under the ESOP and invested in employer securities consisting of stock in an S corporation... in an ESOP that holds shares of stock of an S corporation that are employer securities. Paragraph (b...

  1. The effect of stock market pressure on the tradeoff between corporate and shareholders’ tax benefits

    Directory of Open Access Journals (Sweden)

    Ming-Chin Chen

    2015-06-01

    Full Text Available The Taiwanese government offers firms that invest in qualified projects in emerging high-tech industries two mutually exclusive tax incentives—a corporate 5-year tax exemption or shareholder investment tax credits. This study examines whether corporate managers take shareholder tax benefits into account in their corporate tax planning. The results show that privately held firms are more likely than listed firms to choose shareholder investment tax credits and forego corporate tax benefits. Listed firms with relatively high earnings response coefficients tend to choose a corporate 5-year tax exemption, as it can enhance reported after-tax earnings. Further, in the 5-year period following their choice of a particular tax incentive, firms choosing a corporate 5-year tax exemption exhibit significantly lower earnings persistence than those choosing shareholder investment tax credits. Taken together, these results suggest that stock market pressure has a significant effect on firms’ choices between corporate and shareholder tax benefits, and that the choice of tax incentives has an effect on future earnings quality.

  2. CORPORATE DIVIDEND POLICY AND SHARE PRICE VOLATILITY:A STUDY OF THE BOMBAY STOCK EXCHANGE

    OpenAIRE

    Vijayakumar, Arvind

    2012-01-01

    Purpose: The research paper aims to identify the empirical relationship between Corporate Dividend policy in India and share price volatility. Design/Methodology/Approach: A sample of 197 dividend paying companies listed on the Bombay stock exchange (BSE 500) was examined from 2006 to 2010.A panel data approach was applied to identify the relationship between price volatility against dividend yield and dividend payout ratio. Findings: The findings observe a significant relationship be...

  3. THE ROLE OF CORPORATE SOCIAL RESPONSIBILITY DISCLOSURE TOWARD COMPANY STOCK PRICE CRASH RISK

    Directory of Open Access Journals (Sweden)

    Handiyono M.Y.

    2017-08-01

    Full Text Available This study aims to analyze the influence of corporate social responsibility disclosure to company stock price crash risk. If socially responsible companies are committed to high standards of information transparency and do not hide bad news, they will have a low risk of crash. However, if the manager reports CSR to distract the stakeholder from bad news, the CSR will be associated with a high risk of the company stock crash. The study was conducted at Indonesian manufacturing companies registered on the IDX (BEI for the 2010-2015 period Hypothesis testing technique used a multiple regression analysis. The results showed that activities of the corporate social responsibility disclosure by the company did not have a significant relationship to the risk of the company stock price crash. This study also found that companies that conduct and report social responsibility activities simultaneously have a low risk of crashes on their company's stock price but cannot prove the relationship between the two. The implication is that social accountability reports in Indonesia are still limited to reports only and have not been considered as anything that can contribute to add value to the company or that may prevent the company from unethical behavior.

  4. Celestial Treasury

    Science.gov (United States)

    Lachièze-Rey, Marc; Luminet, Jean-Pierre

    2001-07-01

    Throughout history, the mysterious dark skies have inspired our imaginations in countless ways, influencing our endeavors in science and philosophy, religion, literature, and art. Filled with 380 full-color illustrations, Celestial Treasury shows the influence of astronomical theories and the richness of illustrations in Western civilization through the ages. The authors explore the evolution of our understanding of astronomy and weave together ancient and modern theories in a fascinating narrative. They incorporate a wealth of detail from Greek verse, medieval manuscripts and Victorian poetry with contemporary spacecraft photographs and computer-generated star charts. Celestial Treasury is more than a beautiful book: it answers a variety of questions that have intrigued scientists and laymen for centuries. -- How did philosophers and scientists try to explain the order that governs celestial motion? -- How did geometers and artists measure and map the skies? -- How many different answers have been proposed for the most fundamental of all questions: When and how did Earth come about? -- Who inhabits the heavens--gods, angels or extraterrestrials? No other book recounts humankind's fascination with the heavens as compellingly as Celestial Treasury. Marc Lachièze-Rey is a director of research at the Centre National pour la Récherche Scientifique and astrophysicist at the Centre d'Etudes de Saclay. He is the author of The Cosmic Background Radiation (Cambridge, 1999), and and The Quest for Unity, (Oxford, 1999 ), as well as many books in French. Jean-Pierre Luminet is a research director of the Centre National pour la Rechérche Scientifique, based at the Paris-Meudon observatory. He is the author of Black Holes, (Cambridge 1992), as well as science documentaries for television.

  5. PRICE REACTION TO CORPORATE GOVERNANCE RATING ANNOUNCEMENTS AT THE ISTANBUL STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Aslıhan BOZCUK

    2010-01-01

    Full Text Available The purpose of this paper is to investigate the price reaction to corporate governance rating announcements at the Istanbul Stock Exchange and to identify the factors which could be driving the results. Using an event study analysis framework, the cumulative abnormal returns (AR are calculated for various event windows surrounding the announcement day for each firm. The average AR is 0.5% on announcement day, followed by all positive average cumulative ARs for the next 18 days following the announcement. In the multivariate regression analysis, a number of variables are used to proxy for factors suggested as relevant by the agency theory and the corporate governance literature; such as the size of the Audit Committee, the size of the Board of Directors, Corporate Governance Rating of each firm, number of non-executive members on the board, percentage of firm’s stock traded on the market, number of blockholders, family ownership, the price-earnings ratio, the market-to-book ratio and firm size. Audit committee size (P: 0.012 and board size (P: 0.043 together explained 32% of the variation in announcement day returns (F: 5.215, P: 0.018. Surprisingly, the corporate governance rating per se was not found to be significant. Overall, the price reaction on announcement day tends to be higher for firms with larger boards and smaller audit committees.

  6. Corporate Governance Best Practice and Stock Performance: Case of CEE Companies

    Directory of Open Access Journals (Sweden)

    Julia Bistrova

    2012-06-01

    Full Text Available Corporate governance (CG becomes a very essential factor to consider prior to investing in the company. A number of studies proved its importance on the developed equity markets. However, intuitively corporate governance should gain more importance due to high degree of uncertainty because of the unstable environment. In order to assess the influence of corporate governance quality on Central and Eastern European companies' stock performance, the CG assessment model, which includes 21 evaluation criteria, was developed. Based on the model rating, the companies with the highest CG quality (top 25% outperformed companies with the worst CG quality (bottom 25% by 0.98% on a monthly basis during the period of 2008 - 2010. Study demonstrate that companies with good CG quality are able to offer lower risk.

  7. Corporate Governance, Intellectual Capital and Financial Performance of Banks listed in Pakistan Stock Exchange

    Directory of Open Access Journals (Sweden)

    Javed Iqbal

    2017-09-01

    Full Text Available This study aims to examine the impact of Corporate Governance (CG and Intellectual Capital (IC on financial performance in banks listed in Pakistan stock exchange. Due to the different scope of business, the banks are dived into two groups – Commercial banks and Microfinance & investment banks, and analyzed their data separately. We have used Generalized Least Squared (GLS model to examine the impact of Corporate Governance and Intellectual Capital, and then impact of Intellectual capital on financial performance. The results show that Corporate Governance has significant impact on intellectual capital in both groups of banks. Board ownership has positive significant coefficient only in case of microfinance & investment banks, while Board size and Board independence significantly improve intellectual capital efficiency in case of both types of banks. Human capital efficiency significantly effects financial performance in Microfinance and investment banks, whereas commercial banks improve their financial performance through structural capital efficiency.

  8. Block share ownership and corporate earning: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Somayye Adhami

    2013-01-01

    Full Text Available During the past few years, there have been growing interests among researchers to study the effect of block share ownership on corporate earning especially in developing countries. The purpose of this paper is to consider the impact of block ownership on performance of firms in terms of profitability. The proposed study develops two econometric models and applies them on selected firms from Tehran Stock Exchange over the period 2002-2010. The primary objective of this survey is to find the relationship between return of assets and Tobin's Q as dependent variables with eight independent variables including company size, sales growth, block ownership, debt and liability ratios, etc. The results of implementation of ordinary least squares on two econometric models reveal that while there is no meaningful relationship between return of asset and block ownership there is a meaningful relationship between block ownership and Tobin's Q.

  9. 26 CFR 1.1032-2 - Disposition by a corporation of stock of a controlling corporation in certain triangular...

    Science.gov (United States)

    2010-04-01

    ... gain or loss on its exchange of P stock as consideration in a forward triangular merger, a triangular C... sections 368(a)(1)(A) and (a)(2)(D) apply. (b) No gain or loss recognized on the use of P stock. Under...)(1)(A) and (a)(2)(D) apply. (b) Gain or loss recognized by S on the use of its P stock. Under...

  10. 78 FR 17023 - Certain Outbound Property Transfers by Domestic Corporations; Certain Stock Distributions by...

    Science.gov (United States)

    2013-03-19

    ... exception. Accordingly, the comment was not adopted. 3. Built-In Loss in Stock of the U.S. Transferor... adjustment will convert built-in loss stock into built-in gain stock. For example, assume that prior to the... loss in the stock). If the control group member's share of inside gain is $30x, its adjusted basis in...

  11. 26 CFR 1.367(b)-3 - Repatriation of foreign corporate assets in certain nonrecognition transactions.

    Science.gov (United States)

    2010-04-01

    ... SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Effects on Corporation.... Thus, under section 958(b), DC1 is treated as owning its proportionate share of FC stock held by USP, and USP is treated as owning all of the FC stock held by DC1. (B) Accordingly, for purposes of...

  12. Effect of Corporate Governance Structure on the Financial Performance of Johannesburg Stock Exchange (JSE-Listed Mining Firms

    Directory of Open Access Journals (Sweden)

    Isaih Dzingai

    2017-06-01

    Full Text Available There have been many corporate collapses and financial crises in recent years linked to a lack of effective corporate governance. The South African King IV Code of Corporate Governance recommends that corporate governing bodies should be comprised of an appropriate balance of knowledge, diversity, and independence for discharging their duties objectively and more efficiently. This study examines the effect of corporate governance structures on firm financial performance. The secondary data of selected Johannesburg Stock Exchange (JSE, Socially Responsible Investment (SRI Index-listed mining firms’ sustainability reports, and integrated annual financial statements are used. Using panel data analysis of the random effects model, we determined the relationship between board independence and board size and the return on equity (ROE for the period 2010–2015. Results indicate a weak negative correlation between ROE and board size, and a weak, but positive, correlation between ROE and board independence. Additionally, there is a positive, but weak, correlation between ROE and sales growth, but a negative and weak relationship between ROE and firm size. The study suggests that effective corporate governance through a small effective board and monitoring by an independent board result in increased firm financial performance. We recommend that South African companies see compliance with the recommendations of the King IV Code on Corporate Governance not as a liability, but an ethical investment that may likely yield financial benefit in the long-term. Although complying with corporate governance principles does not necessarily translate into a significant economic benefit, firms should, however, continue to adopt corporate governance for ethical reasons to meet stakeholder’s social and environmental needs for sustainable development.

  13. Practice and effectiveness of internal corporate governance mechanisms in Saudi Arabia Stock Market: A review of empirical evidence

    Directory of Open Access Journals (Sweden)

    Marai Awidat

    2017-01-01

    Full Text Available The aim of this paper is to shed light on the Saudi corporate governance code, its practices and effectiveness. To do so, the paper conducted a detailed review of the articles of the code related to internal corporate governance mechanisms and the previous studies regarding its effectiveness in Saudi stock market context. The main finding is that the provisions of Saudi corporate governance code are adequate. Annual reports (2009-2014 show an increase in the level of the compliance by listed companies, indicating that the code is achieving its aims. However, the empirical evidence seems to suggest that the code has an insignificant impact on company's performance and mitigating earnings management. The main reasons behind that are the following: the code is still in its early stages, there is weak legal enforcement, and there are also some social, cultural, and economic factors. Therefore, the code needs more time for good practice and improvement to achieve its purposes.

  14. Is there Needed an Industry Approach on Corporate Default Risk? Case Study on Companies Listed on Romanian Stock Exchange

    Directory of Open Access Journals (Sweden)

    Cristina Maria Triandafil

    2009-02-01

    Full Text Available This paper focuses on applying Black and Scholes structural approach on credit risk in the case of the companies listed on Romanian Stock Exchange. We conduct a case-study on 35 companies belonging to five industries (energetic, materials, chemistry, pharmaceuticals, equipments during a period of 10 years in order to highlight out default point/threshold and its essential factors evolution across industries. Research approach is concentrated also on the specific characteristics of the Romanian capital market (especially in terms of illiquidity and lack of transparency additional costs, macroeconomic environment and corporate finance decision process. We compute default point from the perspective of the arbitrage between assets and leverage; in accordance with the most recent theories on specific features corporate default within emerging countries (Galytskyy, 2006, a key element will be represented by the assets volatility which will be correlated with the country risk premium in order to highlight out a potential macroeconomic impact on corporate failure.

  15. 26 CFR 1.1367-1 - Adjustments to basis of shareholder's stock in an S corporation.

    Science.gov (United States)

    2010-04-01

    ... accounting for Federal income tax purposes if the item had been subject to Federal income taxation. (3... illustrate the principles of § 1.1367-1. In each example, the corporation is a calendar year S corporation...

  16. 26 CFR 1.341-7 - Certain sales of stock of consenting corporations.

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Collapsible Corporations; Foreign Personal Holding Companies...)(1), if a corporation consents (in the manner provided in paragraph (b) of this section) to the... date on which the statement is filed, the consenting corporation becomes the owner of 5 percent or more...

  17. Sources of Legal Regulation of Mergers, Acquisitions, Consolidations, Joint Stock Companies in Russia and Corporations in the United States

    Directory of Open Access Journals (Sweden)

    Stanislav E. Kuzmin

    2015-01-01

    Full Text Available The article outlines general characteristics of the sources of law, regulating relations associated with mergers, consolidations, acquisitions of joint stock companies in Russia and corporations in the United States respectively in the Russian legislation and the legislation of the United States and individual States. Both in Russia and in the USA there is a constitutional separation of powers between the Federal authorities and the Subjects of the Federation/States respectively. In both countries legal regulation of mergers and acquisitions of corporations is carried out first of all by a number of laws. These laws fall into three main groups: securities laws, antitrust (competition laws and civil and joint-stock legislation in Russia and corporate laws in the US. All the three groups are federal laws in Russia, while in the US the first two are federal too, but the last one is state laws. It is necessary to highlight the important role of judicial decisions in the United States on legal regulation of mergers, acquisitions, takeovers in comparison with Russia, which is due to the differences in the legal systems of the states in question. However, although Russia is not a state of case law, such legal acts as the resolution of the Plenum of the Supreme Commercial Court will undoubtedly have an impact on law enforcement practice and, consequently, on the regulation of relevant relations. Of particular importance are the findings of the Constitutional Court, whose decisions may cancel acts or their separate provisions provided they are recognized as unconstitutional. Such acts are repealed. Decisions of courts and other bodies based on acts or their separate provisions, recognized by the Constitutional Court of the Russian Federation unconstitutional, are not subject to execution and shall be revised in accordance with the Federal law. The US case law implies existence of a hierarchy of precedents according to which decisions adopted by the

  18. Corporate Characteristics and Internal Control Information Disclosure- Evidence from Annual Reports in 2009 of Listed Companies in Shenzhen Stock Exchange

    Science.gov (United States)

    Xiaowen, Song

    Under the research framework of internal control disclosure and combined the current economic situation, the paper empirically analyzes the relationship between corporate characteristics and internal control information disclosure. The paper selects 647 A share companies listed in Shenzhen Stock Exchanges in 2009 as a sample. The results show: (1) the companies with excellent performance and high liquidity tend to disclose more internal control information; (2) the companies with the high leverage and also issued B shares are not willing to disclosure internal control information; (3) the companies sizes and companies which have hired Four-big accounting firms have no significant effects on internal control disclosure.

  19. CORPORATE GOVERNANCE IN FINANCIAL INSTITUTIONS: AN APPLICATION ON THE ISTANBUL STOCK EXCHANGE

    OpenAIRE

    MELEK ACAR BOYACIOGLU; YUNUS EMRE AKDOGAN

    2010-01-01

    Corporate governance forms a system in which the objectives of the firm is determined, and points out the ways to achieve these aims and how performance is to be assessed. An efficient corporate governance system both at firm-level and economy in general will provide trust, which is necessary for the market economy to operate properly. Especially negative effects of the problems on economy which can result from deficiencies in the corporate governance of financial institutions urge that speci...

  20. 75 FR 25010 - Self-Regulatory Organizations; Stock Clearing Corporation of Philadelphia; Notice of Filing and...

    Science.gov (United States)

    2010-05-06

    ... directors (``Board''). Under Corporate Governance Guidelines adopted by the Board, however, any director in... purpose. \\7\\ NASDAQ OMX also amended its Corporate Governance Guidelines to reflect the majority vote... proposed making certain amendments to its By-Laws to make improvements in its governance. In SR-NASDAQ-2010...

  1. 75 FR 25012 - Self-Regulatory Organizations; Boston Stock Exchange Clearing Corporation; Notice of Filing and...

    Science.gov (United States)

    2010-05-06

    ... (``Board''). Under Corporate Governance Guidelines adopted by the Board, however, any director in an... purpose. \\7\\ NASDAQ OMX also amended its Corporate Governance Guidelines to reflect the majority vote... proposed making certain amendments to its By-Laws to make improvements in its governance. In SR-NASDAQ-2010...

  2. 76 FR 25382 - Self-Regulatory Organizations; The Stock Clearing Corporation of Philadelphia; Notice of Filing...

    Science.gov (United States)

    2011-05-04

    ...) amended the NASDAQ OMX PHLX, Inc. reference to reflect a recent conversion to a limited liability company... corporation to a Delaware limited liability company.\\7\\ \\7\\ Securities Exchange Act Release No. 34-62783... to reflect a corporate change to a limited liability company are both clarifying in nature. The...

  3. 76 FR 25396 - Self-Regulatory Organizations; The Boston Stock Exchange Clearing Corporation; Notice of Filing...

    Science.gov (United States)

    2011-05-04

    ...) amended the NASDAQ OMX PHLX, Inc. reference to reflect a recent conversion to a limited liability company... corporation to a Delaware limited liability company.\\7\\ \\7\\ Securities Exchange Act Release No. 34-62783... references to an exchange name to reflect a corporate change to a limited liability company are both...

  4. 11 CFR 114.7 - Membership organizations, cooperatives, or corporations without capital stock.

    Science.gov (United States)

    2010-01-01

    ... organizational structure. (j) A membership organization, including a trade association, cooperative, or... 11 Federal Elections 1 2010-01-01 2010-01-01 false Membership organizations, cooperatives, or... CORPORATE AND LABOR ORGANIZATION ACTIVITY § 114.7 Membership organizations, cooperatives, or corporations...

  5. 76 FR 67007 - Self-Regulatory Organizations; Boston Stock Exchange Clearing Corporation; Notice of Filing of...

    Science.gov (United States)

    2011-10-28

    ..., the provision provides that the Audit Committee shall be composed of either four or five directors... Stock Market, which apply to NASDAQ OMX as a listed company, require that NASDAQ OMX's Audit Committee... requirements of the Audit Committee, including independence requirements. \\3\\ NASDAQ IM-5605-3. Similarly...

  6. 26 CFR 1.996-4 - Subsequent effect of previous disposition of DISC stock.

    Science.gov (United States)

    2010-04-01

    ... TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Domestic International Sales Corporations § 1.996...: Example. In 1974, under § 1.995-4, A, a shareholder of a DISC, on the sale of his DISC stock to B, is... income were not adjusted by reason of the $20 treated as a dividend on the prior sale. However, even...

  7. Innate and discretionary accruals quality and corporate governance: A case study of Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Hossein Panahian

    2012-09-01

    Full Text Available In this paper, we present an empirical study to find the relationship between discretionary accruals quality as well as innate accruals quality and portion of non-executive board of directors, concentration of ownership ratio and board size in Tehran Stock Exchange. The survey selects 118 qualified stocks from this exchange and using a random technique chooses 42 firms. The study implements two linear regression techniques to estimate the first part of the information and then using structural equation modeling examines six hypotheses. Based on the results of this survey we can conclude that an increase on non-executive members positively influences on discretionary accruals quality and negatively influences innate accruals quality. Concentration of ownership ratio positively influences on discretionary accruals quality and negatively impacts on innate accruals quality. Finally, size of board of directors negatively impacts discretionary accruals quality and positively influences on innate accruals quality.

  8. Maintanance and reproduction of fixed assets of Agricultural Property Stocks of the State Treasury assets in lease (based on the Poznań regional branch of Agricultural Property Agency of the State Treasury in 1995-2002 Zagospodarowanie i odtwarzanie majątku Zasobu Własności Rolnej Skarbu Państwa w dzierżawie (na przykładzie oddziału terenowego AWRSP w Poznaniu w latach 1995-2002

    Directory of Open Access Journals (Sweden)

    Piotr Bogdan Nowak

    2008-12-01

    Full Text Available As a result of privatization of the state-owned agriculture the substantial and diverse assets were transferred to the Agricultural Property Stock of the State Treasury. The important part of it constituted fixed assets (buildings and structures. The accepted methods of fixed assets depreciation and forms of amortization did not ensure their regeneration (replacement. Particularly, it concerns the leased fixed assets. The Leaseholders were not interested in a regeneration of assets and the owner (State Treasury provided only a small amount of financial means for this purpose. The survey involved 68 leaseholders using the grounds of 47 900 hectares taken in lease from the Poznań RB of APAST and leasing fixed assets of the initial value of about 317 million zloty. The material involves data of 1807 buildings of the APAST assets from 1995 to 2002. The survey results show that the majority of the fixed assets in lease were in use but they were reproduced to a low degree (the average – 69% and capital investment constituted about a half of the financial outlay. The rest of it was spent on reconstruction.

  9. Concentration of ownership and corporate performance: evidence from the Zagreb Stock Exchange

    Directory of Open Access Journals (Sweden)

    Alen Džanić

    2012-03-01

    Full Text Available This study examines the relationship between ownership structure and firm performance using a sample of firms listed on the Zagreb Stock Exchange in period 2003-2009. The results obtained using a panel estimation with fixed effects show a significant negative relationship between the existence of a block holder owning more than 30% of the equity and the value of the firm’s Tobin’s Q. However, if there is a family-type second block holder, the effect disappears. Further, the study gives evidence of the negative impact of the fraction of equity owned by management on labor efficiency confirming the quiet-life hypothesis from Bertrand and Mullainathan (2003. Finally, it is shown that foreign ownership is not significantly better than domestic.

  10. A RESEARCH ON RELATIONSHIP BETWEEN CORPORATE GOVERNANCE RATINGS OF BANKS LISTED IN ISTANBUL STOCK EXCHANGE (BIST) CORPORATE GOVERNANCE INDEX AND SOME OF THEIR CHARACTERISTICS

    OpenAIRE

    Ozlem I. Koc

    2014-01-01

    Capital Markets Board of Turkey principles of corporate governance consist of four categories: Shareholders, Public Disclosure and Transparency, Stakeholders, Board of Directors. The corporate governance rating is determined by the rating institutions incorporated by Capital Markets Board of Turkey in its list of rating agencies as a result of their assessment of the company's compliance with the corporate governance principles. Publicly held corporations are listed in BIST Corporate Governan...

  11. An investigate on relationship between moral hazard and corporate governance with earning forecast quality in the Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Seyed ahmad Khalifehsultani

    2012-09-01

    Full Text Available Moral hazard and corporate governance are important factors in determining market transparency. The proposed study of this paper investigates the effects of these two factors on earning quality as well as forecasted earning in Tehran Stock Exchange. We have selected some stocks based on some predefined circumstances and extracted some necessary information over the period of 2005-2010. Based on these criteria, the information of 132 firms are qualified for the proposed study of this paper using 792 years/firm from 23 industries. There are two hypotheses associated with this study. According to the first hypothesis, we investigate whether there is a relationship between board of director independency and quality of forecasted earning. In the second hypothesis, we look to find out whether there is a relationship between the size of board of directors and quality of forecasted earning. We have used three models and using ordinary regression analysis tried to test the models. Based on the results of the survey, we have concluded that moral hazard does not influence forecasted earning, significantly. However, the results of this survey concluded that there is a meaningful relationship between forecasted earning and quality of earning. In terms of members of editorial board, quality of earning has a reverse relationship with absolute deviation of forecasted earning. In other words, as the number of editorial board increases, we may expect a more precise earning estimation. The other observation is that non-board member's duties have better motivation to contribute to firms and could make some changes.

  12. Stock Implied Volatility, Stock Turnover, and the Stock-Bond Return Relation

    OpenAIRE

    Stivers, Chris; Sun, Licheng

    2002-01-01

    The authors examine how the co-movement between daily stock and Treasury bond returns varies with stock market uncertainty. They use the lagged implied volatility from equity index options to provide an objective, observable, and dynamic measure of stock market uncertainty. The authors find that stock and bond returns tend to move substantially together during periods of lower stock market uncertainty. However, stock and bond returns tend to exhibit little relation or even a negative relation...

  13. The Influence of Good Corporate Governance Mechanism on Earnings Management: Empirical Study in Indonesian Stock Exchange Listed Company for Periods of 2006-2010

    Directory of Open Access Journals (Sweden)

    Hermiyetti Hermiyetti

    2013-01-01

    Full Text Available The purpose of this research is to examine the influence of good corporate governance mechanism about earnings management in companies listed in Indonesian Stock Exchange during 2006 to 2010. The independent variables include the size of commissioner board, independent commissioner board percentage, size of audit committee, and commissioner meeting frequency. The dependent variable is earnings management which is measured by discretionary revenue model (Stubben, 2010. Size of company is used as the control variable in this research. The population of this research is 465 samples from companies listed at Indonesian Stock Exchange during 2006 to 2010. The sampling method used in this research is purposive sampling method. In addition, the data analysis method used is regression analysis and descriptive statistics. The result of this research indicates that the mechanism of good corporate governance which is represented by the size of commissioner board, independent commissioner board percentage, size of audit committee, and commissioner meeting frequency do not have any significant impact on earnings management. However, the result shows that company size gave positive influence toward earning management. Keywords: Good corporate governance, size of commissioner board, independent commissioner board percentage, size of audit committee, commissioner meeting frequency, earnings management

  14. Treasury Administrator | IDRC - International Development ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Payment Batch Processing ... Cash Management, Treasury and Bank Reconciliation ... This position monitors and maintains all accounting business processes for payments, cash management and treasury assigned to him/her, ensuring that the Centre's resources are properly utilized and protected by maintaining ...

  15. Family Controlled Firms on the Stock Market : Do family-controlled firms show a convergence in corporate governance systems?

    OpenAIRE

    Mártires, Miguel Ángel; Sawicki, Kamil

    2008-01-01

    Background: Family-business is considered to be the most frequent and complex form of business organization around the world. However, recently there has been a large number of corporate scandals in such firms especially at the board level (e.g. Parmalat). Within the framework of two corporate governance models characterized by the Continental European and the Anglo-Saxon model, boards of directors hold a central position. This position becomes of great importance when talking about public co...

  16. Occupational safety and health aspects of corporate social responsibility (CSR) in Japanese companies listed on the Tokyo Stock Exchange (TSE) first section.

    Science.gov (United States)

    Kawashita, Futoshi; Taniyama, Yukari; Hwi, Song You; Fujisaki, Takeshi; Kameda, Takashi; Mori, Koji

    2005-11-01

    Recently, corporate social responsibility (CSR) is becoming widely recognized as an issue for Japanese companies. Corporate responsibility for employees is considered important by various stakeholders, and occupational safety and health is regarded as one of these responsibilities. The present authors examined this issue from the viewpoint of corporate management by analysis of statements found in CSR-related reports. For companies listed on the First Section of the Tokyo Stock Exchange (TSE), we searched for CSR-related reports, and titles and contents, based on two established guidelines: the GRI Sustainability Reporting Guidelines 2002 as the international reference and the Environmental Reporting Guidelines of the Ministry of the Environment, Government of Japan, as the domestic reference. Corporations that published CSR reports were 26.3% (416/1,581) of the total, and large differences were recognized by type of industry. Comparing the numbers of pages for various contents, more concern was shown about the environment than about social activity, indicating the environment to be the main issue of CSR in Japan. In the items included in the guidelines, many matters about occupational accidents were mentioned, but it was found that statements regarding HIV/AIDS, which is not of such strong social concern in Japan, and statements regarding the costs of safety that are difficult to calculate were few. However, statements regarding mental health, which is of high interest socially, were many, even though this issue is not included in the two guidelines used. In revising the guidelines, these matters should be reviewed. In the future, continuance of analysis of CSR-related reports with regard to changes and comparisons with overseas reports will help improve occupational safety and health.

  17. Strategic stock management task for building corporations. Energy as part of the house quality; Strategisch voorraadbeheer taak woningcorporaties. Energie als onderdeel van de woonkwaliteit

    Energy Technology Data Exchange (ETDEWEB)

    Burdorf, E. [DWA installatie en energieadvies, Bodegraven (Netherlands)

    2006-03-15

    From a strategic stock management perspective building corporations should have a vision on what is important for future target groups: young or old, families or singles, income, etc. Those aspects have a great impact on the level of facilities and provisions in houses and the possibility to adjust houses by applying domotics, comfort cooling, care facilities, the use of renewable energy systems. [Dutch] Vanuit het strategisch voorraadbeheer van woningcorporaties is een visie op de toekomstige doelgroepen van belang. Vindt er een verschuiving plaats van jong naar oud? Gezinnen of juist alleenstaanden? Welke inkomensgroepen worden bediend? Dergelijke vragen hebben grote invloed op het voorzieningenniveau in de woningen. Flexibiliteit inbouwen door woningen gemakkelijk aanpasbaar te maken voor domotica, comfortkoeling, zorgfuncties, en met oog voor de opties voor duurzame energie. Want met de huidige stijgende energieprijzen kunnen de energielasten stijgen tot 40 procent van de woonkosten. Dat vraagt aandacht voor de post energie.

  18. 26 CFR 1.355-6 - Recognition of gain on certain distributions of stock or securities in controlled corporation.

    Science.gov (United States)

    2010-04-01

    ... in controlled corporation. (a) Conventions—(1) Examples. For purposes of the examples in this section... section) ending on the date of the distribution, but in no event beginning earlier than October 10, 1990.... D's management is concerned that D may become subject to a takeover bid. In separate meetings, D's...

  19. 31 CFR 30.0 - Executive compensation and corporate governance.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Executive compensation and corporate governance. 30.0 Section 30.0 Money and Finance: Treasury Office of the Secretary of the Treasury TARP STANDARDS FOR COMPENSATION AND CORPORATE GOVERNANCE § 30.0 Executive compensation and corporate governance...

  20. 31 CFR 5.9 - When will Treasury entities transfer a Treasury debt to the Treasury Department's Financial...

    Science.gov (United States)

    2010-07-01

    ... a Treasury debt to the Treasury Department's Financial Management Service for collection? 5.9... Treasury Department's Financial Management Service for collection? (a) Treasury entities will transfer any eligible debt that is more than 180 days delinquent to the Financial Management Service for debt collection...

  1. THE EFFECTS OF EARNINGS MANAGEMENT ON ACCOUNTING CONSERVATISM MODERATED BY CORPORATE GOVERNANCE MECHANISM (STUDY OF MANUFACTURING COMPANIES LISTEDON INDONESIA STOCK EXCHANGEIN 2008 – 2010

    Directory of Open Access Journals (Sweden)

    AMMAR AL ASYARI

    2013-07-01

    Full Text Available This study aimsto examine earnings management by companies manufacturing in Indonesia affect the choice of managers to implement aconservative accounting policy. With corporate governance mechanisms in influencing the relationship of Earning Management on Accounting Conservatism. Methods of analysis using multiple linear regression analysis with one independent variable, one dependent variable and two variables moderation. Corporate governance mechanismuses two characteristics as moderating variables, managerial ownership and board of commissioners. Size using the accrua lconservatism, according to those used by Givolyand Hayn (2002 and discretionary accruals as aproxy for earnings management is computed using the Modified Jones Model (Dechow etal., 1995. By using the purposive sampling method, the sample in this research consists of 23 manufacturing companies that listed on Indonesia Stock Exchange in 2008 – 2010. This research use secondary data which is collected from the firm’s annual report and financial statements. The result of this research shows that simultaneously, earning management, managerial ownership, and board of commissioners influence accounting conservatism. Partially, only earning management that significantly influences accounting conservatism. While managerial ownership and board of commissioners do not significantly influence the relationship of Earning Management on Accounting Conservatism.

  2. Corporate social responsibility disclosure—choices of report and its determinants: Empirical evidence from firms listed on the Stock Exchange of Thailand

    Directory of Open Access Journals (Sweden)

    Suneerat Wuttichindanon

    2017-05-01

    Full Text Available This research investigated the report choices used for corporate social responsibility (CSR disclosure and the determinants of CSR disclosure of firms listed on the Stock Exchange of Thailand (SET. Since 2014, firms listed on the SET have been required to disclose CSR in either an annual registration statement or a separate report called a sustainability report. It was, therefore, noteworthy to examine the choices these firms chose in the first year of disclosure. The independent variables were hypothesized under three dimensions—shareholder power (government ownership, corporate visibility (firm size and age, and economic performance (profitability and leverage. The results revealed that government-owned firms or large firms are more likely to prefer the sustainability report. In addition, content analysis of CSR disclosure was conducted in three industries: resources, technology and industrial products. Nine CSR components with 43 indices were developed and used to score the disclosure of firms in the three industries. The three highest CSR disclosure items found were declaring concerns of human rights and equality, having a policy of anti-corruption, and generous giving. Moreover, this study found a positive relationship between the number of CSR disclosure items and government ownership; however, neither firm age nor economic performance in the year before was related to the CSR disclosure. These research findings support the proposition of the stakeholder theory affirming that firms carry out CSR activities because of their stakeholders' influence, and regardless of economic performance. In Thailand, stakeholders' influence and corporate visibility are significant determinants of the CSR disclosure.

  3. The Determinants of Corporate debt maturity: a study on listed companies of Bombay Stock Exchange 500 index

    Directory of Open Access Journals (Sweden)

    Raveesh Krishnankutty

    2014-03-01

    Full Text Available The study was intented to identify the determinants of the debt maturity structure of listed firms in Bombay Stock Exchange 500 index. For the analysis we have taken 321 firms during the period 2002- 2011, comprising of a panel model with fixed effects. We also used GMM (1991 and GMM (1998 estimates of our analysis. The result of robustness tests confirms that past year debt maturity, leverage and growth opportunities are directly determined the debt maturity of Indian firms. Liquidity, effective tax and rate prime lending rate are negatively determining the debt maturity of Indian companies.

  4. 78 FR 17053 - Indirect Stock Transfers and the Coordination Rule Exceptions; Transfers of Stock or Securities...

    Science.gov (United States)

    2013-03-19

    ... 1545-BJ75 Indirect Stock Transfers and the Coordination Rule Exceptions; Transfers of Stock or... stock transfers for certain outbound asset reorganizations. The regulations also modify the third... respect to transfers of stock or securities by a domestic corporation to a foreign corporation in a...

  5. Emergence Corporate Financial Distressin Emerging Market: Empirical Evidence from Indonesia Stock Exchange(IDX 2004-2008

    Directory of Open Access Journals (Sweden)

    Koes Pranowo

    2011-11-01

    Full Text Available Normal 0 false false false MicrosoftInternetExplorer4 st1\\:*{behavior:url(#ieooui } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} Financial recovery is the most difficult in financial management. Therefore, this is important to study how a company in financially-distress can survive to rise up to a healthy financial condition (emergence financial distress. The research consists of 200 non financial companies which are listed on Indonesia Stock Exchange (IDX for the period of 2004-2008. This study focuses on management of working capital. How a company fulfill its current liabilities, and its sources in current assets which shall be cashed at the short term period. By using Multinomial logit, we analyzed the probability a financially-distress company rise up to emergence financial distress or stay of the status of financial distress and what are financial indicators affect to a company in the status of Non Financial Distress tend to Financial Distress. Thus, the important thing is to determine financial ratios which can be an indicator to determine of emergence financial distress. We find a positive relationship between Profit, efficiency and emergence financial distress and a negative relationship between leverage and emergence financial distress.   Keywords: Emergence Financial Distress, Indonesia Stock Exchange (IDX, Multinomial Logit JEL Classification Codes: G 3

  6. IMPACT OF CAPITAL STRUCTURE POLICY ON VALUE OF THE FIRM – A STUDY ON SOME SELECTED CORPORATE MANUFACTURING FIRMS UNDER DHAKA STOCK EXCHANGE

    Directory of Open Access Journals (Sweden)

    Jahirul HOQUE

    2014-07-01

    Full Text Available The study is about capital structure policy and its impacts on value of the firm. The outcome of this study was both the primary and secondary data. The study was based on opinions survey of 80 respondents of the 20 manufacturing corporate firms, enlisted under Dhaka Stock Exchange. The empirical analysis of the study was limited to a period of five years ranging 2008-2012. The major findings of the study are: (i the most important determinant of capital structure policy as rated by the respondents have been financial risk , profitability, availability of fund, productivity, liquidity, operating risk, growth rate, proper timing, corporate tax, stability of sales/ investment etc, (ii the study reveals that in terms of the average positions of capital structure and financial structure during 2008-2012, Beximco pharma has ranked first followed by Square pharma, Apex Adelchi, DESCO, ACI ltd, Titas gas, Bata shoe,Aftab automobile, Reneata pharma, Square textile ltd etc,(iii as regards the value of the firm during the study period, Titas gas has obtained first rank followed by Square pharma, DESCO, Beximco pharma, BATBC, ACI, Reneta pharma, Apex Tennary, Apex Adelchi, Bata shoe and so on.(iv this study has portrayed that the independent variables namely capital structure (CS, debt to equity (DER & debt to asset (DR, fixed assets to total assets(Tangibility, earnings before interest and taxes to interest charges(ICR, financial leverage multiplier(FLM have influenced value of the firm(VF to the extent of 79.1 percent significantly. Therefore, it is recommended that the relevant firm’s authority should take proper measures in order to improve the independent variables having positive influence on value of the firms.

  7. Taxing Stock Options: Efficiency, Fairness and Revenue Implications

    Directory of Open Access Journals (Sweden)

    Jack M. Mintz

    2015-10-01

    Full Text Available The federal Liberals and the NDP are right about this much: There is a more sensible way to tax the stock options that are granted as compensation by corporations than the approach the federal government takes now. But both parties are wrong about how much revenue an appropriate change in current tax policy will add to the treasury. Far from the half-billion dollars or more that both parties claim they will raise in federal tax revenue by changing the taxation of stock options, the appropriate reform will virtually raise no revenue. It could actually result in marginally lower tax revenue. As it stands, stock options are treated differently than salary and other forms of cash compensation when it comes to taxing an employee or director, in that they are subject to only half taxation, similar to capital gains. They are also treated differently than cash compensation for the corporation granting the options, in that they cannot be deducted from corporate income tax. The federal NDP and Liberals have both accepted the growing criticism, which only intensified in the aftermath of the 2008 financial crisis, that the lower tax rate is an unfair tax break for those employees who receive stock options. Both parties have proposed to change that, leaving an exemption for startup companies only, with the NDP proposing full personal taxation for all stock options except for start-up companies and the Liberals proposing it for options-based compensation exceeding $100,000. Treating stock options the same as cash compensation would indeed be more tax efficient, reducing the distortionary effect that can influence company compensation packages to give more weight to stock options and less to cash than they might otherwise. But the only way to ensure that efficiency is by treating both the personal tax side of the benefit, and the corporate tax side of the benefit, in the same way as other employee compensation. That is, applying full taxation to the recipient

  8. 27 CFR 24.217 - Vinegar stock.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Vinegar stock. 24.217... OF THE TREASURY LIQUORS WINE Production of Other Than Standard Wine § 24.217 Vinegar stock. Vinegar stock may be produced on bonded wine premises with the addition of any quantity of water desired to meet...

  9. 12 CFR 7.2023 - Reverse stock splits.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Reverse stock splits. 7.2023 Section 7.2023... Corporate Practices § 7.2023 Reverse stock splits. (a) Authority to engage in reverse stock splits. A national bank may engage in a reverse stock split if the transaction serves a legitimate corporate purpose...

  10. Tennessee Comptroller of the Treasury (TN COMP)

    Data.gov (United States)

    Social Security Administration — The Tennessee Comptroller of the Treasury (TN COMP) uses SSA's assistance in administering the Tennessee Property Tax Rebate Program. SSA provides assistance through...

  11. corporate governance and capital structure in Brazil: stock, bonds and substitution / Governança corporativa e estrutura de capital no Brasil: ações, dívidas e substituição

    Directory of Open Access Journals (Sweden)

    Alexandre Ripamonti

    2016-10-01

    Full Text Available Purpose: To study the Brazilian bond and stock markets for testing the stock market development theory of Demirgüc-Kunt and Maksimovic (1996. Originality/gap/relevance/implications: This paper tests the substitution hypothesis of stock market development, from debt to stocks, in a context of improved corporate governance, by analyzing the data with cointegration techniques. The findings show that the rejection of substitution hypothesis, as the bond market has a positive and significant association with stock market improvements. The findings also show that improving the quality of corporate governance could lead equity capital and borrower capital sources to be complementary and not substitutes, suggesting that Brazilian stock market reform has created a virtuous development cycle. Key methodological aspects: Positivist research using quantitative methodology. Data from a sample of 171 firms during 20 years, analyzed with cointegration. The null was a negative association between bond and stock markets. Summary of key results: Null rejection, non-consistent to theoretical framework. The results have shown a positive and significant association between stock and debt in an improved corporate governance context. Key considerations/conclusions: Improving the quality of corporate governance could lead equity capital and borrower capital sources to be complementary, and not substitutes, suggesting that Brazilian stock market reform has created a virtuous development cycle. Objetivo: Examinar os mercados de ações e de dívidas no Brasil, através do teste da teoria de desenvolvimento do mercado de ações de Demirgüc-Kunt & Maksimovic (1996. Originalidade/Lacuna/Relevância/Implicações: Teste da hipótese de substituição do mercado de dívidas pelo de ações no Brasil, com melhor governança corporativa e cointegração. Os resultados indicam a rejeição da hipótese de substituição, com associação positiva entre ações e dívidas em

  12. Hubungan Corporate Governance, Corporate Social Responsibilities Dan Corporate Financial Performance Dalam Satu Continuum

    OpenAIRE

    Murwaningsari, Etty

    2009-01-01

    This research aims to identify the influence of Good Corporate Governance, represented by institutional ownership and managerial ownership, on Corporate Social Responsibility and Corporate Financial Performance, and also to observe the possible influence of Corporate Social Responsibility on Corporate Financial Performance. This research examines 126 manufacturing companies which are listed in Indonesian Stock Exchange (ISX) and have issued an audited financial statement for 2006. The statist...

  13. The Relationship of Corporate Governance, Corporate Social Responsibilities and Corporate Financial Performance in One Continuum

    OpenAIRE

    Murwaningsari, Etty

    2010-01-01

    This study aims to identify the impact of Good Corporate Governance, represented by institutional ownership and managerial ownership, on Corporate Social Responsibility and Corporate Financial Performance.It examines 126 manufacturing companies listed at the Indonesian Stock Exchange (IDX) and have issued audited financial statements for 2006. The statistical method used to test the hypothesis is Path Analysis. The main results suggest that Good Corporate Governance has effects on both Corpor...

  14. 78 FR 17066 - Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in...

    Science.gov (United States)

    2013-03-19

    ... Indirect Stock Transfers and Coordination Rule Exceptions; Transfers of Stock or Securities in Outbound... stock transfers for certain outbound asset reorganizations. The temporary regulations also modify the... changes with respect to transfers of stock or securities by a domestic corporation to a foreign...

  15. CORPORATE GOVERNANCE TERHADAP KINERJA PERUSAHAAN

    Directory of Open Access Journals (Sweden)

    Herman Darwis

    2017-03-01

    Full Text Available The research aimed to provide empirical evidence that corporate governance implementation,managerial ownership, institutional ownership, board of executive, and independent executiveaffected corporate performance. Population of the research was companies listed at IndonesianStock Exchange (ISX between 2006 – 2008; sampling method used was purposive sampling as well asmultiple regression analysis. The result showed the implementation of GCG affected corporate performance.This meant that if the listed companies at BEI and have been surveyed by IICG implement agood corporate governance, the performance would increase. The higher corporate governance wasmeasured by corporate governance index perception, the higher corporate obedience and result ina good corporate performance. Institutional ownership affected corporate performance. The greaterinstitutional share ownership, the better corporate performance. The result showed that controlfunction from the ownership did determine improving corporate performance. Managerial ownership,board of commissioner, and commissioner independent did not affect corporate.

  16. 27 CFR 24.149 - Corporate surety.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Corporate surety. 24.149... Corporate surety. (a) Surety bonds required by this part may be obtained only from corporate sureties which.... Copies may be obtained from the Audit Staff, Financial Management Service, Department of the Treasury...

  17. 22 CFR 96.31 - Corporate structure.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Corporate structure. 96.31 Section 96.31... Approval Licensing and Corporate Governance § 96.31 Corporate structure. (a) The agency qualifies for... organized as a corporation, company, association, firm, partnership, society, or joint stock company, or...

  18. 26 CFR 1.958-2 - Constructive ownership of stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Constructive ownership of stock. 1.958-2... TAX (CONTINUED) INCOME TAXES Controlled Foreign Corporations § 1.958-2 Constructive ownership of stock...), to treat the stock of a domestic corporation as owned by a United States shareholder of a controlled...

  19. 27 CFR 21.3 - Stocks of discontinued formulas.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 1 2010-04-01 2010-04-01 false Stocks of discontinued..., DEPARTMENT OF THE TREASURY LIQUORS FORMULAS FOR DENATURED ALCOHOL AND RUM General Provisions § 21.3 Stocks of discontinued formulas. Denaturers, or specially denatured spirits dealers or users, having on hand stocks of...

  20. Outlook '98 - Stock markets

    International Nuclear Information System (INIS)

    Vankka, D.

    1998-01-01

    In view of the recent drop of some 20 per cent in energy stock prices, and the decline in the value of the Canadian dollar, forecasting oilpatch financing in 1998 is a risky undertaking. Based on a variety of relevant factors, it is expected that there will be a slowdown in oil and gas financing deals in the short term. On the other hand, longer term outlook is bullish, based on the huge capital requirements over the next few years for conventional projects, heavy oil, oilsands and pipelines projects. Corporate mergers and acquisitions will continue at about the same rate as in 1997, as companies attempt to achieve ''economies of scale'' and growth in the most economically sensible manner. Adding production and reserves through corporate transactions at the current lower stock prices will be a powerful incentive. Creative deal structuring will become more prevalent. Corporate reorganizations into separate companies in search of value maximization will increase

  1. Interlocking directorships in Polish joint stock companies:

    OpenAIRE

    Pawlak, Marek

    2008-01-01

    Studies concerning interlocking directorships have been carried out among Polish joint stock corporations. The main source of data have been the announcements that are to be published by corporations regularly in a journal called Business and Court Gazette (BCG). Interlocking directorships constitute a network among corporations the use of which enables co-ordinated management of the whole group. The phenomenon of interlocking directorships in Polish joint stock companies can be compared to t...

  2. Análise comparativa de carteiras com práticas de governança corporativa inferiores e superiores Stock performance of companies with superior and inferior practices of corporate governance

    Directory of Open Access Journals (Sweden)

    Sérgio Soares Teixeira Rabelo

    2007-01-01

    Full Text Available Para os investidores em carteiras de ações, a criação de um clima de negócios mais saudável, obtido por meio de melhores práticas de governança corporativa, pode assegurar sobremaneira o recurso investido, diminuindo assim o risco dos retornos. Este trabalho objetiva investigar se um investidor com uma carteira de ações de empresas que possuem práticas de governança corporativa superiores (Tipo I apresenta melhor performance do que outro investidor com uma carteira de ações de empresas que possuem práticas de governança corporativa inferiores (Tipo II. Para tanto, aplicou-se um estudo de carteiras, construídas aleatoriamente e avaliadas pelo Índice de Sharpe (IS. Foi constatado que a carteira ótima de Tipo I possui maior IS do que a carteira ótima de Tipo II, e que existe uma probabilidade de 56,49% de as carteiras de Tipo I superarem o retorno da Taxa SELIC no período, enquanto essa probabilidade, para as carteiras de Tipo II, é de 55,20%. Apesar de pouco significativos, os resultados mostram indícios de que é vantajoso para um investidor formar carteiras apenas de ações de empresas que possuem práticas de governança corporativa superiores.For investors who own stock portfolios, a healthier business climate brought about by superior corporate governance may better safeguard investments. An investigation was made to determine if a portfolio of stocks of companies with superior corporate governance (Type I had a better performance than one of companies with inferior governance (Type II. Randomly assembled portfolios were evaluated by the Sharpe Index (IS and showed that the Type I portfolio had a higher IS and a higher probability of return above the SELIC rate, 56.49%, than the Type II portfolio where this probability was less, 55.20%. Although not highly significant, results pointed to an advantage for the stock portfolio of companies with the superior corporate governance

  3. 46 CFR 67.31 - Stock or equity interest requirements.

    Science.gov (United States)

    2010-10-01

    ... qualifying corporation or partnership may fail to meet stock or equity interest requirements because: Stock... corporate or partnership business; limit the actions of or replace the chief executive officer, a majority... owned by the corporation or partnership; or otherwise exercise authority over the business of the...

  4. The Treasury Grants, 1833-1839

    Science.gov (United States)

    Alexander, J.; Paz, D. G.

    1974-01-01

    Recent studies on the education program unveiled by Lord John Russell in 1839 suggest that evaluation of that program is too simple, and a systematic consideration of the education grant, which was a part of that program, in the period of its administration by the Treasury confirms the need for some revision. (Author/RK)

  5. 26 CFR 1.305-1 - Stock dividends.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Stock dividends. 1.305-1 Section 1.305-1...) INCOME TAXES Effects on Recipients § 1.305-1 Stock dividends. (a) In general. Under section 305, a distribution made by a corporation to its shareholders in its stock or in rights to acquire its stock is not...

  6. The treasury securities market: overview and recent developments

    NARCIS (Netherlands)

    Dupont, D.Y.; Sack, Brian

    1999-01-01

    Provides an overview of the United States Treasury securities market, which is seen as the biggest and most active debt market in the world. Scope of the market; Types and modes of issuance of Treasury securities; Demand for Treasury securities; Statistical data. INSETS: The treasury STRIPS market;

  7. Comparision of Istanbul with Hong Kong and Singapore for Regional Treasury Centers

    Directory of Open Access Journals (Sweden)

    Ahmet Selçuk DİZKIRICI

    2012-12-01

    Full Text Available The purpose of the study is examining Istanbul to find out whether or not it has the ability to become an appropriate location to host regional treasury centers. Hence; Simkova’s 11 location criteria are compared across Istanbul additionally Hong Kong and Singapore, being already attractive locations in South East Asia for multinational corporations to set up their regional finance offices, to specify Istanbul’s weaker facilities even if it is not regarded as a rival for Hong Kong and Singapore. The study contributes to the understanding of Simkova’s location criteria assessment before establishing a regional treasury center in any location, as it is applied to some European countries and three Asian countries: Brunei, Hong Kong and Singapore, previously. Lastly, it is concluded that Istanbul is not as superior as Hong Kong and Singapore but it has reasonable conditions to become an attractive location for regional treasury centers.

  8. 26 CFR 1.542-4 - Corporations filing consolidated returns.

    Science.gov (United States)

    2010-04-01

    ...; Corporations Y and Z are wholly-owned subsidiaries of Corporation X and derive no gross income from sources... such common parent owned, directly or indirectly, more than 50 percent of the outstanding voting stock..., for its entire taxable year, owned 60 percent of the voting stock of Corporation W which was not a...

  9. Effective Tax Rate of Corporate Income Tax in the Post-Crisis Period: The Case of Non-Financial Companies Listed on the Bucharest Stock Exchange

    Directory of Open Access Journals (Sweden)

    Teodorescu Mihaela

    2017-01-01

    The first part of the paper presents the main causes for the divergence between the statutory and effective rate of the corporate income tax, based on the provisions of the Romanian Fiscal Code. The differences between the gross income and the taxable profit, which form the basis for calculating the income tax, are highlighted. The second part is devoted to the methodology for calculating the effective income tax rate and its analysis, based on data from the financial statements published in the post-crisis period by Romanian companies listed on BVB.

  10. Corporate Responsibility

    DEFF Research Database (Denmark)

    Waddock, Sandra; Rasche, Andreas

    2015-01-01

    We define and discuss the concept of corporate responsibility. We suggest that corporate responsibility has some unique characteristics, which makes it different from earlier conceptions of corporate social responsibility. Our discussion further shows commonalities and differences between corporate...... responsibility and related concepts, such as corporate citizenship and business ethics. We also outline some ways in which corporations have implemented corporate responsibility in practice....

  11. Corporate Governance Terhadap Kinerja Perusahaan

    OpenAIRE

    Darwis, Herman

    2009-01-01

    The research aimed to provide empirical evidence that corporate governance implementation,managerial ownership, institutional ownership, board of executive, and independent executiveaffected corporate performance. Population of the research was companies listed at IndonesianStock Exchange (ISX) between 2006 – 2008; sampling method used was purposive sampling as well asmultiple regression analysis. The result showed the implementation of GCG affected corporate performance.This meant that if th...

  12. Corporation Accounting, Business Education: 7709.31.

    Science.gov (United States)

    Carino, Mariano G.

    The course aims to help students develop an understanding of the organization of corporations, corporate stock and bond transactions, fiscal reports, income tax returns, and dividends. Students also analyze financial statements and complete a corporation practice set. An outline of course content includes: (1) equipment and supplies, (2)…

  13. Liquidity risk premia in corporate bond markets

    NARCIS (Netherlands)

    Driessen, J.J.A.G.; de Jong, F.C.J.M.

    2012-01-01

    This paper explores the role of liquidity risk in the pricing of corporate bonds. We show that corporate bond returns have significant exposures to fluctuations in treasury bond liquidity and equity market liquidity. Further, this liquidity risk is a priced factor for the expected returns on

  14. Stock Status

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — These data inform the public of the most recent stock status for all stocks (FSSI and non-FSSI) in the fishery management unit contained in a fishery managment plan....

  15. Densidade de estocagem no crescimento, composição e perfil lipídico corporal do jundiá Stocking density in growth, composition and body lipid profile of jundiá

    Directory of Open Access Journals (Sweden)

    Rafael Lazzari

    2011-04-01

    Full Text Available O objetivo do trabalho foi avaliar o crescimento, a composição e o perfil lipídico corporal de jundiás criados em diferentes densidades de estocagem (DE: 4,2; 6,4; 8,6 e 10,8kg m-3 em sistema com recirculação de água. Durante 120 dias, 420 peixes (peso inicial=182,95±2,96g foram alimentados uma vez ao dia, até a saciedade aparente, com dieta peletizada formulada. Observou-se que, quanto maior a DE utilizada, menor é o peso individual dos peixes, entretanto a biomassa por tanque aumentou (PThe aim of this research was to evaluate growth and body composition of jundiá farmed at different stocking densities (SD: 4.2, 6.4, 8.6 and 10.8kg m-3 in a water re-use system. During 120 days, 420 fish were fed near to satiation once a day. It was observed that in the highest SD, the individual fish weight was lower, however the biomass per tank increased (P<0.05. The best feed conversion ratio (1.69 and intraperitoneal fat (3.92% were observed in fish subjected to density of 4.2kg m-3. The body protein was affected by SD. Saturated fatty acids decreased and unsaturated fatty acids increased according to the increase of SD. It was concluded that stocking density influences the final size and yield per volume of jundiá.

  16. The impact of corporate diversification on firm value using entropy and herfindel indices for the companies listed in tehran stock exchange

    Directory of Open Access Journals (Sweden)

    Keramatollah Heydari Rostami

    2017-07-01

    Full Text Available There are a variety of different business activities. Some companies have lack of diversity but others are diversified. One of the most important parameters for evaluation for choosing company for investing is company’s value. Therefore, this article investigates the effect of diversify by both indices of entropy and Herfindel on firm value for the companies listed in Tehran Stock Exchange. The effect of diversification on firm value is tested for the period of 2006 to 2014 for 88 companies. The target population for the period for investigation is chosen by using Cochrane method and systematic elimination method. Panel analysis is used for hypothesis testing, estimating procedures and testing model assumptions. Results show that there is not significant linear and non-linear relationship between the two variables of entropy index of business diversification and firm value but there is a significant negative relationship between the two variables of Herfindel index of business diversification and firm value. Results show a U-shaped relationship between these variables and the dependent variable.

  17. FORMATION OF CORPORATE GOVERNANCE PRINCIPLES FOR SOCIAL RESPONSIBILITY

    Directory of Open Access Journals (Sweden)

    D. Bayura

    2013-09-01

    Full Text Available The theoretical and methodological aspects of perfection of the system of corporate management domestic joint-stock companies are considered on principles of justice, transparentnosti, accountability and corporate social responsibility taking into account globalization.

  18. 12 CFR 7.2000 - Corporate governance procedures.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Corporate governance procedures. 7.2000 Section 7.2000 Banks and Banking COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY BANK ACTIVITIES AND OPERATIONS Corporate Practices § 7.2000 Corporate governance procedures. (a) General. A national bank...

  19. 27 CFR 72.24 - Corporate surety bonds.

    Science.gov (United States)

    2010-04-01

    ... 27 Alcohol, Tobacco Products and Firearms 2 2010-04-01 2010-04-01 false Corporate surety bonds. 72... Seizures and Forfeitures § 72.24 Corporate surety bonds. (a) Corporate surety bonds may be given only with... obtained from the Audit Staff, Bureau of Government Financial Operations, Department of the Treasury...

  20. 26 CFR 1.9002-6 - Acquiring corporation.

    Science.gov (United States)

    2010-04-01

    ...-6 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES General Actuarial Valuations § 1.9002-6 Acquiring corporation. Section 5(d) of the... corporation by another corporation in a distribution or transfer described in section 381(a) of the Code the...

  1. 27 CFR 6.99 - Stocking, rotation, and pricing service.

    Science.gov (United States)

    2010-04-01

    ... TRADE BUREAU, DEPARTMENT OF THE TREASURY LIQUORS âTIED-HOUSEâ Exceptions § 6.99 Stocking, rotation, and pricing service. (a) General. Industry members may, at a retail establishment, stock, rotate and affix the price to distilled spirits, wine, or malt beverages which they sell, provided products of other industry...

  2. 26 CFR 1.554-1 - Stock ownership.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Stock ownership. 1.554-1 Section 1.554-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Foreign Personal Holding Companies § 1.554-1 Stock ownership. For regulations under...

  3. Combining Stocks and Flows of Knowledge

    DEFF Research Database (Denmark)

    Ambos, Tina C.; Nell, Phillip Christopher; Pedersen, Torben

    2013-01-01

    While previous research has mostly focused on either knowledge stocks or knowledge flows, our study is among the first to integrate these perspectives in order to shed light on the complementarity effects of different types of knowledge stocks and flows in the multinational corporation (MNC...... of complementarity create benefits for these units, but that the effects from intra-functional combinations of knowledge stocks and flows are significantly stronger than from cross-functional combinations....

  4. 31 CFR 5.4 - What notice will Treasury entities send to a debtor when collecting a Treasury debt?

    Science.gov (United States)

    2010-07-01

    ... Treasury entity; (6) The Treasury entity's intention to enforce collection if the debtor fails to pay or...), retirement, vendor, travel reimbursements and advances, and other Federal payments (see §§ 5.10 through 5.12..., the Treasury entity's intention to suspend or revoke licenses, permits or privileges (see § 5.17(b) of...

  5. 75 FR 78900 - Regulations Governing Book-Entry Treasury Bonds, Notes and Bills Held in Legacy Treasury Direct...

    Science.gov (United States)

    2010-12-17

    ... available to conduct sales. As a cost-saving measure, Treasury is returning the Legacy Treasury Direct and... expected to decrease costs for taxpayers; therefore, this rule is not expected to lead to any of the... goal of permitting investors to buy and hold marketable Treasury securities until maturity. As a cost...

  6. Stock option repricing in Europe

    NARCIS (Netherlands)

    Sauer, M.; Sautner, Z.

    2008-01-01

    This paper investigates the link between option repricing, firm performance and corporate governance in Europe. Our sample consists of 77 European firms that repriced their stock option between 1987 and 2003. We document that option repricing is mainly a phenomenon for young and fast growing firms

  7. 26 CFR 1.552-3 - Stock ownership requirement.

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) INCOME TAXES (CONTINUED) Foreign Personal Holding Companies § 1.552-3 Stock ownership requirement... more than 50 percent in value of the outstanding stock of the foreign corporation be owned, directly or... section 544 (relating to rules for determining stock ownership in the case of personal holding companies...

  8. 26 CFR 1.1563-2 - Excluded stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 13 2010-04-01 2010-04-01 false Excluded stock. 1.1563-2 Section 1.1563-2...) INCOME TAXES Certain Controlled Corporations § 1.1563-2 Excluded stock. (a) Certain stock excluded. For purposes of sections 1561 through 1563 and the regulations thereunder, the term “stock” does not include...

  9. The Mega-MUSCLES HST Treasury Survey

    Science.gov (United States)

    Froning, Cynthia S.; France, Kevin; Loyd, R. O. Parke; Youngblood, Allison; Brown, Alexander; Schneider, Christian; Berta-Thompson, Zachory; Kowalski, Adam

    2018-01-01

    JWST will be able to observe the atmospheres of rocky planets transiting nearby M dwarfs. A few such planets are already known (around GJ1132, Proxima Cen, and Trappist-1) and TESS is predicted to find many more, including ~14 habitable zone planets. To interpret observations of these exoplanets' atmospheres, we must understand the high-energy SED of their host stars: X-ray/EUV irradiation can erode a planet's gaseous envelope and FUV/NUV-driven photochemistry shapes an atmosphere's molecular abundances, including potential biomarkers like O2, O3, and CH4. Our MUSCLES Treasury Survey (Cycles 19+22) used Hubble/COS+STIS UV observations with contemporaneous X-ray and ground-based data to construct complete SEDs for 11 low-mass exoplanet hosts. MUSCLES is the most widely used database for early-M and K dwarf (>0.3 M_sun) irradiance spectra and has supported a wide range of atmospheric stability and biomarker modeling work. However, TESS will find most of its habitable planets transiting stars less massive than this, and these will be the planets to characterize with JWST. Here, we introduce the Mega-MUSCLES project, an approved HST Cycle 25 Treasury program. Following on the successful MUSCLES survey, Mega-MUSCLES will expand our target list to focus on: (a) new M dwarf exoplanet hosts with varying properties; (b) reference M dwarfs below 0.3 solar masses that may be used as proxies for M dwarf planet hosts discovered after HST's lifetime; and (c) more rapidly rotating stars of GJ1132's mass to probe XUV evolution over gigayear timescales. We will also gather the first panchromatic SEDs of rocky planet hosts GJ1132 and Trappist-1. Here, we present an overview of the Mega-MUSCLES motivation, targets list, and status of the survey and show how it extends proven methods to a key new sample of stars, upon which critically depends the long-term goal of studying habitable planet atmospheres with JWST and beyond.

  10. 77 FR 67429 - Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate...

    Science.gov (United States)

    2012-11-09

    ... applicability of OCC's rules governing delivery of Treasury securities underlying Treasury futures contracts to... Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Clarify the Applicability of OCC's Rules Governing Delivery of Treasury Securities Underlying...

  11. 75 FR 10172 - Unified Rule for Loss on Subsidiary Stock; Correction

    Science.gov (United States)

    2010-03-05

    ... Rule for Loss on Subsidiary Stock; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION... by deconsolidation and worthlessness) of loss shares of subsidiary stock. DATES: Effective Date: This... paragraph (j) to read as follows: Sec. 1.1502-35 Transfers of subsidiary stock and deconsolidations of...

  12. 12 CFR 1510.7 - What are the Funding Corporation's reporting requirements?

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false What are the Funding Corporation's reporting requirements? 1510.7 Section 1510.7 Banks and Banking DEPARTMENT OF THE TREASURY RESOLUTION FUNDING CORPORATION RESOLUTION FUNDING CORPORATION OPERATIONS § 1510.7 What are the Funding Corporation's reporting requirements...

  13. 31 CFR 353.83 - Reissue or payment on dissolution of corporation or partnership.

    Science.gov (United States)

    2010-07-01

    ... corporation or partnership. 353.83 Section 353.83 Money and Finance: Treasury Regulations Relating to Money... (Corporations, Associations, Partnerships, et cetera) and Governmental Agencies, Units and Officers § 353.83 Reissue or payment on dissolution of corporation or partnership. (a) Corporations. A bond registered in...

  14. Pengungkapan Corporate Social Responsibility, Struktur Corporate Governance dan Nilai Perusahaan

    Directory of Open Access Journals (Sweden)

    Salmah Pattisahusiwa

    2017-06-01

    Full Text Available The concept of the corporate social responsibility has a significant interest in Indonesia because believed to increase corporate’s value for shareholders. This study aims to find the effect of corporate social responsibility disclosure and corporate governance structure on corporate value. The data were taken from annual report of mining companies listed in Indonesian Stock Exchange for period of 2014-2015. The sample collection has been done by using purposive sampling with the certain criteria so that 18 companies which meet criteria have been obtained as samples. Multiple Regression analysis was employed to analyze data. The result of this research show that corporate social responsibility disclosure and corporate governance structure have significant effect to thecorporate value.

  15. Conservatism in Corporate Valuation

    OpenAIRE

    Bach, Christian

    2011-01-01

    Using a CCAPM based risk adjustment model, consistent with general asset pricing theory, I perform corporate valuations of a large sample of stocks listed on NYSE, AMEX and NASDAQ. The model is different from the standard CAPM model in the sense that it discounts forecasted residual income for risk in the numerator rather than trough the cost of equity, in the denominator. Further, the risk adjustment is based on assumptions about the time series properties of residual income return and consu...

  16. Corporate Governance Communication

    OpenAIRE

    Flavio Gnecchi

    2006-01-01

    The recognised critical importance of corporate governance, and the attention that it is paid today, can be ascribed to several factors: sensational financial scandals (and the repercussions they have had for securities and financial markets), the exponential development of stock option policies, the information asymmetry that can be noted in practically every company. The different requests for information of the various categories of stakeholders, combine to strengthen the decision to adopt...

  17. Hubungan Corporate Governance, Corporate Social Responsibilities dan Corporate Financial Performance Dalam Satu Continuum

    Directory of Open Access Journals (Sweden)

    Etty Murwaningsari

    2009-01-01

    Full Text Available This research aims to identify the influence of Good Corporate Governance, represented by institutional ownership and managerial ownership, on Corporate Social Responsibility and Corporate Financial Performance, and also to observe the possible influence of Corporate Social Responsibility on Corporate Financial Performance. This research examines 126 manufacturing companies which are listed in Indonesian Stock Exchange (ISX and have issued an audited financial statement for 2006. The statistical method used to test the hypothesis is Path Analysis. The result suggests that Good Corporate Governance influences both the disclosure of Corporate Social Responsibility and Corporate Financial Performance and that Corporate Social Responsibility significantly influences Corporate Financial Performance. The result also suggests that CEO Tenure, the controlling variable, holds a significant influence on the disclosure of Corporate Social Responsibility. Yet, there is no strong evidence to support the type of industries as an influencing factor of Corporate Social Responsibility. Furthermore, we found that the latter condition would also apply when we analyze the influence of Corporate Secretary and Nomination and Remuneration Committee on Corporate Financial Performance. Abstract in Bahasa Indonesia: Penelitian ini bertujuan untuk mengidentifikasi pengaruh antara struktur Coorporate Governance yang diproksikan sebagai kepemilikan institusional, kepemilikan manajerial terhadap corporate social responsibility dan corporate social responsibility terhadap corporate financial performance. Penelitian menggunakan data sekunder dari laporan tahunan 2006 perusahaan publik yang terdapat di Pusat Referensi Pasar Modal (PRPM Bursa Efek Indonesia (BEI. Sampel dalam penelitian ini sebanyak 126 perusahaan. Melalui pendekatan analisa jalur (path analysis menunjukkan Good Corporate Governance yaitu kepemilikan managerial dan institusional mempunyai pengaruh terhadap

  18. 26 CFR 1.338-8 - Asset and stock consistency.

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) INCOME TAXES Effects on Corporation § 1.338-8 Asset and stock consistency. (a) Introduction—(1... conjunction with asset dispositions to achieve an effect similar to that available under the investment.... Example 3. Corporation owning asset ceases affiliation with corporation purchasing target before target...

  19. Corporate Shareholding and Agency Cost

    OpenAIRE

    Nakano, Katsura

    2001-01-01

    This paper incorporates the agency problem with a risk-sharing argument for corporate shareholding. With a unilateral investment model, we findconditions for a positive stock investment : (1)the manager is risk averse; (2)her managerial reward is linked with the value of the firm she manages; and (3)the operating profits of investing and invested companies is negatively correlated. Corporate investment is larger if the invested company's operating profit is less vo1atile and/or if the covaria...

  20. 26 CFR 1.422-4 - $100,000 limitation for incentive stock options.

    Science.gov (United States)

    2010-04-01

    ... year limitation. To the extent that the aggregate fair market value of stock with respect to which an... fair market value of stock is determined as of the date of grant of the option for such stock. (3... immediately exercisable options for X Corporation stock with a fair market value of $100,000 determined on the...

  1. Treasury bond volatility and uncertainty about monetary policy

    NARCIS (Netherlands)

    Arnold, I.J.M.; Vrugt, E.B.

    2010-01-01

    We show that dispersion-based uncertainty about the future course of monetary policy is the single most important determinant of Treasury bond volatility across all maturities. The link between Treasury bond volatility and uncertainty about macroeconomic variables is much stronger than for the more

  2. Pengaruh Earnings Management Dan Good Corporate Governance Terhadap Corporate Social Responsibility Pada Perusahaan Manufaktur Yang Terdaftar Di Bei

    OpenAIRE

    Ginarti, Cahyo

    2013-01-01

    The influence of earnings management and good corporate governance on corporate social responsibility in manufacturing company Registered in Indonesia Stock Exchange. The object of the study is the influence of earning management and good corporate governance on corporate social responsibilityThe study used quantitative method with multiple regression analysis. Corporate Social Responsibility is the dependent variable, while the independent variables consisted of earning manajemen and Good Co...

  3. 76 FR 79531 - Corporate Credit Unions

    Science.gov (United States)

    2011-12-22

    ... exclude CLF stock subscriptions, based on the asset's negligible credit risk and to facilitate corporate... removing paragraphs (c)(3) and (f)(4) and adding paragraph (h) to read as follows: Sec. 704.6 Credit risk... NATIONAL CREDIT UNION ADMINISTRATION 12 CFR Part 704 RIN 3133-AD95 Corporate Credit Unions AGENCY...

  4. Ownership, Managerial Control and the Governance of Companies Listed on the Brussels Stock Exchange

    NARCIS (Netherlands)

    Renneboog, L.D.R.

    1999-01-01

    This paper examines how corporate control is exerted in companies listed on the Brussels Stock Exchange. There are several alternative corporate governance mechanisms which may play a role in disciplining poorly performing management: blockholders (holding companies, industrial companies, families

  5. 31 CFR 5.12 - How will Treasury entities offset a Federal employee's salary to collect a Treasury debt?

    Science.gov (United States)

    2010-07-01

    ... § 5.9(a) of this part, Treasury entities will refer Treasury debts to the Financial Management Service... review of the documentary evidence alone. All travel expenses incurred by the Federal employee in... documentary evidence alone (for example, when an issue of credibility or veracity is involved). The hearing...

  6. 26 CFR 1.1091-2 - Basis of stock or securities acquired in “wash sales”.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Basis of stock or securities acquired in âwash salesâ. 1.1091-2 Section 1.1091-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Wash Sales of Stock Or Securities § 1.1091-2 Basis of stock...

  7. Advances in the corporate governance practices of Johannesburg ...

    African Journals Online (AJOL)

    Given the paucity of research on corporate governance in the country, the researchers set out to investigate the corporate governance practices of 230 companies listed on the Johannesburg Stock Exchange over the period 2002 to 2010. Annual corporate governance scores were compiled by means of content analysis of ...

  8. 26 CFR 1.941-2 - Meaning of terms used in connection with China Trade Act corporations.

    Science.gov (United States)

    2010-04-01

    ... Trade Act corporations. 1.941-2 Section 1.941-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES China Trade Act Corporations § 1.941-2 Meaning of terms used in connection with China Trade Act corporations. (a) A China Trade Act corporation...

  9. 75 FR 3666 - Basis Reporting by Securities Brokers and Basis Determination for Stock; Correction

    Science.gov (United States)

    2010-01-22

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG-101896-09] RIN 1545-BI66 Basis Reporting by Securities Brokers and Basis Determination for Stock; Correction AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Correction to a notice of proposed rulemaking. SUMMARY: This...

  10. 31 CFR 306.88 - Political entities and public corporations.

    Science.gov (United States)

    2010-07-01

    ... entities and public corporations. Securities registered in the name of, or assigned to, a State, county, city, town, village, school district or other political entity, public body or corporation, may be... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Political entities and public...

  11. Corporate Awakening

    DEFF Research Database (Denmark)

    LaFrance, Julie; Lehmann, Martin

    2005-01-01

    Predominantly since the 1992 Rio Summit, corporations have been increasingly pursuing partnerships with public institutions including governments, international organisations and NGOs that aim to contribute to sustainable development activities. Partnerships have become more common as corporations...... react to mounting pressure from corporate stakeholders, civil society and government on the responsible nature of their business practices. The corporate awakening towards a broader role of business in society and the trend of corporations embracing partnerships has led many to question the driving...... factors that motivate corporations to pursue partnerships. In this paper, the authors examine the underlying drivers of corporate organisational behaviour from the theoretical perspectives of both legitimacy and stakeholder needs, and discuss the challenges of gaining insight into why corporations embrace...

  12. 76 FR 53819 - Methods of Accounting Used by Corporations That Acquire the Assets of Other Corporations; Correction

    Science.gov (United States)

    2011-08-30

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9534] RIN 1545-BD81 Methods of Accounting Used by Corporations That Acquire the Assets of Other Corporations; Correction AGENCY... describes corrections to final regulations (TD 9534) relating to the methods of accounting, including the...

  13. 31 CFR 31.216 - Communications with Treasury employees.

    Science.gov (United States)

    2010-07-01

    ... TROUBLED ASSET RELIEF PROGRAM Conflicts of Interest § 31.216 Communications with Treasury employees. (a... entity is aware of the prohibitions of paragraph (a) of this section and, to the best of its knowledge...

  14. DOE hands over uranium enrichment duties to government corporation

    International Nuclear Information System (INIS)

    Simpson, J.

    1993-01-01

    In an effort to renew the United States' competitiveness in the world market for uranium enrichment services, the Department of Energy (DOE) is turning over control of its Paducah, KY, and Portsmouth, OH, enrichment facilities to a for-profit organization, the United States Enrichment Corp. (USEC), which was created by last year's Energy Policy Act. William H. Timbers, Jr., a former investment banker who was appointed acting CEO in March, said the Act's mandate will mean more competitive prices for enriched reactor fuel and greater responsiveness to utility customers. As a government corporation, USEC, with current annual revenues estimated at $1.5 billion, will no longer be part of the federal budget appropriations process, but will use business management techniques, set market-based prices for enriched uranium, and pay annual dividends to the US Treasury-its sole stockholder-from earnings. The goal is to finish privatizing the corporation within two years, and to sell its stock to investors for an estimated $1 to $3 billion. USEC's success will depend in part on developing short- and long-term marketing plants to help stanch the flow of enriched-uranium customers to foreign suppliers. (DOE already has received notice from a number of US utilities that they want to be let out of their long-term enrichment contracts as they expire over the next several years).USEC's plans likely will include exploring new joint ventures with other businesses in the nuclear fuel cycle-such as suppliers, fabricators, and converters-and offering a broader range of enrichment services than DOE provided. The corporation will have to be responsive to utilities on an individual basis

  15. Corporate Branding and Corporate Reputation

    DEFF Research Database (Denmark)

    Karmark, Esben

    2013-01-01

    expressions of corporate brand identity. The chapter introduces notions that reputations, like corporate brands, may be considered as co-constructed by stakeholders, formed through multiple meanings and the subject of stakeholder negotiation, and discusses such ideas in the context of a future research agenda......Corporate branding has been seen as developing in “waves”. This chapter explores the links between corporate branding and corporate reputation as they emerge in the context of three waves of corporate branding. It highlights the way in which the two constructs have related to each other through...... organizational culture and identity, and how, although characterized by parallel developments, new ideas and models from a “third” wave of corporate branding challenge prevailing assumptions of corporate reputation particularly in terms of the assumptions that reputations emerge from authentic and transparent...

  16. Corporate Governance as a Crucial Factor in Achieving Sustainable Corporate Performance

    Directory of Open Access Journals (Sweden)

    Julija Bistrova

    2014-06-01

    Full Text Available In the developed stock markets the corporate governance aspect is crucial in the stock portfolio selection process for investor seeking to achieve shareholder value sustainability. In the emerging markets the importance of the corporate governance role just starts to be realized by the investors and by the corporate managers. The present research, looking at the stock performance leaders and laggards, analyzes whether the corporate governance system matters to achieve long-term shareholder value within the Central and Eastern European stock markets universe. Corporate governance quality was assessed and compared among the out- and underperformers. The financial results plausibility and the ownership structure were considered as well. Additionally, the authors analyzed whether the quality of corporate governance influences the economic performance of the company. The obtained results provide the proof that the corporate governance does matter as the market outperformers have above average corporate governance quality and provide trustworthy financial results more often than the underperforming companies. Besides, well-governed companies are also able to deliver more attractive financial results.

  17. 31 CFR 315.83 - Reissue or payment on dissolution of corporation or partnership.

    Science.gov (United States)

    2010-07-01

    ... corporation or partnership. 315.83 Section 315.83 Money and Finance: Treasury Regulations Relating to Money... Private Organizations (Corporations, Associations, Partnerships, etc.) and Governmental Agencies, Units and Officers § 315.83 Reissue or payment on dissolution of corporation or partnership. (a...

  18. An empirical analysis of stock and bond market liquidity

    OpenAIRE

    Chordia, Tarun; Sarkar, Asani; Subrahmanyam, Avanidhar

    2003-01-01

    This paper explores liquidity movements in stock and Treasury bond markets over a period of more than 1800 trading days. Cross-market dynamics in liquidity are documented by estimating a vector autoregressive model for liquidity (that is, bid-ask spreads and depth), returns, volatility, and order flow in the stock and bond markets. We find that a shock to quoted spreads in one market affects the spreads in both markets, and that return volatility is an important driver of liquidity. Innovatio...

  19. Corporate level strategic analysis and choice as a measure of achieving performance in organizations: (a survey of Dangote groups of companies/conglomerates quoted on Nigeria stock exchange market

    Directory of Open Access Journals (Sweden)

    Sev Joseph Teryima

    2014-07-01

    Full Text Available The objective of the research is to establish the factors that are responsible to organizational growth level in Dangote group of companies. These factors ranges from market share growth, sales volume growth (turnover, profitability, competitive advantage and share capital size amongst others. Corporate level strategic analysis and choice was adopted with specific emphasis on Boston Consulting Group (BCG matrix – portfolio analysis. Four (4 companies from Dangote conglomerate quoted on the Nigerian Stock Exchange market namely; Dangote Cement Plc, Dangote Flour Plc, Dangote Sugar Refinery Company Plc and National Salt Company of Nigeria Plc were surveyed with a population size of 5060. The sample size survey was 371. 209 respondents from Dangote Cement Company Plc, 75 respondents from Dangote Flour Mill Plc, 48 respondents from Dangote Sugar Refinery Company Plc and 39 respondents from National Salt Company Plc using judgmental and convenience sampling technique. The Quasi-experimental survey technique especially the cross-sectional design method was adopted. The Friedman Ranking test was carried out in testing the formulated hypothesis. The test of the result revealed that there is a relationship between organizational factors such as market share growth, sales volume growth (turnover, profitability growth, effective strategy application, competitive advantage and share capital size and organizational growth in the Dangote Cement Company Plc and Dangote Flour Mills Plc with a 0.425 and 0.360 strength of association respectively and the hypothesis was rejected while for Dangote Sugar Refinery Company Plc and National Salt Company of Nigeria Plc, that was not the case and the hypothesis was accepted that organizational factors such as market share, sales volume (turnover, profitability growth, effective strategy application, competitive advantage and share capital growth does not influence organizational growth hence their hypothesis were

  20. Corporate governance and the audit committee as part of Corporate Social Responsibility

    OpenAIRE

    Mancilla Rendón María Enriqueta; Saavedra García María Luisa

    2015-01-01

    The purpose of this paper is to study the principles of the international standard ISO 26000, and the relation between social responsibility and internal control rules management organizations establish their business and relationship with Corporate Social Responsibility the board of directors and the audit committee to strengthen corporate trust and manage corporate risk. The research is based on a survey of companies listed on the Mexican stock market, in 2011. The variables have been studi...

  1. Corporate governance and liquidity

    DEFF Research Database (Denmark)

    Farooq, Omar; Derrabi, Mohamed; Naciri, Monir

    2012-01-01

    This paper examines the impact of corporate governance mechanisms on liquidity in the MENA region, i.e. Morocco, Egypt, Saudi Arabia, United Arab Emirates, Jordan, Kuwait, and Bahrain. Using turnover as a proxy for liquidity, we document significant difference in liquidity between the pre...... difference in liquidity between the two periods. Furthermore, our results indicate that more than 50% of this difference between the two periods can be explained by operational and informational complexity of a firm – proxy for transparency. We argue that poor corporate governance mechanisms increase...... information asymmetries between insiders and outsiders. Outsiders, being liquidity providers, therefore do not trade in stocks for which they have no information. Therefore, firms with poor governance mechanisms usually experience higher decline in liquidity during periods of market-wide uncertainty....

  2. 31 CFR 363.47 - Will Public Debt pay Treasury securities pursuant to a forfeiture proceeding?

    Science.gov (United States)

    2010-07-01

    ... Held in TreasuryDirect § 363.47 Will Public Debt pay Treasury securities pursuant to a forfeiture... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Will Public Debt pay Treasury securities pursuant to a forfeiture proceeding? 363.47 Section 363.47 Money and Finance: Treasury Regulations...

  3. 31 CFR 357.20 - Securities account in Legacy Treasury Direct ®.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Securities account in Legacy Treasury Direct ®. 357.20 Section 357.20 Money and Finance: Treasury Regulations Relating to Money and Finance... Securities System (Legacy Treasury Direct) § 357.20 Securities account in Legacy Treasury Direct ®. (a...

  4. 31 CFR 363.0 - What is the TreasuryDirect ® system?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false What is the TreasuryDirect ® system? 363.0 Section 363.0 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued... HELD IN TREASURYDIRECT General § 363.0 What is the TreasuryDirect ® system? The TreasuryDirect system...

  5. 26 CFR 1.957-1 - Definition of controlled foreign corporation.

    Science.gov (United States)

    2010-04-01

    ... express or implied, that any shareholder will not vote his stock or will vote it only in a specified... foreign corporation. (a) In general. The term controlled foreign corporation means any foreign corporation... foreign corporation. For the definition of the term United States shareholder, see sections 951(b) and 953...

  6. 26 CFR 1.7874-2T - Surrogate foreign corporation (temporary).

    Science.gov (United States)

    2010-04-01

    ... partnership interest, a put, stock or a partnership interest subject to risk of forfeiture, a contract to... corporation as a surrogate foreign corporation. (2) Creditor claims—(i) Domestic corporation. For purposes of..., then each creditor of the domestic corporation shall be treated as a shareholder of the domestic...

  7. KEJAHATAN PASAR MODAL DALAM KERANGKA GOOD CORPORATE GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Titik Suharti

    2004-10-01

    Full Text Available There is always crime happened in every society, including in business community in Indonesia such as in stock exchange sector one of reason why it can happen is weak Good Corporate Governance application. In order knowing how to rule out criminal in stock exchange in Indonesia in term of Good Corporate Governance framework, the writer uses normative juridical approach so that it is known that stock exchange crime has been ruled out in Stock Exchange Law though not all of the principles included in it.

  8. CORPORATE GOVERNANCE IN ROMANIA. EVOLUTION AND PERSPECTIVES

    Directory of Open Access Journals (Sweden)

    BUȘAN GABRIELA

    2015-03-01

    Full Text Available Thanks to slow way to political, legal, social and economic reform, the corporate governance appears in Romania, from concept and filing, until the early 2000`s. This paper analyzes the evolution of corporate governance in the period 2000-2015, it is presented the OECD principles of corporate governance of companies listed on the Bucharest Stock Exchange and it analyse the situation of the public entities who had the obligation to apply the provisions of O.U.G 109/2011 on corporate governance of public entities and to publish on its Web site the Annual Report

  9. 26 CFR 1.6046-1 - Returns as to organization or reorganization of foreign corporations and as to acquisitions of...

    Science.gov (United States)

    2010-04-01

    ... the corporation's accounting records: (i) The corporation's profit and loss statement for the most... foreign corporations and as to acquisitions of their stock. 1.6046-1 Section 1.6046-1 Internal Revenue... acquisitions of their stock. (a) Officers or directors—(1) When liability arises on January 1, 1963. Each U.S...

  10. 29 CFR 4043.64 - Extraordinary dividend or stock redemption.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Extraordinary dividend or stock redemption. 4043.64 Section 4043.64 Labor Regulations Relating to Labor (Continued) PENSION BENEFIT GUARANTY CORPORATION PLAN... § 4043.64 Extraordinary dividend or stock redemption. (a) Reportable event and information required...

  11. Stock Walk with Consumable Deliverables: Association of Price and ...

    African Journals Online (AJOL)

    Nneka Umera-Okeke

    for corporate financial performance, while stock price of consumer good firms listed on the Nigerian Stock Exchange (NSE) features as dependent variable. The baseline assumption is that investors rely on key financial indicators (KFIs) in making rational investment decisions. All 26 consumer good firms on the Daily Official ...

  12. Corporate governance and intellectual capital

    Directory of Open Access Journals (Sweden)

    Rahmat Alizadeh

    2014-01-01

    Full Text Available The purpose of this paper is to examine the association between corporate governance and Intellectual capital in the pharmaceutical companies accepted in Tehran Stock Exchange over the period 2004-2009 using a regression based model. The study investigates the impacts of three some independent variables of the corporate governance (i.e. the number of board members, the relative extent of nonexecutive to executive directors, the auditing committee. The results suggest that corporate governance had no special effect on intellectual capital in the pharmaceutical companies. Furthermore among corporate governance's variables, the first one (i.e. board size had negative impact on firms' intellectual capital and the second and the third variables had no effects on intellectual capital.

  13. 26 CFR 1.358-6 - Stock basis in certain triangular reorganizations.

    Science.gov (United States)

    2010-04-01

    ... corporation on the exchange of property for the assets or stock of a target corporation in a reorganization...) Definitions of triangular reorganizations. This section applies to the following reorganizations (which are... percentage of T stock not acquired in the transaction is determined by taking into account the fair market...

  14. Features of the content of corporate contracts

    Directory of Open Access Journals (Sweden)

    Elena Petrovna Gladneva

    2015-09-01

    Full Text Available Objective to study the legal nature to reveal the peculiarities of the subject and other essential terms of corporate contracts as a technique and means of legal regulation of corporate relations. Methods general and specific methods of cognition dialectical formal logic analysis synthesis modeling structural and systemicfunctional methods as well as comparative legal logical legal historical legal grammatical methods and systemic interpretation. Results it is concluded that the object of corporate contracts includes terms about the features of implementation of corporate rights for shares and share in capital assets conditions order of the implementation of corporate rights and approval of other actions related to company management activity reorganization and liquidation the passive duty of corporate organizations to refrain from committing any action authority arising from the nature of corporate agreements as well as the active responsibilities associated with the certain implementation of corporate rights certified by stocks shares rights to stocks shares. In addition to the subject the content of corporate contractsincludes other essential necessary conditions stipulated by the corporate legislation norms and the agreement of the participants of economic entity. Scientific novelty for the first time taking into account modern achievements of civilistic jurisprudence and practice the authors investigate the relationship between the concepts of a civil contract and corporate contract give the definition of corporate contract show the specificity of the subject and other material terms of corporate contracts. Practical significance the findings can be taken into account in the further research of corporate law issues as subbranch of civil law used in law making and enforcement activities in the educational process as a teaching material in civil law. nbsp

  15. 26 CFR 1.1202-2 - Qualified small business stock; effect of redemptions.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Qualified small business stock; effect of redemptions. 1.1202-2 Section 1.1202-2 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Wash Sales of Stock Or Securities § 1.1202-2 Qualified small...

  16. 26 CFR 1.1091-1 - Losses from wash sales of stock or securities.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 11 2010-04-01 2010-04-01 true Losses from wash sales of stock or securities. 1.1091-1 Section 1.1091-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Wash Sales of Stock Or Securities § 1.1091-1 Losses from wash...

  17. Corporate Awakening

    DEFF Research Database (Denmark)

    LaFrance, Julie; Lehmann, Martin

    2004-01-01

    Predominantly since the 1992 Rio Summit, corporations have been increasingly pursuing partnerships with public institutions including governments, international organisations and NGOs that aim to contribute to sustainable development activities. Both the business community and public organisations...... are recognizing the potential benefits of public-private partnerships for furthering the Millennium Development Goals while having a positive impact on business. Partnerships have become more common as corporations react to mounting pressure from corporate stakeholders, civil society and government...... on the responsible nature of their business practices. The accountability of corporations has moved beyond the traditional obligations of addressing shareholder demands and today, corporations must be accountable to society and all stakeholders affected by global development. The corporate awakening towards...

  18. Corporate Foundations

    DEFF Research Database (Denmark)

    Herlin, Heidi; Thusgaard Pedersen, Janni

    2013-01-01

    -sector partnerships. The results of this paper are based on interviews, participant observations, and organizational documents from a 19-month empirical study of a Danish corporate foundation. Findings suggest that corporate foundations have potential to act as boundary organizations and facilitate collaborative......This paper aims to explore the potential of Danish corporate foundations as boundary organizations facilitating relationships between their founding companies and non-governmental organizations (NGOs). Hitherto, research has been silent about the role of corporate foundations in relation to cross...... action between business and NGOs through convening, translation, collaboration, and mediation. Our study provides valuable insights into the tri-part relationship of company foundation NGO by discussing the implications of corporate foundations taking an active role in the realm of corporate social...

  19. Corporate design

    OpenAIRE

    Bejr, Štěpán

    2012-01-01

    The Master's Thesis deals with the issue of corporate design. The theoretical part specifies the integration of corporate design into marketing theory, introduces its basic components, principles and process of its creation. The practical part explores corporate identity changes in four significant Czech organizations - Czech Television, Czech Radio, Zoo Praha and Česká pojišťovna. It reveals specifics of each case, its positive and negative aspects and aims to find important factors that aff...

  20. 77 FR 73104 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving Proposed Rule Change...

    Science.gov (United States)

    2012-12-07

    ..., stock price, the number of publicly traded shares, and corporate governance standards to ensure... corporate governance listing standards, Nasdaq Rule 5101 also gives the Exchange discretion to deny listing...

  1. Legal insider trading and stock market liquidity

    NARCIS (Netherlands)

    Degryse, Hans; de Jong, Frank; Lefebvre, J.J.G.

    This paper assesses the impact of legal trades by corporate insiders on the liquidity of the firm’s stock. For this purpose, we analyze two liquidity measures and one information asymmetry measure. The analysis allows us to study as well the effect of a change in insider trading regulation, namely

  2. Corporate Taxation and Corporate Governance

    DEFF Research Database (Denmark)

    Köthenbürger, Marko; Stimmelmayr, Michael

    2009-01-01

    The effects of corporate taxation on firm behavior have been extensively discussed in the neoclassical model of firm behavior which abstracts from agency problems. As emphasized by the corporate governance literature, corporate investment behavior is however crucially influenced by diverging...... interests between shareholders and managers. We set up an agency model and analyze the crucial issue in corporate taxation of whether the normal return on investment should be exempted from taxation. The findings suggest that the divergence of interests may be intensified and welfare reduced...... if the corporate tax system exempts the normal return on investment from taxation. The optimal system may well use the full return on investment as a tax base. Hence, tax systems such as an Allowance for Corporate Equity (ACE) or a Cash-flow tax do not have the familiar efficiency-enhancing effects in the presence...

  3. 26 CFR 1.354-1 - Exchanges of stock and securities in certain reorganizations.

    Science.gov (United States)

    2010-04-01

    ... circumstances no gain or loss is recognized to a shareholder who surrenders his stock in exchange for other... in exchange for common stock of Corporation W. No gain or loss is recognized to A. Example 2... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Exchanges of stock and securities in certain...

  4. 26 CFR 1.7874-1 - Disregard of affiliate-owned stock.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 13 2010-04-01 2010-04-01 false Disregard of affiliate-owned stock. 1.7874-1... TAX (CONTINUED) INCOME TAXES General Actuarial Valuations § 1.7874-1 Disregard of affiliate-owned... stock of several wholly owned foreign corporations, in exchange for 90 shares of FS stock. FS then forms...

  5. Optimal Portfolio Selection in Ex Ante Stock Price Bubble and Furthermore Bubble Burst Scenario from Dhaka Stock Exchange with Relevance to Sharpe’s Single Index Model

    Directory of Open Access Journals (Sweden)

    Javed Bin Kamal

    2012-09-01

    Full Text Available The paper aims at constructing an optimal portfolio by applying Sharpe’s single index model of capital asset pricing in different scenarios, one is ex ante stock price bubble scenario and stock price bubble and bubble burst is second scenario. Here we considered beginning of year 2010 as rise of stock price bubble in Dhaka Stock Exchange. Hence period from 2005 -2009 is considered as ex ante stock price bubble period. Using DSI (All share price index in Dhaka Stock Exchange as market index and considering daily indices for the March 2005 to December 2009 period, the proposed method formulates a unique cut off point (cut off rate of return and selects stocks having excess of their expected return over risk-free rate of return surpassing this cut-off point. Here, risk free rate considered to be 8.5% per annum (Treasury bill rate in 2009. Percentage of an investment in each of the selected stocks is then decided on the basis of respective weights assigned to each stock depending on respective ‘β’ value, stock movement variance representing unsystematic risk, return on stock and risk free return vis-à-vis the cut off rate of return. Interestingly, most of the stocks selected turned out to be bank stocks. Again we went for single index model applied to same stocks those made to the optimum portfolio in ex ante stock price bubble scenario considering data for the period of January 2010 to June 2012. We found that all stocks failed to make the pass Single Index Model criteria i.e. excess return over beta must be higher than the risk free rate. Here for the period of 2010 to 2012, the risk free rate considered to be 11.5 % per annum (Treasury bill rate during 2012.

  6. Corporate Entrepreneurship

    DEFF Research Database (Denmark)

    Lassen, Astrid Heidemann

    Corporate entrepreneurship is often highlighted as being more relevant than ever, as a viable means for existing organizations to pursue creative new solutions to the complex challenges facing firms today. This includes continuously exploring and exploiting previously unexploited opportunities......, and thereby moving the organization to a new state of being. In spite of a general consensus on a strong interlinkage between the concepts of innovation and corporate entrepreneurship, the nature of this linkage is rarely addressed directly. This has made further research in the two areas problematic, mainly...... nature of corporate entrepreneurship and innovation by exploring the role played by innovation in corporate entrepreneurship. - Develop a framework of corporate entrepreneurial innovation which facilitates an understanding of challenges related hereto and practices applied to overcome these challenges...

  7. 75 FR 26089 - Securities Held in TreasuryDirect

    Science.gov (United States)

    2010-05-11

    ...--REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT 0 1. The authority citation for part 363 continues to... that is available for purchase through the TreasuryDirect [supreg] website. One day each week...Direct website for scheduling an advance purchase, and are the only marketable securities that you can...

  8. Corporate Goodness and Shareholder Wealth

    OpenAIRE

    Krueger, Philipp

    2015-01-01

    Using a unique data set, I study how stock markets react to positive and negative events concerned with a firm's corporate social responsibility (CSR). I show that investors respond strongly negatively to negative events and weakly negatively to positive events. I then show that investors do value "offsetting CSR", that is positive CSR news concerning firms with a history of poor stakeholder relations. In contrast, investors respond negatively to positive CSR news which is more likely to resu...

  9. Corporate Divestiture and Performance: An Institutional View

    DEFF Research Database (Denmark)

    Flickinger, Miriam; Zschoche, Miriam

    2018-01-01

    In this study, we investigate how the institutional environment affects shareholders’ reaction to a firm’s announcement of divestitures. Traditionally, divestiture research has adhered to a financial economics perspective, in which shareholders anticipate certain economic outcomes from corporate...... divestitures and react accordingly. However, this research has not delivered a distinct understanding of the performance effects of corporate divestitures. To structure and integrate previous work, we apply a neo-institutional perspective of the stock market. We argue that at certain times, the institutional...... support for corporate diversification is relatively low. During these periods, there is a high rate of divestitures. The high divestiture activity legitimizes this corporate action and leads to a positive reaction of the stock market to new divestiture announcements. This means that individual evaluations...

  10. Financial Crisis and Corporate Social Responsible Mutual Fund Flows

    OpenAIRE

    Sitikantha Parida; Zhihong Wang

    2018-01-01

    In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds) vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds). Using a large sample of equity mutual funds spanning 2003–2012, we find that top CSR funds on average receive about 5% less investment per annum compared to the other funds; whereas bottom CSR funds receive about 5.6% more investments. These relative negative and posi...

  11. 26 CFR 1.304-2 - Acquisition by related corporation (other than subsidiary).

    Science.gov (United States)

    2010-04-01

    ... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Effects on Recipients § 1.304-2 Acquisition by related... adjusted basis of $10,000 to A. After the sale, A is considered as owning corporation X stock as follows... 31, 1964. After the sale, A is considered as owning corporation X stock as follows: (i) 20 shares...

  12. 26 CFR 1.881-1 - Manner of taxing foreign corporations.

    Science.gov (United States)

    2010-04-01

    ... exchanges of stock in a foreign corporation, to the extent of certain earnings and profits attributable to...(a)(7) applies, a foreign corporation is not a personal holding company if all of its stock...) Controlled foreign corporations—(i) Subpart F income and increase of earnings invested in U.S. Property. For...

  13. Combining Stocks and Flows of Knowledge

    DEFF Research Database (Denmark)

    Ambos, Tina C.; Nell, Phillip Christopher; Pedersen, Torben

    In the area of knowledge management and knowledge governance, previous research has mostly focused on either knowledge stocks or knowledge flows of firms or organizational units. Contrary to this work, our study is among the first to integrate these two perspectives in order to shed light...... on the complementarity effects of different types of knowledge stocks and flows in the multinational corporation (MNC). We investigate intra-functional as well as cross-functional complementarity effects from the perspective of the knowledge recipient. We test the impact of stocks on flows on the benefit that is created...... for MNC units. Based on a comprehensive sample of 324 relationships between MNC units we find that both types of complementarity create benefits for these units, but that the effects from intra-functional combinations of knowledge stocks and flows are significantly stronger than from cross...

  14. 12 CFR 1510.4 - Who may act as the depositary and fiscal agent for the Funding Corporation?

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Who may act as the depositary and fiscal agent for the Funding Corporation? 1510.4 Section 1510.4 Banks and Banking DEPARTMENT OF THE TREASURY RESOLUTION FUNDING CORPORATION RESOLUTION FUNDING CORPORATION OPERATIONS § 1510.4 Who may act as the...

  15. 31 CFR 223.22 - Fees for services of the Treasury Department.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Fees for services of the Treasury Department. 223.22 Section 223.22 Money and Finance: Treasury Regulations Relating to Money and Finance... BUSINESS WITH THE UNITED STATES § 223.22 Fees for services of the Treasury Department. (a) Fees shall be...

  16. Electric utility preferred stock financing - twilight or new dawn?

    International Nuclear Information System (INIS)

    Klein, R.

    1991-01-01

    The tax laws have greatly diminished the importance of utility preferred stock. But with utility construction programs expected to rise, it is an opportune time to see if preferreds can be an attractive option again. As recently as 1980, preferred stock financing by electric utilities comprised 55% of all U.S. corporate preferred stock issued. By 1989, this percentage had declined to under 12%. In dollar amounts, electric utility preferred stock financing had decreased by two-thirds over the same time period. The author analyzes just why this decline occurred and what it portends for the future

  17. Corporate entrepreneurship

    DEFF Research Database (Denmark)

    Christensen, Karina

    2005-01-01

    Corporate entreprenørskab kan blive svaret på, hvordan Danmark fremmer en mere videnintensiv produktion. Begrebet er blevet anvendt til at forklare forskellige organisatoriske fænomener alt fra strategi over ledelse i al almindelighed til innovation, hvilket har medført en mangfoldighed af begreber...... og perspektiver, som har skabt stor uklarhed omkring corporate entreprenørskab. Med henblik på at skabe fundamentet for et fælles fodslag redegøres der i denne artikel for corporate entreprenørskabsbegrebet ud fra forskellige perspektiver. Der gives i artiklen endvidere et overblik ved hjælp af en...... model, der indeholder intraprenørskab og exoprenørskab, samt fire organisatoriske perspektiver: corporate venturing, interne ressourcer, internationalisering og eksterne netværk....

  18. The List as Treasury in the Greek World

    OpenAIRE

    Kirk, Athena

    2011-01-01

    Abstract The List as Treasury in the Greek Worldby Athena E. KirkDoctor of Philosophy in Classics University of California, Berkeley Professor Leslie V. Kurke, Chair Some of the earliest written records in the greater ancient world are lists of objects: we find catalogues of gods, kings, jewels, archaic vocabulary items, and exotic birds in Sumerian, Egyptian, Akkadian and Hittite, and many scholars surmise that a penchant for this kind of record-keeping fueled the very invention of writing. ...

  19. 77 FR 43407 - Self-Regulatory Organizations; The Options Clearing Corporation; Order Approving Proposed Rule...

    Science.gov (United States)

    2012-07-24

    ... Organizations; The Options Clearing Corporation; Order Approving Proposed Rule Change Relating to Amendments to Certain Rules Applicable to Stock Futures July 18, 2012. I. Introduction On May 24, 2012, The Options... stock options.) However, in the case of stock futures, OneChicago, the only futures exchange clearing...

  20. the role of corporate governance and strategic leadership practices

    African Journals Online (AJOL)

    The success or failure of any organization rests on its leadership. In the 21st century, corporate governance is becoming a matter of enormous public attention and concern. With regard to policy and regulatory changes that have taken place in the stock market, more emphasis has been put on the need to improve corporate ...

  1. Examining corporate governance and corporate tax management

    Directory of Open Access Journals (Sweden)

    Martin Surya Mulyadi

    2014-07-01

    Full Text Available Taxation play an essential role both in a country and in a corporation. For a country it is one of the primary income source, while for the corporation taxes will reduce corporate net income. To minimize the tax payment, corporation conduct a corporate tax management. According to some of previous research, there is a correlation between corporate governance and corporate tax management. While there are many corporate governance proxies could be used in corporate governance research, in this research we are focusing on three: number of board, number of independent board and board compensation. We measure corporate tax management by using effective tax rate (GAAP ETR and current ETR are used in this research. By using several other control variables, we run the regression and conduct the statistical analysis to examine the correlation between corporate governance and corporate tax management. Our result show that corporate governance have a significant correlation to corporate tax management.

  2. Stock Performance of Socially Responsible Companies

    Directory of Open Access Journals (Sweden)

    Huang Tzu-Man

    2016-12-01

    Full Text Available Every year Corporate Responsibility Magazine selects and ranks 100 companies on the basis of their corporate social responsibility. This study investigates the stock performance of socially responsible companies in the U.S. The monthly stock returns for these companies are analyzed and compared with the market performance, with the S&P 500 index designated as a proxy for the market. The empirical evidence suggests that these 100 companies outperform the market in their monthly stock returns. We also narrow down the number of companies selected to the top 75, 50, 25, and 10 firms. As we narrow down the companies selected, the difference between their returns and the market returns also narrows. In other words, a portfolio that includes all top 100 companies provides the best stock performance. We extend the analysis to long-term annual stock performance. We find that these socially responsible companies′ annual returns are higher than the market returns for up to seven years after they are listed. We also conduct the same analysis on the top 75, 50, 25, and 10 firms, respectively. Similarly, the larger the number of these top 100 companies, the greater the tendency to generate higher annual returns. We suspect that because the difference between the socially responsible companies′ average returns and the market returns is not dramatic, with a bigger population and thus a larger sample size, the difference becomes more significant. However, in practice, transaction costs must be considered. This study is limited in that it does not consider transaction costs. Nevertheless, we hope to shed some light on the issue of socially responsible companies′ stock performance to encourage companies to start thinking about the importance of corporate social responsibility.

  3. CORPORATE GOVERNANCE IN INDIA: AN ANALYSIS

    Directory of Open Access Journals (Sweden)

    Meghna Thapar

    2017-03-01

    Full Text Available Corporate governance is a process, relation and mechanism set up for the corporations and firms based on certain guidelines and principles by which a company is controlled and directed. The principles provided in the system ensure that the company is governed in a way that it is able to set and achieve its goals and objectives in the context of the social, regulatory and market environment, and is able to maximize profits and also benefit those whose interest is involved in it, in the long run. The division and distribution of rights and responsibilities among different participants in the corporation (such as the board of directors, managers, shareholders, creditors, auditors, regulators, and other stakeholders and inclusion of the rules and procedures for making decisions in corporate affairs are identified with the help of Corporate Governance mechanism and guidelines. The need to make corporate governance in India transparent was felt after the high profile corporate governance failure scams like the stock market scam, the UTI scam, Ketan Parikh scam, Satyam scam, which were severely criticized by the shareholders. Thus, Corporate Governance is not just company administration but more than that and includes monitoring the actions, policies, practices, and decisions of corporations, their agents, and affected stakeholders thereby ensuring fair, efficient and transparent functioning of the corporate management system. By this paper, the authors intend to examine the concept of corporate governance in India with regard to the provisions of corporate governance under the Companies Act 2013. The paper will highlight the importance and need of corporate governance in India. We will also discuss the important case laws which contributed immensely in the emergence of corporate governance in India.

  4. OVERVIEW OF CORPORATE GOVERNANCE IN ETHIOPIA: Abstract

    African Journals Online (AJOL)

    eliasn

    Enron, WorldCom and Arthur Andersen, and the resulting loss of confidence of the investing public in the stock market led to dramatic declines in share prices and substantial financial losses to millions of individual investors.32 Both the public and the experts have identified failed corporate governance as a principal.

  5. Corporate governance attributes, firm characteristics and the level of corporate disclosure: Evidence from the Indian listed firms

    Directory of Open Access Journals (Sweden)

    Sunil Nandi

    2013-01-01

    Full Text Available This study investigates the association between firm characteristics, corporate governance attributes and the level of corporate disclosure of listed firms in India. The research paper has been based on a sample of 60 firms listed in the Bombay Stock Exchange (BSE / National Stock Exchange (NSE during the study period from 2000-01 to 2009-10. The study has used the Standard & Poor (2008 model for measuring the level of corporate disclosure. To examine the association between explanatory variables and the level of corporate disclosure, multiple regression model has been used. The results suggest a positive relationship between board size, ratio of audit committee members to total board members, family control, CEO duality, firm size, profitability, liquidity and the extent of corporate disclosure. However, the degree of corporate disclosure is negatively related to board composition, leverage and age of the firm.

  6. Conservatism in Corporate Valuation

    DEFF Research Database (Denmark)

    Bach, Christian

    Using a CCAPM based risk adjustment model, consistent with general asset pricing theory, I perform corporate valuations of a large sample of stocks listed on NYSE, AMEX and NASDAQ. The model is different from the standard CAPM model in the sense that it discounts forecasted residual income for risk...... valuation model, both considering the absolute valuation errors and an investment setting where simple investment strategies are made based on the results of the respective models. The CCAPM model performs substantially better than the CAPM based model when comparing absolute valuation errors. Both models...... are able to explain abnormal returns impressively well, when constructing investment strategies, but also in this setting the CCAPM model outperforms the CAPM model in most dimensions. I further show that the standard CAPM and the Fama-French 3 factor based approaches to risk adjustment substantially...

  7. THE CRITICAL THINKING OF SOME WESTERN EUROPEAN CORPORATE GOVERNANCE STANDARDS AFTER FINANCIAL CRISIS, CORPORATE SCANDALS AND MANIPULATION

    OpenAIRE

    Dinh TRAN NGOC HUY

    2013-01-01

    After the recent global crisis, corporate scandals and bankruptcy in US and Europe, there is some certain evidence on weak auditing, risk management, accounting and audit system. This paper chooses a different analytical approach and among its aims is to give some systematic opinions on corporate governance criteria as a benchmark for stock markets. Firstly, it classifies limited Western European representative corporate governance (CG) standards into two (2) groups: The Netherlands and Belgi...

  8. Corporal punishment.

    Science.gov (United States)

    Zolotor, Adam J

    2014-10-01

    Corporal punishment is used for discipline in most homes in the United States. It is also associated with a long list of adverse developmental, behavioral, and health-related consequences. Primary care providers, as trusted sources for parenting information, have an opportunity to engage parents in discussions about discipline as early as infancy. These discussions should focus on building parents' skills in the use of other behavioral techniques, limiting (or eliminating) the use of corporal punishment and identifying additional resources as needed. Copyright © 2014 Elsevier Inc. All rights reserved.

  9. Impact of the Ownership Structure on Corporate Management in Engineering

    Directory of Open Access Journals (Sweden)

    Dieieva Nataliia E.

    2014-02-01

    Full Text Available The article analyses impact of the ownership structure on corporate management in the engineering industry of Ukraine. In order to detect impact of the structure of corporate ownership on corporate management the article uses general scientific and special methods of study: method of critical analysis and generalisation of theoretical studies, comparison method and statistical method. Analysis of engineering enterprises confirmed availability of impact of the structure of corporate ownership on corporate management. The article also shows that the engineering industry of Ukraine is characterised with the concentrated ownership structure, which has the following features: restriction of rights of minority shareholders with respect to management and control in a joint stock company; availability of corporate conflicts between majority and minority shareholders; availability of intense control of owners over management, which influences efficiency of making managerial decisions; hired managers and enterprise employees have no possibility to acquire stock of a joint stock company including in the form of bonuses and incentives; the controlling owner is interested in efficient activity of the enterprise and tries to create necessary conditions for this. The conducted studies give a possibility to establish that a share of stock that belongs to a hired executive body is smaller in those joint stock companies in which concentration of ownership is higher. The article also shows that the higher ownership concentration the higher is the probability that the owner would be a part of controlling bodies.

  10. 12 CFR 563b.435 - What happens to my corporate existence after conversion?

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false What happens to my corporate existence after... What happens to my corporate existence after conversion? Your corporate existence will continue following your conversion, unless you convert to a state-chartered stock savings association and state law...

  11. The Process of Creation of Value Shareholder compared in each Level Segmented on the Bovespa Corporate Governance: A Study with the Companies comprising the Index Stock Portfolio Brazil (Ibrx 100

    Directory of Open Access Journals (Sweden)

    Wagner Moura Lamounier

    2012-06-01

    Full Text Available The objective of this article was of to measure and to analyze the creation of value for the shareholder through comparisons among each level of corporate governance segmented in BOVESPA, accomplishing an empiric study with interest of proving the existence of different averages regarding the one of creation of value in the different segments. The research was guided through a descriptive analysis which makes possible to establish relationships among the analyzed variables and to lift hypotheses or possibilities to explain those relationships. The found results didn't demonstrate statistical evidences that the level of corporate governance, in that certain company is inserted at the market, brings differentiation in the process of creation of value for the shareholders. The found conclusions thwarted the null hypothesis of this study, which mentioned that in agreement with the level of classification of the companies there would be a differentiation in the creation of value for the shareholder. It is pointed out that that conclusion not to be generalized by the fact that the sample used to obtain her, in spite of being representative, it was obtained in a limited temporary space, existing the possibility that increasing the space of time here the conclusions presented they can suffer alterations. For future researches it is suggested that this study is accomplished with a larger sample of companies, and with given quarterly with the intention of explaining the studied variables better.

  12. Corporate Governance and Corporate Creditworthiness

    Directory of Open Access Journals (Sweden)

    Dror Parnes

    2011-12-01

    Full Text Available We examine the relation between corporate governance and bankruptcy risk as an underlying force affecting a bond’s yield. The level of corporate governance is captured by the G-index, along with the explicit groups of governance provisions. We estimate bankruptcy risk by Z-score, by cash-flow-score, by O-score, through Merton structural model default probabilities, and by S&P credit ratings. After addressing endogeneity and while controlling for firm-specific factors, based on the four objective methodologies we find that corporate governance is inversely related to bankruptcy risk. Yet, rating agencies take a mixed approach towards this association likely because of the conflicting impact of different governance provisions.

  13. Corporate Venturing

    DEFF Research Database (Denmark)

    Vintergaard, Christian

    involved in recognition and discovery. Consequently thepaper offers insight to a diversified group of actors who mix and match technological and marketcapabilities in a constant process of recognition and discovery.Key words: Corporate venturing, entrepreneurship, discovery, networks, opportunities,recognition....

  14. Corporate Governance

    International Development Research Centre (IDRC) Digital Library (Canada)

    control and management information systems;. · monitor corporate performance against strategic and business plans;. · assess its own performance in fulfilling Board responsibilities;. · measure and monitor the performance of the. President and Chief Executive Officer; and. · ensure that the Centre has an effective.

  15. Corporate Language and Corporate Talk

    DEFF Research Database (Denmark)

    Zølner, Mette

    2013-01-01

    the geographical borders by the medium of common corporate values for knowledge management, collection of data and analysis in these studies inspired by approach of ground theory and presents a usefulness of distinguishing between corporate language and talks to enable the headquarters learning. Also it concludes......The article presents the case studies of two Danish based multinational companies (MNCs) which provides the an insight into the role of languages in organizational learning. It mentions that the studies focus on the sharing of the understanding and practices among their employees across...... that both of the MNCs are of Danish origin but executives of both companies are proficient in English language....

  16. 26 CFR 1.47-4 - Electing small business corporation.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 1 2010-04-01 2010-04-01 true Electing small business corporation. 1.47-4 Section 1.47-4 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY INCOME TAX INCOME TAXES Rules for Computing Credit for Investment in Certain Depreciable Property § 1.47-4 Electing small...

  17. 77 FR 38041 - TRICARE Management Activity Adoption of Department of the Treasury's Administrative Wage...

    Science.gov (United States)

    2012-06-26

    ... DEPARTMENT OF DEFENSE Office of the Secretary TRICARE Management Activity Adoption of Department of the Treasury's Administrative Wage Garnishment Procedures AGENCY: TRICARE Management Activity (TMA... regulation, TMA will authorize Treasury's Financial Management Service (FMS), to use administrative wage...

  18. Design Study to Visualize Stock Market Bubble Formations and Bursts

    OpenAIRE

    Iyer, Sruthi Ganesan

    2014-01-01

    The stock market is a very complex and continuously changing environment in which many varying factors shape its growth and decline. Studying interesting trends and analyzing the intricate movements of the market, while ignoring distracting and uninteresting patterns has the potential to save large amounts of money for individuals as well as corporations and governments. This thesis describes research that was conducted with the goal to visualize stock market data in such a way that it is abl...

  19. Did pension plan accounting contribute to a stock market bubble?

    OpenAIRE

    Julia Lynn Coronado; Steven A. Sharpe

    2003-01-01

    During the 1990s, the asset portfolios of defined-benefit (DB) pension plans ballooned with the booming stock market. Due to current accounting guidelines, the robust growth in pension assets resulted in a stealthy but substantial boost to the profits of sponsoring corporations. This study assesses the extent to which equity investors were fooled by pension accounting. First, we test whether stock prices reflected the fair market value of sponsoring firms' net pension assets reported in footn...

  20. COMPARATIVE DESCRIPTION OF AGREEMENTS ON RIGHTS OF PARTICIPANTS OF LIMITED RESPONSIBILITY SOCIETIES AND THOSE OF JOINT-STOCK COMPANIES

    Directory of Open Access Journals (Sweden)

    A. A. Tyukavkin-Plotnikov

    2011-01-01

    Full Text Available Corporate agreement as law construction is new for Russian legislation. Law nature of corporate agreements and their place in the legislation system are discussed. Certain provisions of these documents contradict effective Laws on joint-stock companies and on limited-liability companiesmaking practical use of these documents vague. Joint-stock agreements overwhelm in the corporate agreements. Corporate agreement norms are to be adapted to Russia laws by changing the imperative character of the latter to the alternative one. The law analogy approach should beapplied to corporate agreements.

  1. 31 CFR 356.0 - What authority does the Treasury have to sell and issue securities?

    Science.gov (United States)

    2010-07-01

    ... to sell and issue securities? 356.0 Section 356.0 Money and Finance: Treasury Regulations Relating to... sell and issue securities? Chapter 31 of Title 31 of the United States Code authorizes the Secretary of... AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, NOTES, AND BONDS (DEPARTMENT OF THE TREASURY...

  2. 31 CFR 309.9 - Tenders; acceptance by the Secretary of the Treasury.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Tenders; acceptance by the Secretary... TREASURY BILLS § 309.9 Tenders; acceptance by the Secretary of the Treasury. At the time fixed for closing... acceptable prices offered and will make public announcement thereof those submitting tenders will be advised...

  3. 31 CFR 363.131 - What is a TreasuryDirect ® certificate of indebtedness?

    Science.gov (United States)

    2010-07-01

    ...® certificate of indebtedness? 363.131 Section 363.131 Money and Finance: Treasury Regulations Relating to Money... REGULATIONS GOVERNING SECURITIES HELD IN TREASURYDIRECT Certificate of Indebtedness § 363.131 What is a TreasuryDirect ® certificate of indebtedness? A TreasuryDirect certificate of indebtedness (certificate of...

  4. 31 CFR 223.15 - Paid up capital and surplus for Treasury rating purposes; how determined.

    Science.gov (United States)

    2010-07-01

    ... company's financial statements and other information, or by such examination of the company at its own... Treasury rating purposes; how determined. 223.15 Section 223.15 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT...

  5. 31 CFR 205.9 - What is included in a Treasury-State agreement?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false What is included in a Treasury-State agreement? 205.9 Section 205.9 Money and Finance: Treasury Regulations Relating to Money and Finance... must include, at a minimum, a clear indication of: (1) The data used; (2) The sources of the data; (3...

  6. 77 FR 13388 - Treasury Inspector General for Tax Administration; Privacy Act of 1974: Computer Matching Program

    Science.gov (United States)

    2012-03-06

    ... Management Systems [Treasury/DO.009] e. Correspondence Files and Correspondence Control Files [Treasury/ IRS.... Taxpayer Advocate Service and Customer Feedback and Survey Records System [Treasury/IRS 00.003] h. Employee... 00.333] j. Stakeholder Relationship Management and Subject Files, Chief, Communications and Liaison...

  7. 31 CFR 356.30 - When does the Treasury pay principal and interest on securities?

    Science.gov (United States)

    2010-07-01

    ... credit to the account specified by the owner of the security, when we make payment for a certificate of... and interest on securities? 356.30 Section 356.30 Money and Finance: Treasury Regulations Relating to... AND ISSUE OF MARKETABLE BOOK-ENTRY TREASURY BILLS, NOTES, AND BONDS (DEPARTMENT OF THE TREASURY...

  8. 76 FR 75829 - Treasury Inflation-Protected Securities Issued at a Premium

    Science.gov (United States)

    2011-12-05

    ... Internal Revenue Service 26 CFR Part 1 RIN 1545-BK45 Treasury Inflation-Protected Securities Issued at a... guidance on the tax treatment of Treasury Inflation-Protected Securities issued with more than a de minimis... the coupon bond method described in Sec. 1.1275-7(d) applies to Treasury Inflation-Protected...

  9. 77 FR 15319 - Treasury Inflation-Protected Securities Issued at a Premium; Hearing Cancellation

    Science.gov (United States)

    2012-03-15

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 RIN 1545-BK45 Treasury Inflation-Protected Securities Issued at a... proposed regulations ] (REG-130777-11), providing guidance on the tax treatment of Treasury Inflation...

  10. 19 CFR Appendix to 19 Cfr Part 0 - Treasury Department Order No. 100-16

    Science.gov (United States)

    2010-04-01

    ... Security of general authority over Customs revenue functions vested in the Secretary of the Treasury as set.... Treasury Order No. 165-09, “Maintenance of delegation in respect to general authority over Customs Revenue... 19 Customs Duties 1 2010-04-01 2010-04-01 false Treasury Department Order No. 100-16 Appendix to...

  11. Stock Market Project.

    Science.gov (United States)

    Distel, Brenda D.

    This project is designed to teach students the process of buying stocks and to tracking their investments over the course of a semester. The goals of the course are to teach students about the relationships between conditions in the economy and the stock market; to predict the effect of an economic event on a specific stock or industry; to relate…

  12. Predictability of Stock Returns

    Directory of Open Access Journals (Sweden)

    Ahmet Sekreter

    2017-06-01

    Full Text Available Predictability of stock returns has been shown by empirical studies over time. This article collects the most important theories on forecasting stock returns and investigates the factors that affecting behavior of the stocks’ prices and the market as a whole. Estimation of the factors and the way of estimation are the key issues of predictability of stock returns.

  13. Pombal and the Atlantic Empire: political impacts of the foundation of the Royal Treasury

    Directory of Open Access Journals (Sweden)

    Miguel Dantas da Cruz

    2014-01-01

    Full Text Available The Pombaline government has a fairly consensual meaning. It encompasses a period marked by the gradual concentration of deciding faculties in the monarch and the leading ministers and by the general introduction of legislation designed to exert higher control over the civil society. It was also a time of cultural change as far as the political models were concerned. The corporative nature of the regime was definitely suppressed. However, the consolidation of power of the Crown in the second half of the 18th century is frequently left to be analyzed. There is still much to be learned about the particularities involved in this transformation, namely in regard to governing routines or practices. This study reexamines and discusses the centralization of the Pombaline politics. The study is especially concerned with the predicaments and resistances encountered by the process initiated by Carvalho e Melo. In order to meet this ambition I will address the coexistence of the Royal Treasury (Erário Régio with the Boards of Royal Finance (Juntas da Real Fazenda of Brazil, which together formed a cornerstone of the political reform and a gateway to the all-powerful minister intentions.

  14. Compensation programs of companies who adhered to the differentiated levels of corporate governance of the São Paulo Stock Exchange Filosofia e modelo dos programas de remuneração das empresas que aderiram aos níveis diferenciados de governança corporativa da Bovespa

    Directory of Open Access Journals (Sweden)

    Eduardo de Camargo Oliva

    2006-06-01

    Full Text Available The philosophy and models of the System of Compensation of administrators were analyzed to verify the degree of agreement with the good practice of corporate governance structure. The structure of corporate governance is made up of the Chairman of the Board of Directors, council members, CEO and the executive board. Literature reviewed disclosed only isolated aspects of governance and remuneration without any integrated format. Exploratory and descriptive methods were used for documentary research and field survey at the companies who had adhered to the differentiated levels of corporate governance of the São Paulo Stock Exchange (level 1, level 2 and new market. Conclusions showed that remuneration of the council member was reasonable without considering the variable component found in executive board. The organizations used short term indicators for the remuneration system and were already formalizing procedures. However, greater internal as well as external transparency is required to make these procedures more public.O objetivo deste artigo foi identificar, descrever e analisar a filosofia e os modelos do Sistema de Remuneração de administradores e verificar se estavam alinhados com as boas práticas da estrutura de Governança Corporativa. Compõem a estrutura de governança corporativa o Presidente do Conselho de Administração, os conselheiros, o Chief Executive Officer (CEO e a diretoria executiva. Na revisão da literatura constatatou-se a existência de obras que estudaram aspectos de governança e de remuneração separadamente, e não de forma conjunta e integrada. Para a realização da pesquisa¹ documental e do levantamento de campo foram utilizados os métodos exploratório e descritivo junto às empresas que aderiram aos níveis diferenciados de governança corporativa da Bovespa (nível 1, nível 2 e novo mercado. Como principais conclusões, pôde-se verificar que a remuneração do conselheiro é módica, n

  15. The Corporate Social Responsibility Disclosure: A Study of Listed Companies in Bangladesh

    OpenAIRE

    Rouf, Md. Abdur

    2011-01-01

    This is an exploratory study designed to investigate the extant and nature of corporate social responsibility disclosure (CSRD) in corporate annual reports (CAR) of listed companies in Bangladesh. Specifically, the report examines the relationship between corporate attributes and firm-specific factors and corporate social responsibility disclosures. Data are taken from annual reports of 2007 of the listed companies of Dhaka Stock Exchanges. The study uses ordinary least squares regression mod...

  16. Corporate contestability and corporate expropriation

    Directory of Open Access Journals (Sweden)

    Abdul Hadi Zulkafli

    2016-12-01

    Full Text Available This paper presents evidence on the role of ownership in dealing with corporate expropriation of listed companies in Malaysia. From the perspective of expropriation, a single controlling shareholder is always associated with such behavior due to their power and control at the expense of minority shareholder. However, subsequent individual or coalition of large shareholders can be an important corporate governance tool by providing effective monitoring that would lessen the possibility of expropriation by the controlling shareholder. Relating to that, this study evaluates the role of controlling and large shareholders in dealing with corporate expropriation. It is found that there is a negative relationship between single controlling shareholders and dividend payout ratio indicating that firms with only controlling shareholder will pay a lower dividend due to possible expropriation through profit diversion by controlling shareholder. Using Herfindahl Index as a proxy for ownership contestability, the presence of large shareholders along with controlling shareholder has a positive relationship with dividend payout implying that increased contestability helps to curb the power of controlling shareholder to expropriate fund for their own benefit. In accordance with agency theory, the outcome suggests that large shareholders play a monitoring role in minimizing the Type II agency problem. It is also verifying the argument made based on the Catering Theory of Dividend that the presence of large shareholder brings benefit to all shareholders as they are able to reduce profit diversion by demanding for higher dividend

  17. Energy prices, volatility, and the stock market. Evidence from the Eurozone

    International Nuclear Information System (INIS)

    Oberndorfer, Ulrich

    2009-01-01

    This paper constitutes a first analysis on stock returns of energy corporations from the Eurozone. It focuses on the relationship between energy market developments and the pricing of European energy stocks. According to our results, oil price hikes negatively impact on stock returns of European utilities. However, they lead to an appreciation of oil and gas stocks. Interestingly, forecastable oil market volatility negatively affects European oil and gas stocks, implying profit opportunities for strategic investors. In contrast, the gas market does not play a role for the pricing of Eurozone energy stocks. Coal price developments affect the stock returns of European utilities. However, this effect is small compared to oil price impacts, although oil is barely used for electricity generation in Europe. This suggests that for the European stock market, the oil price is the main indicator for energy price developments as a whole. (author)

  18. EFFECT OF INVESTOR SENTIMENT ON FUTURE RETURNS IN THE NIGERIAN STOCK MARKET

    Directory of Open Access Journals (Sweden)

    Udoka Bernard Alajekwu

    2017-06-01

    Full Text Available The study examined the effect of investor sentiment on future returns in the Nigerian stock market. The OLS regression and granger causality techniques were employed for data analyses. The results showed that (1 investor sentiment has a significant positive effect on stock market returns even after control for fundamentals such as Industrial production index, consumer price index and Treasury bill rate; (2 there is a uni-directional causality that runs from change in investor sentiment (ΔCCI to stock market returns (Rm. Derived finding showed that the inclusion of fundamentals increased the explanatory power of investor sentiment from 3.96% to 33.05%, though at both level, investor sentiment (ΔCCI has low explanatory power on stock market returns. The study posits existence of a dynamic relationship between investor sentiment and the behaviour of stock future returns in Nigeria such that higher sentiment concurrently leads to higher stock prices.

  19. Corporate Fictions

    DEFF Research Database (Denmark)

    Staunæs, Dorthe; Søndergaard, D. M.

    2006-01-01

    The article describes a particular strategy of communication called a social science fiction. The strategy was taken up following an empirical research project on gender and management, in order to communicate results to the company's managers and Human Resource Staff. The research results showed...... fiction was the kind of narrative therapy, which aims to reconfigure the problem in focus by a process of externalisation that allows a reconstruction and retelling of the issue. The article describes how three cultural mechanisms in the company were condensed into three imaginary figures: Mr. Corporate...

  20. Corporate Entrepreneurship

    DEFF Research Database (Denmark)

    Lassen, Astrid Heidemann; Sørensen, Suna

    2006-01-01

    The recognition of the importance of entrepreneurial dynamics in corporate context is increasingly acknowledged in both entrepreneurship and strategic management literature, as firms today face a reality in which frame-breaking innovation is an important element of survival. From this understanding......, the concept of Strategic Entrepreneurship (SE) has arisen, arguing a logic of focusing on the intersections between the two fields. This paper sets out to explore the SE construct empirically. Through seven case studies evolving around radical technological innovations, evidence is found of the importance...

  1. Going Corporate

    CERN Document Server

    Kadre, Shailendra

    2011-01-01

    Going Corporate: A Geek's Guide shows technology workers how to gain the understanding and skills necessary for becoming an effective, promotable manager or sought-after consultant or freelancer. Technology professionals typically dive deeply into small pieces of technology - like lines of code or the design of a circuit. As a result, they may have trouble seeing the bigger picture and how their work supports an organization's goals. But ignoring or dismissing the business or operational aspects of projects and products can lead to career stagnation. In fact, understanding the larger business

  2. Corporate Foresight

    DEFF Research Database (Denmark)

    Rohrbeck, René; Gemünden, Hans Georg

    2011-01-01

    Although in the last three decades much knowledge has been produced on how best to conduct foresight exercises, but little is known on how foresight should be integrated with the innovation effort of a company. Drawing on empirical evidence from 19 case studies and 107 interviews, we identify three...... roles that corporate foresight should play to maximize the innovation capacity of a firm: (1) the strategist role, which explores new business fields; (2) the initiator role, which increases the number of innovation concepts and ideas; and (3) the opponent role, which challenges innovation projects...

  3. 26 CFR 1.1563-3 - Rules for determining stock ownership.

    Science.gov (United States)

    2010-04-01

    ... decedent's heirs, legatees or devisees immediately upon death. With respect to an estate, the term... owns directly 40 shares of the 100 shares of the only class of stock of Z Corporation. His son, M (20 years of age), owns directly 30 shares of such stock, and his son, A (30 years of age), owns directly 20...

  4. Domingos Vandelli and the deficit in royal Portuguese treasury

    Directory of Open Access Journals (Sweden)

    Ricardo Dalla Costa

    2015-12-01

    Full Text Available This work aims to discuss the economic situation and policy recommendations of Vandelli to solve the difficulties in economic situation in Portugal at the end of seven hundred. Starting with a prior proposal for Vandelli on institutionalization of knowledge in Sciencia of Finance to further expose the difficulties in maintaining the Kingdom in not justifiable times as costly ordered and even military expenditures, investments in manufacturing, arts and science without there being at that time a real war economy. As a result, it failed to materialize the idea of a Portuguese Economic Society since it was transmuted into a Science Academy. With regard to the deficit in the Royal Treasury, there was an increase of Portuguese State spending concurrently with the drop in revenue from overseas, and finally opportunism behind the financial difficulties of the metropolis led Vandelli to do harsh criticism to financial managers and usurers who took advantage of an emblematic situation and suggest economic policies to balance public finances

  5. 26 CFR 1.422-3 - Stockholder approval of incentive stock option plans.

    Science.gov (United States)

    2010-04-01

    ... comply with all applicable provisions of the corporate charter, bylaws, and applicable State law prescribing the method and degree of stockholder approval required for the issuance of corporate stock or options. If the applicable State law does not prescribe a method and degree of stockholder approval in...

  6. 75 FR 6166 - Basis Reporting by Securities Brokers and Basis Determination for Stock

    Science.gov (United States)

    2010-02-08

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts, 1, 31, and 301 [REG-101896-09] RIN 1545-Bl66 Basis Reporting by Securities Brokers and Basis Determination for Stock Correction In proposed rule document E9-29855 beginning on page 67010 in the issue of Thursday, December 17, 2009, make...

  7. 75 FR 75896 - Basis Reporting by Securities Brokers and Basis Determination for Stock

    Science.gov (United States)

    2010-12-07

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR 1 [TD 9504] RIN 1545-BI66 Basis Reporting by Securities Brokers and Basis Determination for Stock Correction In rule document 2010-25504 beginning on page 64072 in the issue of Monday, October 18, 2010, make the following corrections: Sec. 1...

  8. 26 CFR 1.881-2 - Taxation of foreign corporations not engaged in U.S. business.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Taxation of foreign corporations not engaged in... TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Foreign Corporations § 1.881-2 Taxation of foreign... under paragraphs (b) and (c) of this section which are received during the taxable year from sources...

  9. Recapturing the corporate environmental management research agenda

    DEFF Research Database (Denmark)

    Ulhøi, John Parm; Madsen, Henning

    2009-01-01

    The article focuses on the identification of the subjective contradictions and tensions which exists between an industry and its various stakeholders. It provides information on the purpose of the article, which is to pause and take stock of the most recent developments within the field of corpor......The article focuses on the identification of the subjective contradictions and tensions which exists between an industry and its various stakeholders. It provides information on the purpose of the article, which is to pause and take stock of the most recent developments within the field...... of corporate environmental management, and to identify any new critical and innovative research which moves beyond the compliance and certification approach. It discusses the threatening effects of consumption and industrialization which the decision makers worldwide have continuously face during the past....

  10. 26 CFR 1.367(d)-1T - Transfers of intangible property to foreign corporations (temporary).

    Science.gov (United States)

    2010-04-01

    ... transfer of stock of transferee foreign corporation to unrelated person—(1) Treatment as sale of intangible... on an account receivable created under this paragraph (g)(1), nor shall any bad debt deduction be...

  11. Corporate responsibility

    DEFF Research Database (Denmark)

    Jensen, Karsten Klint

    2007-01-01

    of a private business; but then again, a private business would appear to be exempted from ethical responsibility. This is what Kenneth Goodpaster has called the stakeholder paradox: either we have ethics without business or we have business without ethics. Through a different route, I reach the same solution...... to this paradox as Goodpaster, namely that a corporation is the instrument of the shareholders only, but that shareholders still have an obligation to act ethically responsibly. To this, I add discussion of Friedman's claim that this responsibility consists in increasing profits. I show that most of his arguments...... fail. Only pragmatic considerations allow to a certain extent that some of the ethical responsibility is left over to democratic regulation....

  12. Managing Corporate Reputation Through Corporate Branding

    DEFF Research Database (Denmark)

    Schultz, Majken; Hatch, Mary Jo; Adams, Nick

    2012-01-01

    This article, which concentrates on symbolic management by explaining the role of corporate branding in managing corporate reputation, using Novo Nordisk as a case study, presents three perspectives on corporate branding: the marketing perspective, the organisational perspective and the co...... is a way to influence corporate reputation. The Novo Nordisk management believes the data indicate that corporate branding influenced reputation more than the other way around. Formal brand management practices may work considerably better when they complement rather than try to control existing forces......-creation perspective. The three perspectives reviewed show the possibility of developing a multidisciplinary conceptualisation of corporate branding. They all offer insights important to managing organisations as corporate brands in a multi-stakeholder context and thus to the likelihood that corporate branding...

  13. Corporate Governance Structure and Audit Quality

    OpenAIRE

    ZENG, SHIWEN

    2012-01-01

    Audit quality has always been the focus of attention by government regulatory authorities, the legislature, public investment and other stakeholders. This paper is going to investigate the effects of corporate governance structure on audit quality for the UK evidence. The sample study consists of 226 companies among FTSE 350 listed on the London Stock Exchange (LSE) for the fiscal year of 2011. The regression results and analysis are used to investigate the relationship between the audit qual...

  14. Corporate governance implications from the 2008 financial crisis

    Directory of Open Access Journals (Sweden)

    Hugh Grove

    2012-03-01

    Full Text Available The importance of structural corporate governance factors identified by the New York Stock Exchange’s 2010 Commission on Corporate Governance was reaffirmed here with various empirical and forensic studies. The key, recurring structural factors were all-powerful CEO (the duality factor and related Board independence issues, weak system of management control, focus on short term performance goals (and related executive compensation packages, weak code of ethics, and opaque disclosures. Such weak corporate governance factors were key contributors to both fraudulent financial reporting and excessive risk-taking which facilitated the U.S. financial crisis in 2008. Corporate governance listing requirements by major stock exchanges around the world will help mitigate such problems from recurring in the future.

  15. Pengaruh Corporate Governance terhadap Efektifitas Mekanisme Pengurang Masalah Agensi

    Directory of Open Access Journals (Sweden)

    Zaenal Arifin

    2009-03-01

    Full Text Available The main objective of this research is to investigate whether there are a significant influence between corporate governance and effectiveness of agency-problem-reducing mechanism. The corporate governance is concern on all stakeholder interest while the agency variables are concern only on one of the most important stakeholders’ that is the stockholders. In theory, there should be a significant relationship between the corporate governance and the effectiveness of agency-problem-reducing mechanism. Using all manufacturing companies listed in Jakarta Stock Exchange during 2001 - 2004, this research found that corporate governance influence the effectiveness of debt mechanism in reducing agency problem. The other mechanism, dividend and independent board of director, do not effective to reduce agency problem and the corporate governance does not influence the effectiveness of these two mechanisms. Key words: agency problem, corporate governance, dividend, debt, independent Board of director

  16. Corporate Social Communication and Corporate Social Performance

    OpenAIRE

    Ziggers, Gerrit Willem

    2013-01-01

    The purpose of this paper is to provide firms in the food and agricultural sector a model that enables them to assess their corporate social initiatives in conjunction with their stakeholders. Building on the concepts of corporate social responsibility (CSR), corporate social performance (CSP) and the relational view the paper argues that firms can improve the results of their corporate social initiatives by setting up a dialogue with their stakeholders and to relate this to their internal or...

  17. Does Corporate Social Responsibility Shape the Relationship between Corporate Governance and Financial Performance?

    Directory of Open Access Journals (Sweden)

    Jaja Suteja

    2017-12-01

    Full Text Available The correlation between theoretical and empirical of corporate governance (CG and corporate financial performance (CFP is not there without controversy. This paper aims to determine the moderating effects of corporate social responsibility (CSR, on the relationship between corporate governance and corporate financial performance. The sample of this research are banking companies that are listed on Indonesia Stock Exchange between the period of 2010-2014, taken by using purposive sampling method. Moderated Regression Analysis (MRA analysis was used in this study. The results of this study indicate that corporate governance affects the company's financial performance positively. Aspects of corporate governance such as audit committees and number of board meetings have a positive relationship with financial performance, but there is no relationship from the aspect of independent board of commissioners. Furthermore, CSR can only strengthen the positive relationship between the number of board of commissioners’ meetings and the financial performance of the company. The frequency intensity of board of commissioners’ meetings can increasingly address corporate governance reforms by improving and realizing social responsibility as part of sustainability innovation by optimizing media and CSR reporting methods.

  18. THE INFLUENCE OF ECONOMIC VALUE ADDED AND MARKET VALUE ADDED ON CORPORATE VALUE

    OpenAIRE

    Taslim F.A.

    2018-01-01

    This research aims to determine the influence of economic value added and market value added on corporate value of manufacturing companies on sector consumer goods industry listed in Indonesia Stock Exchanges of 2011-2014. The sample of this research was 10 manufacturing companies on sector consumer goods industry listed in Indonesia Stock Exchanges. The method used was purposive sampling technique. This research used confirmatory factor analysis to form a combined proxy of corporate value co...

  19. Stock Options Economic Determinants of Brazilian Listed Companies

    Directory of Open Access Journals (Sweden)

    Isaac Gezer Silva de Oliveira

    2018-01-01

    Full Text Available It aim to identify the economic determinants that influence the use of stock options plans in Brazilian public companies listed on the Brazilian Securities, Commodities, and Futures Exchange (BM&FBovespa. Theoretically, the study relies on agency theory and corporate governance and executive compensation body of knowledge. Four research hypotheses were drawn concerning financial performance and corporate value; indebtedness; ownership concentration; and size. The sample was comprised of 100 companies with greater liquidity shares and volume for six years (from 2010 to2015.Data were examined from the logistic regression panel. The results lead to the rejection of the first and the fourth hypo the sesindicating, in the case of H1, that the higher financial performance the lower is probability of use stock options and, in the case of H4, that the higher size is related the lower is probability of use of stock options in their incentive plans for executives. The third hypothesis (H3 was not rejected, indicating that the ownership concentration relates negatively with the use of stock options. Regarding the second hypothesis (H2, the results did not present statistical significance indicating the absence of a relationship between indebtedness and the use of stock options. As a summary of the results it was found that the use of stock options tend to be used by lower companies, with lower ownership concentration and lower financial performance.

  20. Corporate Succession and Performance in Japanese Small and Medium Enterprises

    OpenAIRE

    Toru, Nakai; 京都産業大学; Kyoto Sangyo University

    2015-01-01

    What impact do ownership changes from corporate succession have on performance in SMEs (small and medium enterprises) with family ownership and management? This study examines the subsequent performance of SMEs with predecessor involvement following the transfer of stock to the successor and the management of the firm by the successor. This study uses a survey questionnaire to explore corporate succession and performance in SMEs. The results show that although a significant relationship betwe...

  1. Corporate Social Responsibility Disclosure, Environmental Performance, and Tax Aggressiveness

    OpenAIRE

    Dahlia Sari; Christine Tjen

    2016-01-01

    This study aims to examine the influence of the corporate taxpayers’ level of CSR disclosure and environmental performance on the level of tax aggressiveness. This study took a sample of non-financial companies listed on the Indonesian Stock Exchange during 2009-2012. This study shows that the corporate taxpayers’ level of CSR disclosure has significant negative effect towards the tax aggressiveness. It means the higher the level of the CSR disclosure, the lower the company’s tax aggressivene...

  2. Interlocking Directorships in Polish Joint Stock Companies = Medsebojna prepletenost članov nadzornih svetov v delniških družbah na Poljskem

    OpenAIRE

    Marek Pawlak

    2008-01-01

    Studies concerning interlocking directorships have been carried out among Polish joint stock corporations. The main source of data have been the announcements that are to be published by corporations regularly in a journal called Business and Court Gazette (BCG). Interlocking directorships constitute a network among corporations the use of which enables co-ordinated management of the whole group. The phenomenon of interlocking directorships in Polish joint stock companies can be compared to t...

  3. The Impact of Macroeconomic Fundamentals on Stock Prices Revisited: Evidence from Indian Data

    Directory of Open Access Journals (Sweden)

    Pramod Kumar NAIK

    2012-11-01

    Full Text Available The study investigates the relationships between the Indian stock market index (BSE Sensex and five macroeconomic variables, namely, industrial production index, wholesale price index, money supply, treasury bills rates and exchange rates over the period 1994:04–2011:06. Johansen’s co-integration and vector error correction model have been applied to explore the long-run equilibrium relationship between stock market index and macroeconomic variables. The analysis reveals that macroeconomic variables and the stock market index are co-integrated and, hence, a long-run equilibrium relationship exists between them. It is observed that the stock prices positively relate to the money supply and industrial production but negatively relate to inflation. The exchange rate and the short-term interest rate are found to be insignificant in determining stock prices. In the Granger causality sense, macroeconomic variable causes the stock prices in the long-run but not in the short-run. There is bidirectional causality exists between industrial production and stock prices whereas, unidirectional causality from money supply to stock price, stock price to inflation and interest rates to stock prices are found.

  4. A Stock Market Project.

    Science.gov (United States)

    Anderson, Christine; Cook, Stan

    1990-01-01

    Offers a field-tested stock market unit designed to develop mathematical skills involving fractions and decimals, basic understanding of the stock market, and hypothesis testing skills in real world situations. Includes tables displaying questions, tally sheets, and instructions, as well as a list of related activities. (MDH)

  5. 31 CFR 19.630 - May the Department of the Treasury impute conduct of one person to another?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false May the Department of the Treasury impute conduct of one person to another? 19.630 Section 19.630 Money and Finance: Treasury Office of the Secretary of the Treasury GOVERNMENTWIDE DEBARMENT AND SUSPENSION (NONPROCUREMENT) General Principles...

  6. 31 CFR 19.635 - May the Department of the Treasury settle a debarment or suspension action?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false May the Department of the Treasury settle a debarment or suspension action? 19.635 Section 19.635 Money and Finance: Treasury Office of the Secretary of the Treasury GOVERNMENTWIDE DEBARMENT AND SUSPENSION (NONPROCUREMENT) General Principles...

  7. Comparações múltiplas das carteiras de bolsa no Brasil: avaliação da performance do Índice de Governança Corporativa Multiple comparisons of Brazilian stock market portfolios: a performance evaluation of the Corporate Governance Index

    Directory of Open Access Journals (Sweden)

    Pablo Rogers

    2005-12-01

    Full Text Available A adoção de padrões de governança corporativa superiores aumenta o retorno, reduz a volatilidade dos retornos, aumenta o volume negociado e a liquidez, e diminui a exposição dos retornos das ações a riscos externos, o que conseqüentemente torna o custo de capital menor e eleva o valor da empresa. Este artigo tem por objetivo geral analisar essas hipóteses no mercado de capitais nacional mediante a revisão da literatura existente, e como objetivo específico desenvolver um Estudo de Carteiras para avaliar a performance do Índice de Governança Corporativa (IGC. Nesse sentido, por meio do método de reamostragem Bootstrap, comparam-se as médias e medianas das carteiras: IGC, Ibovespa (IBO, IBrX, IBrX-50, FGV-E e FGV-100, no período de julho de 2001 a agosto de 2005, em três diferentes classes de indicadores: retornos, risco e retornos ajustados ao risco. Na primeira classe de indicadores foram utilizados os retornos nominais e reais e na segunda foram empregadas as medidas de risco dos retornos nominais mensais: desvio-padrão, coeficiente de variação e Beta do CAPM. Relativamente aos retornos ajustados ao risco, usaram-se os seguintes indicadores: Índice de Sharpe (S, Índice de Treynor (T, Índice M², Alfa de Jensen ( α e Appraisal Ratio (A. Conclui-se que, apesar de poucas diferenças estatísticas, o IGC apresentou uma boa performance, corroborando a eficácia de melhores práticas de governança corporativa.The adoption of higher corporate governance standards increases the return, reduces the volatility of returns while enhancing the volume negotiated and the liquidity, exposure of stock returns to external risks is also reduced which lowers the cost of capital and increases the value of the company. These theories are analyzed for the Brazilian market with a review of literature for the purpose of studying portfolios to evaluate the performance of the Corporate Governance Index (CGI. The Bootstrap re-sampling method was

  8. EU Emission Allowances and the stock market Evidence from the electricity industry

    International Nuclear Information System (INIS)

    Oberndorfer, Ulrich

    2009-01-01

    This paper constitutes - to our best knowledge - the first econometric analysis on stock market effects of the EU Emission Trading Scheme (EU ETS). Our results suggest that EU Emission Allowance (EUA) price developments matter to the stock performance of electricity firms: EUA price changes and stock returns of the most important European electricity corporations are shown to be positively related. This effect does not work asymmetrically, so that stock markets do not seem to react differently to EUA appreciations in comparison to depreciations. The carbon market effect is shown to be both time- and country-specific: It is particularly strong for the period of EUA market shock in early 2006, and differs with respect to the countries where the electricity corporations analysed are headquartered. Stock market reactions to EUA volatility could not be shown. (author)

  9. Performance, corporate governance and new regulation.

    Directory of Open Access Journals (Sweden)

    Heriberto Garcia

    2012-07-01

    Full Text Available After the adoption of the Corporate Governance Code (Code in Mexico, many companies increased financial performance and the leveraged during the following five years; we investigated the effect of how those firms improved the corporate governance practices and how was translated into better risk return company. We analyzed how and where better corporate governance practices affects performance and what was the relationship with Transparency, New Regulation and Governance Practices. Also we explored the gaps between transparency and information disclosure of Mexican Firms listed in U.S stock exchange and non U.S listed firms our findings were related to the potential growth of the Mexico Financial Market, Law and Finance.

  10. 75 FR 95 - Endorsement and Payment of Checks Drawn on the United States Treasury

    Science.gov (United States)

    2010-01-04

    ... Department of the Treasury, Financial Management Service (FMS), is proposing to amend its regulation... Treasury may direct Federal Reserve Banks to debit a financial institution's account at the financial institution's servicing Federal Reserve Bank for all check reclamations that the financial institution has not...

  11. 77 FR 16116 - Public Input on the Development and Potential Issuance of Treasury Floating Rate Notes

    Science.gov (United States)

    2012-03-19

    ... needs of retail and institutional investors? 3. How liquid would you expect FRNs to be in the secondary..., Treasury. ACTION: Notice and request for information. SUMMARY: The Secretary of the Treasury (``Secretary... as part of this Request for Information will serve as valuable input into this decision. DATES...

  12. The Muscles Treasury Survey. I. Motivation and Overview

    Science.gov (United States)

    France, Kevin; Loyd, R. O. Parke; Youngblood, Allison; Brown, Alexander; Schneider, P. Christian; Hawley, Suzanne L.; Froning, Cynthia S.; Linsky, Jeffrey L.; Roberge, Aki; Buccino, Andrea P.

    2016-01-01

    Ground- and space-based planet searches employing radial velocity techniques and transit photometry have detected thousands of planet-hosting stars in the Milky Way. With so many planets discovered, the next step toward identifying potentially habitable planets is atmospheric characterization. While the Sun-Earth system provides a good framework for understanding the atmospheric chemistry of Earth-like planets around solar-type stars, the observational and theoretical constraints on the atmospheres of rocky planets in the habitable zones (HZs) around low-mass stars (K and M dwarfs) are relatively few. The chemistry of these atmospheres is controlled by the shape and absolute flux of the stellar spectral energy distribution (SED), however, flux distributions of relatively inactive low-mass stars are poorly understood at present. To address this issue, we have executed a panchromatic (X-ray to mid-IR) study of the SEDs of 11 nearby planet-hosting stars, the Measurements of the Ultraviolet Spectral Characteristics of Low-mass Exoplanetary Systems (MUSCLES) Treasury Survey. The MUSCLES program consists visible observations from Hubble and ground-based observatories. Infrared and astrophysically inaccessible wavelengths (EUV and Lyalpha) are reconstructed using stellar model spectra to fill in gaps in the observational data. In this overview and the companion papers describing the MUSCLES survey, we show that energetic radiation (X-ray and ultraviolet) is present from magnetically active stellar atmospheres at all times for stars as late as M6. The emission line luminosities of C IV and Mg II are strongly correlated with band-integrated luminosities and we present empirical relations that can be used to estimate broadband FUV and XUV (is equivalent to X-ray + EUV) fluxes from individual stellar emission line measurements. We find that while the slope of the SED, FUV/NUV, increases by approximately two orders of magnitude form early K to late M dwarfs (approximately

  13. THE MUSCLES TREASURY SURVEY. I. MOTIVATION AND OVERVIEW

    Energy Technology Data Exchange (ETDEWEB)

    France, Kevin; Loyd, R. O. Parke; Youngblood, Allison [Laboratory for Atmospheric and Space Physics, University of Colorado, 600 UCB, Boulder, CO 80309 (United States); Brown, Alexander [Center for Astrophysics and Space Astronomy, University of Colorado, 389 UCB, Boulder, CO 80309 (United States); Schneider, P. Christian [European Space Research and Technology Centre (ESA/ESTEC), Keplerlaan 1, 2201 AZ Noordwijk (Netherlands); Hawley, Suzanne L. [Department of Astronomy, University of Washington, Box 351580, Seattle, WA 98195 (United States); Froning, Cynthia S. [Department of Astronomy, C1400, University of Texas at Austin, Austin, TX 78712 (United States); Linsky, Jeffrey L. [JILA, University of Colorado and NIST, 440 UCB, Boulder, CO 80309 (United States); Roberge, Aki [Exoplanets and Stellar Astrophysics Laboratory, NASA Goddard Space Flight Center, Greenbelt, MD 20771 (United States); Buccino, Andrea P.; Mauas, Pablo J. D. [Instituto de Astronomía y Física del Espacio (UBA-CONICET) and Departamento de Física (UBA), CC.67, suc. 28, 1428, Buenos Aires (Argentina); Davenport, James R. A. [Department of Physics and Astronomy, Western Washington University, Bellingham, WA 98225 (United States); Fontenla, Juan M. [NorthWest Research Associates, 3380 Mitchell Lane, Boulder, CO 80301-2245 (United States); Kaltenegger, Lisa [Carl Sagan Institute, Cornell University, Ithaca, 14850, NY (United States); Kowalski, Adam F. [Department of Astronomy, University of Maryland, College Park, MD 20742 (United States); Miguel, Yamila [Laboratoire Lagrange, Universite de Nice-Sophia Antipolis, Observatoire de la Cote d’Azur, CNRS, Blvd de l’Observatoire, CS 34229, F-06304 Nice cedex 4 (France); Redfield, Seth, E-mail: kevin.france@colorado.edu [Astronomy Department and Van Vleck Observatory, Wesleyan University, Middletown, CT 06459-0123 (United States); and others

    2016-04-01

    Ground- and space-based planet searches employing radial velocity techniques and transit photometry have detected thousands of planet-hosting stars in the Milky Way. With so many planets discovered, the next step toward identifying potentially habitable planets is atmospheric characterization. While the Sun–Earth system provides a good framework for understanding the atmospheric chemistry of Earth-like planets around solar-type stars, the observational and theoretical constraints on the atmospheres of rocky planets in the habitable zones (HZs) around low-mass stars (K and M dwarfs) are relatively few. The chemistry of these atmospheres is controlled by the shape and absolute flux of the stellar spectral energy distribution (SED), however, flux distributions of relatively inactive low-mass stars are poorly understood at present. To address this issue, we have executed a panchromatic (X-ray to mid-IR) study of the SEDs of 11 nearby planet-hosting stars, the Measurements of the Ultraviolet Spectral Characteristics of Low-mass Exoplanetary Systems (MUSCLES) Treasury Survey. The MUSCLES program consists visible observations from Hubble and ground-based observatories. Infrared and astrophysically inaccessible wavelengths (EUV and Lyα) are reconstructed using stellar model spectra to fill in gaps in the observational data. In this overview and the companion papers describing the MUSCLES survey, we show that energetic radiation (X-ray and ultraviolet) is present from magnetically active stellar atmospheres at all times for stars as late as M6. The emission line luminosities of C iv and Mg ii are strongly correlated with band-integrated luminosities and we present empirical relations that can be used to estimate broadband FUV and XUV (≡X-ray + EUV) fluxes from individual stellar emission line measurements. We find that while the slope of the SED, FUV/NUV, increases by approximately two orders of magnitude form early K to late M dwarfs (≈0.01–1), the absolute FUV

  14. Some issues in ownership structure and corporate governance

    Directory of Open Access Journals (Sweden)

    K.A. Darshana Lakmal

    2014-10-01

    Full Text Available Corporate governance is a process that aims to allocate corporate resources in a manner that maximizes value for all stakeholders — shareholders, investors, employees, customers, suppliers, environment and the community at large and holds those at the helms to account by evaluating their decisions on transparency, inclusivity, equity and responsibility. Corporate governance has been commonly defined as the rules and procedures in place for governing an organization. It is the set of processes, customs, policies, laws, and institutions affecting the way a corporation (or company is directed, administered or controlled. Corporate governance also includes the relationships among the many stakeholders involved and the goals for which the corporation is governed. Corporate governance principles and codes have been developed in different countries and issued from stock exchanges, corporations, institutional investors, or associations (institutes of directors and managers with the support of governments and international organizations. As a rule, compliance with these governance recommendations is not mandated by law, although the codes linked to stock exchange listing requirements may have a coercive effect. However, given the rapid developments within the field and the increasing prominence of corporate governance in the modern world, this definition may be considered too narrow. Corporate governance, while a topic that has been examined in considerable depth in many areas, is widely applicable to a vast array of topics and issues. This study contributes to the literature by extending the mainly based on board literature to where there are important institutional differences and issues in ownership structure and corporate governance system and seeks to address new and emerging issues which have yet to be closely examined and have, to a degree, been overlooked

  15. Chain collaboration between an housing corporation and two general contractors, the first steps

    NARCIS (Netherlands)

    Koolwijk, J.S.J.

    2011-01-01

    Several housing corporations in the Netherlands have realized they cannot do it alone if they want to renovate their housing stock faster, cheaper and with a higher quality. More and more of these corporations are forming strategic alliances with contractors and other partners to reach these goals.

  16. 26 CFR 1.955-5 - Definition of less developed country corporation.

    Science.gov (United States)

    2010-04-01

    ... the banking business; (d) Stock of any other less developed country corporation; (e) Obligations..., such requirement will be considered satisfied if it is established to the satisfaction of the district... corporation if on hand at the close of the taxable year, or property held primarily for sale to customers in...

  17. TELAAH ENTERPRISE RISK MANAGEMENT MELALUI CORPORATE GOVERNANCE DAN KONSENTRASI KEPEMILIKAN

    Directory of Open Access Journals (Sweden)

    Daniel T H Manurung

    2016-12-01

    Full Text Available Abstract: Assessing Enterprise Risk Management through Corporate Governance and Ownership Concentration. The purpose of this research is to determine the influence of corporate governance and concentrated of ownership with enterprise risk management. This research uses multiple regression analysis as a testing tool. The sample that is used in this study is 50 manufacturing companies which is listed in the Indonesia Stock Exchange. The year that is used as the basis of sampling is 2013-2014. The result of this reseacrh is a significant effect on corporate governance in Enterprise risk management. While, variable of concentration of ownership has no significant influence in enterprise risk management.

  18. Corporate Governance, between Classicism and Modernism

    Directory of Open Access Journals (Sweden)

    Niculae Feleaga

    2006-07-01

    Full Text Available Corporate governance represents a complex concept, being an assembly of mechanisms used to set order into company leaders’ decisions. The rules of corporate governance are the ones keeping the score between the economic entity’s leaders and the third parties who invest their resources in the business. The corporate governance issue did not appear by hazard, but it resulted from the necessity to reconcile many business interests within a company (sometimes contradictory issues, especially the ones between the shareholders and the business leaders. The Anglo-Saxon view, in which the business power is given to the Equity items, is traditionally opposing the European (continental vision, where focus is being made on the Stakeholders’ interests. Within a world dominated by globalization issues, and where the financial markets evolve on an exponential curve, the two above mentioned corporate governance models ought to interact one with another in a constructive manner. Even if the corporate governance concept has developed recently, mainly during the last 25 years, its origins are rooted way back into the world history. Corporate governance is organically linked to the capitalist society and economy. After the 11 September attacks, many of the contemporary authors had the tendency to declare this date as the beginning of the XXIst century. If the ‘Twin Towers’ had hosted companies like: Tyco, Enron, Xerox, Wordcom and many other Stock Exchange-quoted businesses, it is likely that the financial crisis from 2000-2002 would have been differently perceived, and corporate governance had developed slightly different evolutionary mechanisms. A scientific article, based on the comparison between the classical and modern corporate governance experiences, would therefore suit the Romanian business environment.

  19. Corporate Governance, between Classicism and Modernism

    Directory of Open Access Journals (Sweden)

    Cristina Vasile

    2006-09-01

    Full Text Available Corporate governance represents a complex concept, being an assembly of mechanisms used to set order into company leaders’ decisions. The rules of corporate governance are the ones keeping the score between the economic entity’s leaders and the third parties who invest their resources in the business. The corporate governance issue did not appear by hazard, but it resulted from the necessity to reconcile many business interests within a company (sometimes contradictory issues, especially the ones between the shareholders and the business leaders. The Anglo-Saxon view, in which the business power is given to the Equity items, is traditionally opposing the European (continental vision, where focus is being made on the Stakeholders’ interests. Within a world dominated by globalization issues, and where the financial markets evolve on an exponential curve, the two above mentioned corporate governance models ought to interact one with another in a constructive manner. Even if the corporate governance concept has developed recently, mainly during the last 25 years, its origins are rooted way back into the world history. Corporate governance is organically linked to the capitalist society and economy. After the 11 September attacks, many of the contemporary authors had the tendency to declare this date as the beginning of the XXIst century. If the ‘Twin Towers’ had hosted companies like: Tyco, Enron, Xerox, Wordcom and many other Stock Exchange-quoted businesses, it is likely that the financial crisis from 2000-2002 would have been differently perceived, and corporate governance had developed slightly different evolutionary mechanisms. A scientific article, based on the comparison between the classical and modern corporate governance experiences, would therefore suit the Romanian business environment.

  20. The Differences Between Stock Splits and Stock Dividends

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Raaballe, Johannes

    It is often asserted that stock splits and stock dividends are purely cosmetic events. However, many studies have documented several stock market effects associated with stock splits and stock dividends. This paper examines the effects of these two types of events for the Danish stock market...... different. Second, the positive stock market reaction is closely related to associated changes in a firm's payout policy, but the relationship varies for the two types of events. Finally, there is only very weak evidence for a change in the liquidity of the stock. On the whole, after controlling...... for the firm's payout policy, the results suggest that a stock split is a cosmetic event and that a stock dividend on its own is considered negative news....

  1. Corporate Governance and Firm Performance: Evidence from Saudi Arabia

    Directory of Open Access Journals (Sweden)

    Amina Buallay

    2017-03-01

    Full Text Available This study aimed to measure the impact of Corporate Governance on Firm performance of listed companies in Saudi stock exchange. The study methodology was a pooled data collected from the Saudi stock exchange (TADAUWL for the period from 2012 to 2014. The study sample is 171 listed companies. The study independent variable is Corporate Governance principals. The dependent variable is Firm performance which was measured using ROA, ROE and Tobin's Q. The study also utilized five control variables in order to help measuring the relationship between Corporate Governance and Firm Performance. In conclusion, the study found that the governance level was 61.4% in Saudi stock exchange which is considered high compared to previous studies. The results of the study test indicate that there is no significant impact for corporate governance adoption on firm's operational and financial performance in the listed companies in Saudi stock exchange. By testing the Tobin's Q model the study also concluded that there’s no significant impact for ownership of the largest shareholder and independency of Board of Directors on firm's market performance. Significant impact was found for the ownership and the size of the Board of Directors on firm's performance.

  2. Corporate Governance in the Nigerian Banking Industry: Issues and ...

    African Journals Online (AJOL)

    DR Nneka

    Therefore, one way to assure investors across the globe that their investments are safe is by putting in ... globe. Therefore, in order to ensure and sustain investors' confidence in the capital market, the issue of corporate ... stock market, pressured by stockholders for ever-increasing returns, and led by executives seeking to ...

  3. The Corporate Marketing Department

    DEFF Research Database (Denmark)

    Ritter, Thomas; Eggert, Andreas; Münkhoff, Eva

    Corporate marketing has been downsized or eliminated in many firms. At the same time, firms that still own a corporate marketing department struggle with organizing and positioning their commercial front‐end. The question arises whether firms need a corporate marketing department, and if so, how ...... successful outcomes of corporate marketing activities. In sum, our framework provides important insights on how to successfully organize corporate marketing activities.......Corporate marketing has been downsized or eliminated in many firms. At the same time, firms that still own a corporate marketing department struggle with organizing and positioning their commercial front‐end. The question arises whether firms need a corporate marketing department, and if so, how...... it can best add value to the firm. Based on a qualitative study among B2B companies, we develop a conceptual framework highlighting the various parental roles through which corporate marketing can contribute to overall firm and business unit performance. In addition, we identify five gaps that restrain...

  4. Corporate Bonds in Denmark

    DEFF Research Database (Denmark)

    Tell, Michael

    2015-01-01

    Corporate financing is the choice between capital generated by the corporation and capital from external investors. However, since the financial crisis shook the markets in 2007–2008, financing opportunities through the classical means of financing have decreased. As a result, corporations have...... to think in alternative ways such as issuing corporate bonds. A market for corporate bonds exists in countries such as Norway, Germany, France, the United Kingdom and the United States, while Denmark is still behind in this trend. Some large Danish corporations have instead used foreign corporate bonds...... markets. However, NASDAQ OMX has introduced the First North Bond Market in December 2012 and new regulatory framework came into place in 2014, which may contribute to a Danish based corporate bond market. The purpose of this article is to present the regulatory changes in Denmark in relation to corporate...

  5. Family controlled firm, governance mechanisms and corporate performance: Evidence from Indonesia

    OpenAIRE

    Eko Suyono

    2016-01-01

    This study investigates, firstly, the influence of family-controlled firm on corporate performance, and secondly, the influences of corporate governance mechanisms including control variable on corporate performance in the companies listed on the Indonesian Stock Exchange. By using five years (2009-2013) company data, this study used Ordinary Least Square (OLS) regression to test the hypotheses. The results based on OLS, indicate that family controlled firms tend to have better performance th...

  6. Fishing and stock fluctuations

    National Research Council Canada - National Science Library

    Laevastu, Taivo; Favorite, F

    1988-01-01

    .... Scarcely publicized are the multitude of causes of fish stock fluctuations. This book attempts to summarize the available knowledge on the subject and includes original work of the authors on a matter vital to the fisheries industries of the world...

  7. DLA Forward Stocking

    National Research Council Canada - National Science Library

    Flory, John

    2007-01-01

    .... This study evaluates the feasibility of forward stocking in terms of DoD savings. The performance of DLA's criteria is evaluated and a new criteria using a cost and demand threshold is proposed...

  8. 77 FR 43618 - Self-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule...

    Science.gov (United States)

    2012-07-25

    ...-Regulatory Organizations; The NASDAQ Stock Market LLC; Order Approving a Proposed Rule Change To Modify Its Corporate Governance Rules July 19, 2012. I. Introduction On May 17, 2012, The NASDAQ Stock Market LLC... market and a national market system and, in general, to protect investors and the public interest.\\21...

  9. Corporate Governance Quality and Earnings Management: Evidence from Jordan

    Directory of Open Access Journals (Sweden)

    Sinan S. Abbadi

    2016-06-01

    Full Text Available This paper investigates the effect of corporate governance quality on earnings management in Jordan. Using a panel data set of all industrial and service firms listed on Amman Stock Exchange (ASE during the period 2009-2013; this paper provides evidence that earnings management is affected negatively by corporate governance quality. In particular; the results show that earnings management is affected negatively by overall categories of governance index represented by board of director, board meeting, Audit and nomination and compensation committee. Furthermore, results suggest that corporate governance quality has increased over time. Thus, its ability to constrain earnings management has also increased. It is recommended to industrial and service companies to boost their compliance with corporate governance code to improve the integrity and reliability of financial reports. This paper fills a gap in the literature by providing evidence about the effect of corporate governance quality on earnings management in Jordan as an emerging economy.

  10. Corporate Governance for A.S.E. Listed Firms

    Directory of Open Access Journals (Sweden)

    Tellidou Theognosia

    2016-03-01

    Full Text Available The present paper focuses on the level of compliance and application of corporate governance from the corporations listed in the Athens Stock Exchange (A.S.E. and attempts to highlight improvements from the adoption of best practices suggested by corporate governance recent trends worldwide. In order for the research to be conducted, a series of qualitative and quantitative variables were used, as derived from the financial statements of 162 public companies. A more extensive analysis regarding the level of compliance with corporate governance was conducted in 25 companies with the highest and 25 corporations with the lowest score, whose classification in these positions was the result of a rating system that was created for this purpose.

  11. CORPORATE GOVERNANCE IN ROMANIAN ENTERPRISES: FEATURES, DIMENSIONS AND LIMITS

    Directory of Open Access Journals (Sweden)

    Victoria FIRESCU

    2013-10-01

    Full Text Available The paper aims to determine the level of voluntary disclosure of relevant information in accordance with the corporate governance code by Romanian companies listed on the stock exchange. Study methodology is based on both fundamental research on corporate governance theory and the empirical study on critical analysis of the principles of corporate governancedisclosure in annual reports of 20 listed companies BVB The results of the empirical study confirm that the executive management of the majority of Romanian listed companies do not realize the benefits of corporate governance and consequently ignores the relevant disclosure on its basic principles. This paper can be a useful material for other future studies on the measurement of corporate governance practice Romanian companies.

  12. Stock Valuation, Translation Exposure And Corporate Profitability Of ...

    African Journals Online (AJOL)

    The main tool of data collection was questionnaire, while the responses harnessed were treated using chi-square (X2) statistical method. The analytical results affirmed the relative determinant influences of the focal variables. The recommendations underscored sound professional discretion in the entire process in line with ...

  13. Stock Market Prices and the Market for Corporate Control

    OpenAIRE

    Armour, John; Cheffins, Brian R.

    2016-01-01

    This is the author accepted manuscript. It is currently under an indefinite embargo pending publication by University of Illinois Law Review. The manner in which hostile takeovers have historically been executed has just begun to receive serious academic attention. Similarly, while the literature on the accuracy and determinants of share prices is voluminous, there has been little systematic historical analysis of when and how modern standards of share price efficiency took shape. This art...

  14. Trading Network Predicts Stock Price

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

    2014-01-01

    Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

  15. Trading network predicts stock price.

    Science.gov (United States)

    Sun, Xiao-Qian; Shen, Hua-Wei; Cheng, Xue-Qi

    2014-01-16

    Stock price prediction is an important and challenging problem for studying financial markets. Existing studies are mainly based on the time series of stock price or the operation performance of listed company. In this paper, we propose to predict stock price based on investors' trading behavior. For each stock, we characterize the daily trading relationship among its investors using a trading network. We then classify the nodes of trading network into three roles according to their connectivity pattern. Strong Granger causality is found between stock price and trading relationship indices, i.e., the fraction of trading relationship among nodes with different roles. We further predict stock price by incorporating these trading relationship indices into a neural network based on time series of stock price. Experimental results on 51 stocks in two Chinese Stock Exchanges demonstrate the accuracy of stock price prediction is significantly improved by the inclusion of trading relationship indices.

  16. EFFECTS OF CORPORATE GOVERNANCE VARIABLES ON EARNINGS MANAGEMENT IN INDONESIA

    Directory of Open Access Journals (Sweden)

    Stephanus Remond Waworuntu

    2017-03-01

    Full Text Available To determine the effects of corporate governance on earnings management, this paper analyzed 171 annualreports from issued 2006 to 2009 by 57 non-financial, joint stock companies implementing GCG (GoodCorporate Governance practices, which were listed on the Indonesia Stock Exchange (IDX. Six corporategovernance variables (board composition, independent commissioners, separate chairman/CEO roles, auditcommittee, managerial share ownership, and audit quality as well as three control variables (leverage, size,and ROA were used. The results showed that two corporate governance variables significantly influencedearnings management practices (separate chairman/CEO roles and managerial share ownership; the othervariables had no effect because these companies used GCG practices only to follow regulations rather than tomonitor and control.

  17. Predicting economic growth with stock networks

    Science.gov (United States)

    Heiberger, Raphael H.

    2018-01-01

    Networks derived from stock prices are often used to model developments on financial markets and are tightly intertwined with crises. Yet, the influence of changing market topologies on the broader economy (i.e. GDP) is unclear. In this paper, we propose a Bayesian approach that utilizes individual-level network measures of companies as lagged probabilistic features to predict national economic growth. We use a comprehensive data set consisting of Standard and Poor's 500 corporations from January 1988 until October 2016. The final model forecasts correctly all major recession and prosperity phases of the U.S. economy up to one year ahead. By employing different network measures on the level of corporations, we can also identify which companies' stocks possess a key role in a changing economic environment and may be used as indication of critical (and prosperous) developments. More generally, the proposed approach allows to predict probabilities for different overall states of social entities by using local network positions and could be applied on various phenomena.

  18. CORPORATE GOVERNANCE COMMITTEES IN EUROPEAN UNION EMERGING ECONOMIES

    Directory of Open Access Journals (Sweden)

    Mihaela Dumitrascu

    2013-07-01

    Full Text Available The aim of this research is to analyze the support committees of European Union emerging economies. The importance of good corporate governance is vital for an organization, especially in the emerging markets, fact that leads to a several perceived improvements of the entity, while being more trustable, open and transparent in relationship with all its stakeholders. In our demarche we started by choosing the emerging economies from European Union, which lead us to a sample consisting of the companies listed on Bucharest Stock Exchange, Sofia Stock Exchange, Warsaw Stock Exchange, Prague Stock Exchange, Budapest Stock Exchange, without taking into consideration a specific tier. In order to have a heterogeneous sample, we did eliminate the financial institutions from our research. This study is developed at European Union level and takes into consideration the following indices: BET® BUCHAREST EXCHANGE TRADING (Romania, SOFIX (Bulgaria, WIG 20 (Poland, PX (Czech Republic, BUX The Share Index of the Budapest Stock Exchange Co. Ltd. (Hungary. The data are extracted from the Annual Reports, Corporate Governance Codes, Comply or Explain Statement or the websites of the listed companies, from period 2007 - 2011. We choose this period, because we wanted to see the evolution of the corporate governance committees’ implementation from the period when the last countries from our sample joined the European Union since nowadays. Our conclusion is that we can not discuss about good corporate governance practices. Even so, we can observe from our investigation that the trend in this regard is encouraging. Like future research, we thought at developing our study by comparing the emerging economies from European Union with those outside this area. It is an interesting field of investigation, as every country has different regulations.

  19. SOLVENT-BASED TO WATERBASED ADHESIVE-COATED SUBSTRATE RETROFIT - VOLUME III: LABEL MANUFACTURING CASE STUDY: NASHUA CORPORATION

    Science.gov (United States)

    This volume discusses Nashua Corporation's Omaha facility, a label and label stock manufacturing facility that no longer uses solvent-based adhesives. Information obtained includes issues related to the technical, economic, and environmental barriers and opportunities associated ...

  20. Corporate Consumer Contact API

    Data.gov (United States)

    General Services Administration — The data in the Corporate Consumer Contact API is based on the content you can find in the Corporate Consumer Contact listing in the Consumer Action Handbook (PDF)....

  1. Fortune 500 Corporate Headquarters

    Data.gov (United States)

    Department of Homeland Security — Large Corporate Headquarters in the United States This database is composed of 'an annual list of the 500 largest industrial corporations in the U.S., published by...

  2. 76 FR 20524 - Guidance Under Section 1502; Amendment of Matching Rule for Certain Gains on Member Stock

    Science.gov (United States)

    2011-04-13

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9515] RIN 1545-BH20 Guidance Under Section 1502; Amendment of Matching Rule for Certain Gains on Member Stock Correction In rule document 2011-4846 appearing on pages 11956-11959 in the issue of Friday, March 4, 2011, make the following...

  3. Corporate Business Diplomacy

    DEFF Research Database (Denmark)

    Søndergaard, Mikael

    2014-01-01

    This article illustrates the interdisciplinary nature of the field of corporate business diplomacy using examples from academic disciplines, such as economics and political science, which can contribute to the understanding of corporate business diplomacy. Examples also show that corporate business...... diplomacy can complement business theories such as stakeholder theory and agency theory. Examples from practice show that in a broad sense, corporate business diplomacy is concerned with managing external stakeholders, while in a narrow sense, it is concerned with managing internal stakeholders...

  4. Corporate communications impact on corporate image and corporate competitiveness

    OpenAIRE

    Valentina Pirić

    2008-01-01

    The subject of this paper is an analysis of the impact of corporate communications and of the intensity of their application on a company’s image management, and an emphasis of the role that a company’s image plays as one of the fundamental sources of its competitiveness in contemporary market conditions. Through review and analysis of theoretical contributions, the paper shows how corporate communications integrate management, organization and the marketing communication dimension at the lev...

  5. EXPORT PROMOTION: Export-Import Bank and Treasury Differ in Their Approaches to Using Tied Aid

    National Research Council Canada - National Science Library

    2002-01-01

    .... This legislation required Ex-Im Bank to administer the program in consultation with the Secretary of the Treasury and in accordance with the Secretary's recommendations on the most effective use...

  6. 77 FR 72278 - Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds

    Science.gov (United States)

    2012-12-05

    ... securities collateral (including Strips) and Treasury GCF (adjusted for double-counting). \\7\\ For more... security's interest and principal components so they can be traded separately. Taxation: Interest payments...

  7. 75 FR 57163 - Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred...

    Science.gov (United States)

    2010-09-20

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1 and 602 RIN 1545-BI97 Guidance Regarding Deferred Discharge of Indebtedness Income of Corporations and Deferred Original Issue Discount Deductions Correction In rule document...

  8. 77 FR 60959 - Basis of Indebtedness of S Corporations to Their Shareholders; Hearing Cancellation

    Science.gov (United States)

    2012-10-05

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 RIN 1545-BG81 Basis of Indebtedness of S Corporations to Their... proposed regulations under section 1366 of the Internal Revenue Code; relating to basis of indebtedness of...

  9. 78 FR 22923 - Self-Regulatory Organizations; Fixed Income Clearing Corporation; Notice of Filing of Amended...

    Science.gov (United States)

    2013-04-17

    .... Overview of FICC FICC is a wholly owned subsidiary of the Depository Trust & Clearing Corporation (``DTCC... Treasury auction purchases in several types of U.S. Government securities. FICC/MBSD is the only... referenced above, is available online at www.sec.gov/rules/other.shtml , as well as at the Commission's...

  10. 26 CFR 1.565-5 - Nonresident aliens and foreign corporations.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Nonresident aliens and foreign corporations. 1.565-5 Section 1.565-5 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES (CONTINUED) Deduction for Dividends Paid § 1.565-5 Nonresident aliens...

  11. 26 CFR 1.332-1 - Distributions in liquidation of subsidiary corporation; general.

    Science.gov (United States)

    2010-04-01

    ... property received upon complete liquidations such as described in this section. See section 453(d)(4)(A... 26 Internal Revenue 4 2010-04-01 2010-04-01 false Distributions in liquidation of subsidiary... TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Corporate Liquidations § 1.332-1 Distributions in...

  12. 75 FR 13679 - Determination of Interest Expense Deduction of Foreign Corporations

    Science.gov (United States)

    2010-03-23

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 Determination of Interest Expense Deduction of Foreign Corporations CFR Correction In Title 26 of the Code of Federal Regulations, Part 1 (Sec. Sec. 1.851 to 1.907...

  13. 26 CFR 1.851-6 - Investment companies furnishing capital to development corporations.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Investment companies furnishing capital to development corporations. 1.851-6 Section 1.851-6 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Regulated Investment Companies and Real Estate...

  14. Information and Corporate Cultures.

    Science.gov (United States)

    Drake, Miriam A.

    1984-01-01

    This paper defines "corporate culture" (set of values and beliefs shared by people working in an organization which represents employees' collective judgments about future) and discusses importance of corporate culture, nature of corporate cultures in business and academia, and role of information in shaping present and future corporate…

  15. Evolution of Corporate Essence

    DEFF Research Database (Denmark)

    Fomcenco, Alex

    2016-01-01

    , it offers a legal framework where public benefit is more important than profits. As a corporate entity, Public Benefit Corporation already exists in numerous jurisdictions and those jurisdictions that do not yet facilitate creation of this corporate form should most definitely consider it....

  16. Commodities and Stock Investment

    Directory of Open Access Journals (Sweden)

    Syed Jawad Hussain Shahzad

    2014-09-01

    Full Text Available This study is a multivariate analysis of commodities and stock investment in a newly established market scenario. Return distribution asymmetry is examined with higher order movements. Skewness in commodity future’s return is largely insignificant, whereas kurtosis is highly significant for both stock and commodity future contracts. Correlation analysis is done with Pearson’s and Kendall’s tau measures. Commodities provide significant diversification benefits when added in a portfolio of stocks. Compared with stocks, commodity future’s returns show stronger correlation with unexpected inflation. The volatility is measured through Glosten-Jagannathan-Runkle - Generalized Autoregressive Conditional Heteroskedasticity (GJR-GARCH model and reflects that commodities have inverted asymmetric behavior, that is, more impact from the upward shocks compared with downward. Stocks have asymmetric volatility, that is, more impact from negative shocks compared with positive. Gold has highest inverted asymmetric volatility. Tail dependence, measured through Student’s t copula, shows no combined downside movement. In conclusion, commodity investments provide diversification and inflation protection.

  17. The horizon effect of stock return predictability and model\\ud uncertainty on portfolio choice: UK evidence

    OpenAIRE

    Li, Guangjie; Cardiff University

    2009-01-01

    We study how stock return’s predictability and model uncertainty affect a rational buy-and-hold investor’s decision to allocate her wealth for different lengths of investment horizons in the UK market. We consider the FTSE All-Share Index as the risky asset, and the UK Treasury bill as the risk free asset in forming the investor’s portfolio. We identify the most powerful predictors of the stock return by accounting for model uncertainty. We find that though stock return predictability is weak...

  18. About stock markets predictability

    Directory of Open Access Journals (Sweden)

    Hicham Benjelloun

    2011-01-01

    Full Text Available We argue that the financial markets have a predetermined outcome. They behave deterministically but appear to follow random patterns. Stock prices have nothing to do with future expectations; they are a reflection of previous convictions coming from the confident investors. A financial crisis is the result of the lack of confidence that characterizes a market moments before the crisis. Stocks returns are perfectly correlated to each other and it is possible to obtain high gains consistently. Finally we provide a different way of assessing risk and suggest a method to sense future performances.

  19. INTEGRATED CORPORATE STRATEGY MODEL

    Directory of Open Access Journals (Sweden)

    CATALINA SORIANA SITNIKOV

    2014-02-01

    Full Text Available Corporations are at present operating in demanding and highly unsure periods, facing a mixture of increased macroeconomic need, competitive and capital market dangers, and in many cases, the prospect for significant technical and regulative gap. Throughout these demanding and highly unsure times, the corporations must pay particular attention to corporate strategy. In present times, corporate strategy must be perceived and used as a function of various fields, covers, and characters as well as a highly interactive system. For the corporation's strategy to become a competitive advantage is necessary to understand and also to integrate it in a holistic model to ensure sustainable progress of corporation activities under the optimum conditions of profitability. The model proposed in this paper is aimed at integrating the two strategic models, Hoshin Kanri and Integrated Strategy Model, as well as their consolidation with the principles of sound corporate governance set out by the OECD.

  20. Private benefits in corporate control transactions

    DEFF Research Database (Denmark)

    Poulsen, Thomas

    with high security benefits, or because the buyer has high private benefits from the control rights that come with the shares? Using voting rights as the vehicle for private benefits, I find that the selling shareholders in block transactions attach more value to private benefits than the buyers. In tender......This paper presents an analytical framework from which it can be inferred whether sellers or buyers in corporate control transactions value private benefits highest. I am thus able to suggest an answer to the question: Are blocks of shares traded because the buyer is a more efficient monitor...... offer transactions, the answer is that private benefits are insignificant to both sides of the transaction. As an alternative measure of the transaction premium, I calculate the abnormal return premium. This represents the stock market's valuation of the transaction. I find that the stock market puts...

  1. Market efficiency of traditional stock market indices and social responsible indices: the role of sustainability reporting

    OpenAIRE

    Henry Mynhardt; Inna Makarenko; Alex Plastun

    2017-01-01

    Corporate social responsibility, disclosed in sustainability reporting, influences the financial performance of companies. As a result, traditional stock market indices (TI) are expanded with the social responsible stock market indices (SRI). The aim of this study was to establish whether there are any differences in the behavior of the TI and SRI. To do this, the authors analyzed their efficiency. They used R/S analysis to calculate the Hurst exponent as a measure of persistence (long-term m...

  2. The effect of firm and stock characteristics on stock returns: Stock market crash analysis

    Directory of Open Access Journals (Sweden)

    Rizaldi Fauzi

    2016-06-01

    Full Text Available This study aims to determine characteristics of stocks and firms that are deliberately affected by stock market crash occurring in Indonesia. The study uses data for three major stock market crashes that occurred in 1997, 2000, and 2008. The analysis is accomplished by using multivariate regression method. The results of the study find that stocks with higher betas, larger capitalization, more return volatility, higher debt ratios, lower levels of liquid assets, and lower asset profitability tend to lose more value on crash day. This study also finds that there are short-term and long-term momentum effects on stock returns during most of stock market crashes.

  3. Estimating Structural Models of Corporate Bond Prices in Indonesian Corporations

    Directory of Open Access Journals (Sweden)

    Lenny Suardi

    2014-08-01

    Full Text Available This  paper  applies  the  maximum  likelihood  (ML  approaches  to  implementing  the structural  model  of  corporate  bond,  as  suggested  by  Li  and  Wong  (2008,  in  Indonesian corporations.  Two  structural  models,  extended  Merton  and  Longstaff  &  Schwartz  (LS models,  are  used  in  determining  these  prices,  yields,  yield  spreads  and  probabilities  of default. ML estimation is used to determine the volatility of irm value. Since irm value is unobserved variable, Duan (1994 suggested that the irst step of ML estimation is to derive the likelihood function for equity as the option on the irm value. The second step is to ind parameters such as the drift and volatility of irm value, that maximizing this function. The irm value itself is extracted by equating the pricing formula to the observed equity prices. Equity,  total  liabilities,  bond  prices  data  and  the  irm's  parameters  (irm  value,  volatility of irm value, and default barrier are substituted to extended Merton and LS bond pricing formula in order to valuate the corporate bond.These models are implemented to a sample of 24 bond prices in Indonesian corporation during  period  of  2001-2005,  based  on  criteria  of  Eom,  Helwege  and  Huang  (2004.  The equity  and  bond  prices  data  were  obtained  from  Indonesia  Stock  Exchange  for  irms  that issued equity and provided regular inancial statement within this period. The result shows that both models, in average, underestimate the bond prices and overestimate the yields and yield spread. ";} // -->activate javascript

  4. Audit Committee Practice in the Polish Listed Stock Companies. Present Situation and Development Perspectives

    Directory of Open Access Journals (Sweden)

    Piotr Szczepankowski

    2012-06-01

    Full Text Available The audit committee is one of the parts of corporate governance mechanism, which is understood as the relationship between corporate managers, directors and the providers of equity, people and institutions who save and invest their capital to earn the return. This study presents survey research results of audit committee activity in Polish public stock companies quoted on the Warsaw Stock Exchange (WSE. The purpose of this paper is to present the audit committee practice in Poland after 2009. The paper shows that the audit committee practice is still the most problematic issue of transitional Polish corporate governance rules. The survey has shown that the corporate needs and its implementation, and communication with listed companies leave a lot of room for improvement. The paper is based on the documents prepared in 2010 by PricewaterhouseCoopers, the Polish Association of Listed Companies and the Polish Institute of Directors.

  5. Stock Assessment Supplementary Information (SASINF)

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — In the interest of efficiency, clarity and standardization of stock assessment materials, the stock assessment reports for the 2015 Groundfish update have been...

  6. 76 FR 18062 - U.S. Securities; Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds; Book...

    Science.gov (United States)

    2011-04-01

    ...[supreg], and Legacy Treasury Direct[supreg]--into which we issue marketable Treasury securities. We... DEPARTMENT OF THE TREASURY Fiscal Service 31 CFR Parts 306, 356, 357, and 363 U.S. Securities; Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds; Book-Entry Treasury Bonds...

  7. Stock Market Savvy.

    Science.gov (United States)

    Okula, Susan

    2003-01-01

    This issue of Keying In, the newsletter of the National Business Education Association, focuses upon teaching young adults how to develop both investment strategies and an understanding of the stock market. The first article, "Sound Investing Know-How: A Must for Today's Young Adults," describes how young adults can plan for their own…

  8. Essays on Stock Issuance

    DEFF Research Database (Denmark)

    Kohl, Niklas

    consider firms for which relatively little information is available as “hard to value”. Examples are firms covered by few analysts and small firms. Second, I consider firms with high levels of analyst disagreement on stock price target, next quarter earnings per share and share recommendation as “hard...

  9. Process of consignment stock implementation

    OpenAIRE

    Vrbová, Petra; Alina, Jiří; Cempírek, Václav

    2016-01-01

    Consignment stock concept is very important in case of short-term assets management in terms of completely innovative approach helping to manage inventories in which the supplier supplies his inventory and maintains a stock of material at the buyer´s stock. This article deals mainly with the process of Consignment stock implementation itself and considers the approach of Battini, Grassi, Persona, Sgarbossa (2010) by filling new phases and particularizes each separate phase and step. This pape...

  10. The influence of gender diversity on corporate performance

    Directory of Open Access Journals (Sweden)

    Isabel Gallego-Álvarez

    2010-01-01

    Full Text Available This work focuses on the effect of gender diversity on corporate performance. The current work, an extension of previous studies, focuses on the presence and effect of female stockholders, directors and top managers by analysing their impact on various accounting ratios, market value and technical efficiency. With a view to testing these hypotheses, we selected Spanish corporations that were listed on the Madrid Stock Exchange over the period 2004–2006 as an objective population. Corporate governance information on these companies is available from the CNMV database. Our findings show that companies with higher levels of gender diversity do not obviously outperform other companies with lower levels, in terms of several market and accounting measures. Therefore, gender diversity may not influence corporate performance.

  11. Perbandingan Stock Market Crash 1987 : Dan Stock Market Crash 1997

    OpenAIRE

    Indridewi Atmadjaja, Yovita Vivianty

    1999-01-01

    Stock market crash refers to the condition, which is marked with the large dropping of stock Market price index. Historically, stock market crash has happened three times, namely in 1929, 1987 and 1997. This paper will discuss the causes of 1987's and 1997's stock market Crash and the similarities and the differences between 1987's and 1997's stock market crash. The structure of the paper is as follows. The paper starts with the introduction. The second Section briefly explains the causes of ...

  12. Comparable stocks, boundedly rational stock markets and IPO entry rates.

    Directory of Open Access Journals (Sweden)

    Jay Chok

    Full Text Available In this study, we examine how initial public offerings (IPO entry rates are affected when stock markets are boundedly rational and IPO firms infer information from their counterparts in the market. We hypothesize a curvilinear relationship between the number of comparable stocks and initial public offerings (IPO entry rates into the NASDAQ Stock Exchange. Furthermore, we argue that trading volume and changes in stock returns partially mediates the relationship between the number of comparable stocks and IPO entry rates. The statistical evidence provides strong support for the hypotheses.

  13. Comparable stocks, boundedly rational stock markets and IPO entry rates.

    Science.gov (United States)

    Chok, Jay; Qian, Jifeng

    2013-01-01

    In this study, we examine how initial public offerings (IPO) entry rates are affected when stock markets are boundedly rational and IPO firms infer information from their counterparts in the market. We hypothesize a curvilinear relationship between the number of comparable stocks and initial public offerings (IPO) entry rates into the NASDAQ Stock Exchange. Furthermore, we argue that trading volume and changes in stock returns partially mediates the relationship between the number of comparable stocks and IPO entry rates. The statistical evidence provides strong support for the hypotheses.

  14. 26 CFR 1.956-1 - Shareholder's pro rata share of a controlled foreign corporation's increase in earnings invested...

    Science.gov (United States)

    2010-04-01

    ... earnings and profits on December 31, 1965 225,000 (iii) Amount of earnings invested in United States... earnings invested in United States property by A Corporation attributable to the stock acquired by M... foreign corporation's increase in earnings invested in United States property. 1.956-1 Section 1.956-1...

  15. 26 CFR 1.955A-2 - Amount of a controlled foreign corporation's qualified investments in foreign base company...

    Science.gov (United States)

    2010-04-01

    ... money or other intangible assets of a controlled foreign corporation, to the extent that such assets are... a controlled foreign corporation accumulates money or other intangible assets pursuant to a plan to...) Related shipping assets (within the meaning of paragraph (b) of this section), (iii) Stock or obligations...

  16. 26 CFR 1.409(p)-1T - Prohibited allocations of securities in an S corporation (temporary).

    Science.gov (United States)

    2010-04-01

    ... the number of shares having a value equal to the appreciation at the time of measurement (determined... shares of stock in the S corporation equal to the present value (on that date) of the synthetic equity... less frequently than every three years, based on the S corporation share value on a determination date...

  17. Implikasi Corporate Governance terhadap Kinerja Family Business di Indonesia

    Directory of Open Access Journals (Sweden)

    Iskandar Itan

    2017-02-01

    Full Text Available Penelitian ini melihat hubungan antara corporate governance quality dan kinerja pada perusahaan keluarga di Indonesia. Penelitian ini dilakukan pada 126 perusahaan yang terdaftar di Bursa Efek Indonesia untuk periode 2008 sampai 2012 dengan menggunakan analisis regresi berganda. Dalam penelitian ini, corporate governance quality di proksikan dengan corporate governance process dan corporate governance mechanism, sedangkan kinerja perusahaan diukur dengan ROA dan Tobin’s Q. Corporate governace process terdiri dari variabel hak-hak pemegang saham, perlakuan yang adil terhadap pemegang saham, peran pemangku kepentingan, pengungkapan dan transparansi, dan tanggung jawab dewan. Sedangkan variabel corporate governance mechanism adalah ukuran dewan direksi, komisaris independen, kepemilikan manajerial, dan kepemilikan asing. Hasil analisis menunjukkan bahwa variabel hak-hak pemegang saham, perlakuan yang adil terhadap pemegang saham, ukuran dewan direksi, kepemilikan manajerial, dan kepemilikan asing mempunyai pengaruh signifikan terhadap kinerja perusahaan yang diukur dengan ROA. Sementara itu, variabel pengungkapan dan transparansi, tanggung jawab dewan, dan ukuran dewan direksi berpengaruh terhadap Tobin’s Q.Kata kunci:  Mekanisme corporate governance; corporate governance process kinerja perusahaanThis paper explores the relationship between corporate governance quality and firm performance of family business in Indonesia. This study covers the period of 2008 to 2012 and 126 listed family companies from Indonesia Stock Exchange are included has been examined by using multiple regression analysis. In this study, corporate governance quality is proxied by corporate governance process and corporate governance mechanism, while performance is measured by return on assets (ROA and Tobin‘s Q. Measures of corporate governance process employed are rights of shareholders, equitable treatment of shareholders, role of stakeholders, disclosure and

  18. The Assessment Of The Level Of Management Control Standards Completion In Treasury Sector

    Directory of Open Access Journals (Sweden)

    Kulińska Ewa

    2015-06-01

    Full Text Available This paper concerns the rules of the functioning of management control standards used in the Treasury Control Office. Its purpose is to present research results conducted in the years 2013–2014 in Polish Treasury Control Offices. Obtained results are the effect of applying author’s model of the assessment of management control implementation. The research was conducted for management personnel and the rest of offices employees separately. Significant discrepancies between these two groups of respondents were indicated. Based on the results, the areas of deviation from expected level of management control standards were established and the areas where implementation of control mechanisms relying on increasing the supervision of board of directors over managers were indicated, providing permanent and efficient elements of managers supervision over subordinate employees and making purposes and tasks put on the Treasury Control Office for given year more precise and familiarization of employees and carrying out trainings and series of other corrective measures.

  19. Corporate communications impact on corporate image and corporate competitiveness

    Directory of Open Access Journals (Sweden)

    Valentina Pirić

    2008-12-01

    Full Text Available The subject of this paper is an analysis of the impact of corporate communications and of the intensity of their application on a company’s image management, and an emphasis of the role that a company’s image plays as one of the fundamental sources of its competitiveness in contemporary market conditions. Through review and analysis of theoretical contributions, the paper shows how corporate communications integrate management, organization and the marketing communication dimension at the level of the company and how, by adequate intensity of their application and an adequate degree of integration, they may have an impact on the company’s image management. The need to understand the concept of company image as a significant source of competitiveness is also stressed. For that purpose, the work includes comprehensive research of the impact of the intensity of corporate communications on the company’s image on the market of the Republic of Croatia while also researching the impact of the company’s positive image on its competitiveness. The methodology used in this work comprised a public opinion poll, carried out on a convenient sample of persons. Gathered data were analyzed using multiple regression and correlation analysis methods. Research results confirmed the impact of the intensity of corporate communications on the company’s image as well as the statement that the company’s positive image contributes to increasing its competitiveness. In that sense, it is possible to attribute to corporate communications a strategically important role for the company’s business operations within the framework of newly emerging market conditions.

  20. Capital Expenditure, Leverage, Good Corporate Governance, Corporate Social Responsibility: Pengaruhnya Terhadap Nilai Perusahaan

    Directory of Open Access Journals (Sweden)

    Noni Aisyah Sofiamira

    2017-11-01

    Full Text Available This study aims to investigate the effects of capital expenditure, leverage, managerial ownership, institutional ownership, and corporate social responsibility on firm value. We use Tobin’s Q as the proxy of firm value. Our sample firms are 11 mining firms listed in the Indonesian Stock Exchange for years 2011-2014. We generate our date from the official website of the Indonesian Stock Exchange. We run the multiple linear regression to analyze our data statistically. The results show that all independent variables simultaneously affect corporate value. Individual results indicate that managerial ownership (leverage positively (negatively affects firm value. However, other independent variables (institutional ownership and CSR exhibit no significant influence on firm value. Abstrak Penelitian ini bertujuan untuk menganalisis pengaruh capital expenditure, leverage, kepemilikan manajerial, kepemilikan institusional, dan Corporate Social Responsibility terhadap nilai perusahaan yang diproksikan dengan Tobin’s Q pada perusahaan sektor pertambangan yang terdaftar di BEI periode 2011-2014. Penelitian ini menggunakan data sekunder yang diperoleh dari website resmi BEI. Pengamatan dilakukan terhadap 11 perusahaan sebagai sampel yang didapat dari teknik purposive sampling. Hasil penelitian secara simultan seluruh variabel independen berpengaruh terhadap nilai perusahaan. Hasil secara parsial menunjukkan bahwa variabel leverage berpengaruh negatif terhadap nilai perusahaan, kepemilikan manajerial berpengaruh positif terhadap nilai perusahaan, sedangkan kepemilikan institusional dan CSR tidak berpengaruh terhadap nilai perusahaan.

  1. The Effect of Dividend Tax Policy on Corporate Investment

    Directory of Open Access Journals (Sweden)

    Jimmy Torrez

    2006-10-01

    Full Text Available The Job Growth and Taxpayer Relief Reconciliation Act of 2003 lowered dividend taxes to the same rate as capital gains taxes in the United States using the Pecking Order Theory as a framework. This paper develops a model that examines the effect the tax cut will have on corporate investment. The model finds that the dividend rate tax cut will increase the corporate cost of capital and lower investment. Therefore, any increase in the value of the stock market from this act will simply be a response to an increase in after tax returns and not from an increase in production.

  2. The impact of foreign investors on the Serbian stock market

    Directory of Open Access Journals (Sweden)

    Rakočević Rade

    2016-01-01

    Full Text Available Frontier markets, such as Serbia, which are at the early stages of development, are characterized by very low level of solvency, absence of corporate management rules and reports to the public, insufficiently developed regulations, as well as significant participation of foreign portfolio investors in the exchange. Those are usually foreign investment funds specialized in risky investments at such markets; they apply the principle of geographic portfolio diversification in their investment policy. At the Belgrade Stock Exchange, foreign investors have been present at the stock market since 2002 and they participated in high volumes in stock buying during the stock market growth in the period from 2002 to 2007, whereas during the crisis at the Serbian capital market from 2008 to 2010 there was a significant increase in foreign investors' participation on the selling side and a withdrawal from the Belgrade Stock Exchange. Such behavior of foreign investors was initially prompted by local factors, but was intensified by the global financial crisis and will be analyzed in this paper.

  3. Corporation as climate ambassador

    DEFF Research Database (Denmark)

    Trapp, Leila

    2012-01-01

    At a time when corporations are addressing increasingly complex, global corporate social responsibility (CSR) issues, this study examines and evaluates the strategies used in Vattenfall’s challenging and innovative CSR campaign which aimed at establishing the energy company as a credible climate...

  4. Corporate design management

    NARCIS (Netherlands)

    drs. Patrick van Thiel; drs. Wil Michels

    2006-01-01

    'Corporate designmanagement' is een vlot geschreven en zeer overzichtelijk standaardwerk op het gebied van corporate designmanagement. Een sterke visuele identiteit is voor een organisatie een doeltreffend middel om zich te positioneren en te profileren. Voorwaarde is wel dat de visuele identiteit

  5. Corporal Punishment Handbook.

    Science.gov (United States)

    Maurer, Adah

    This handbook describes the use of corporal punishment, attitudes towards it, and alternatives to it. Topics covered include: (1) a definition of corporal punishment; (2) descriptions and examples of different types; (3) a brief history of its use in schools and society; (4) arguments in favor of its use; (5) arguments for abolition; (6)…

  6. The Corporate Law Curriculum

    Science.gov (United States)

    Mofsky, James S.

    1976-01-01

    On the premise that corporate counsel must be an able diagnostician before he can focus on highly specialized and interrelated issues of business law, the author suggests an approach to corporate law curriculum in which the basic course balances the quality and quantity of material designed to create the needed sensitivity. (JT)

  7. Corporate Media Governance

    NARCIS (Netherlands)

    Kempen, Petrus Cornelis

    2011-01-01

    The media can make or break a reputation. This being said, it seems to be essential for companies, governments and institutions to pay specific attention to corporate media management in their daily operations. However, this thesis shows that they often neglect to pay adequate attention to corporate

  8. Piercing the corporate veil

    International Nuclear Information System (INIS)

    Goodwin, L.M.

    1992-01-01

    This article addresses the potential problems an economically troubled subsidiary can cause a parent company and offers strategies for insulating the trouble through good business practices and careful planning. The topics of the article include corporations and limited liability, piercing the corporate veil, environmental cleanup liabilities, and avoiding trouble

  9. Corporate Social Behaviour

    DEFF Research Database (Denmark)

    Neergaard, Peter; Rahbek Pedersen, Esben

    2003-01-01

    management systems, social accountability, corporate citizenship, occupational health and safety and so forth. However, both the idea of government regulation and the literature acclaiming corporate self-regulation should be met with some scepticism. This paper offers a short assessment of the potentials...

  10. Understanding Corporate Culture.

    Science.gov (United States)

    Cluff, Gary A.

    1988-01-01

    Considers concept of corporate culture and discusses several values which can be considered when assessing corporate culture, and the "compatibility scales" used to measure them. Included are discussions of employee attitudes, work atmosphere, internal communications, management style, employment opportunity, stability, business ethics, corporate…

  11. Corporate Crime and Restitution.

    Science.gov (United States)

    Abel, Charles F.

    1985-01-01

    Articulates need, nature, and form of a restitutionary approach to corporate crime. Considers small, in-prison production-oriented programs; residential in-community programs, and nonresidential in-community programs for individual offenders; also considers lump sum and continuous payments for corporations to make restitution. (NRB)

  12. Financial Perceptions on Oil Spill Disasters: Isolating Corporate Reputational Risk

    Directory of Open Access Journals (Sweden)

    José M. Feria-Domínguez

    2016-11-01

    Full Text Available The aim of this paper is to isolate the corporate reputational risk faced by US oil and gas companies—as listed on the New York Stock Exchange (NYSE—after recent oil spill disasters. For this purpose, we have conducted a standard short-horizon daily event study analysis aimed at the calibration of the financial perceptions caused by these environmental episodes between 2005 and 2011, and the drop effect on the market value of the firms analyzed. We not only find significant negative impact on the stock prices of the companies analyzed but also significant cumulative negative abnormal returns (CAR around the accidental spillages, especially for the longest event windows. Corporate reputational risk is also identified and even measured by adjusting abnormal returns by a certain loss ratio. A new metric, CAR(Rep, is then proposed to disentangle operational losses and the reputational damage derived from such negative financial perceptions.

  13. Corporate Language Policies

    DEFF Research Database (Denmark)

    Sanden, Guro Refsum

    This paper offers a review of literature dealing with language policies in general and corporate language policies in particular. Based on a discussion of various definitions of these concepts within two research traditions, i.e. sociolinguistics and international management, a three......-level definition of corporate language policies is presented, emphasising that a corporate language policy is a context-specific policy about language use. The three-level definition is based on the argument that in order to acquire a complete understanding of what corporate language policies involve, one needs...... to consider three progressive questions; 1) what is a policy? 2) what is a language policy?, and ultimately, 3) what is a corporate language policy?...

  14. Corporate Language Policies

    DEFF Research Database (Denmark)

    Sanden, Guro Refsum

    2015-01-01

    This paper offers a review of literature dealing with language policies in general and corporate language policies in particular. Based on a discussion of various definitions of these concepts within two research traditions, i.e. sociolinguistics and international management, a three......-level definition of corporate language policies is presented, emphasising that a corporate language policy is a context-specific policy about language use. The three-level definition is based on the argument that in order to acquire a complete understanding of what corporate language policies involve, one needs...... to consider three progressive questions; 1) what is a policy? 2) what is a language policy?, and ultimately, 3) what is a corporate language policy?...

  15. Corporate Bonds in Denmark

    DEFF Research Database (Denmark)

    Tell, Michael

    2015-01-01

    Corporate financing is the choice between capital generated by the corporation and capital from external investors. However, since the financial crisis shook the markets in 2007–2008, financing opportunities through the classical means of financing have decreased. As a result, corporations have...... markets. However, NASDAQ OMX has introduced the First North Bond Market in December 2012 and new regulatory framework came into place in 2014, which may contribute to a Danish based corporate bond market. The purpose of this article is to present the regulatory changes in Denmark in relation to corporate...... bonds. The purpose is further to analyse the tax consequences of issuing bonds in both a direct issue of bonds and through securitization....

  16. Institutional conditions of corporate citizenship

    NARCIS (Netherlands)

    Jeurissen, R.J.M.

    2004-01-01

    Exploring the concept of citizenship from the history of political philosophy provides suggestions about what corporate citizenship could mean. The metaphor of corporate citizenship suggests an institutional approach to corporate social responsibility. Citizenship is a social role, characterized by

  17. 77 FR 50454 - Department of the Treasury Acquisition Regulations; Contract Clause on Minority and Women...

    Science.gov (United States)

    2012-08-21

    ... maximum extent possible consistent with applicable law, the fair inclusion of minorities and women in its... on Minority and Women Inclusion in Contractor Workforce AGENCY: Departmental Offices, Treasury... on minority and women inclusion, as required by the Dodd-Frank Wall Street Reform and Consumer...

  18. The Sword in the Treasury of the Cathedral of Barcelona - Summary

    Directory of Open Access Journals (Sweden)

    Cirlot, Juan Eduardo

    1964-12-01

    Full Text Available IN the very treasury of the cathedral of Barcelona a famous, historical sword is to be seen among a number of precious objects of historical and artistical value. It once belonged to a most noble personality, the condestable Don Pedro of Portugal, for a few years count of Barcelona and king of Aragon.

    No disponible.

  19. 78 FR 666 - Treasury Inflation-Protected Securities Issued at a Premium; Bond Premium Carryforward

    Science.gov (United States)

    2013-01-04

    ... deflation that occurs over the term of the security. The rules for the taxation of inflation-indexed debt...), to provide a more uniform method for the federal income taxation of TIPS, the Treasury Department and... minimis amount is determined using the principles of Sec. 1.1273-1(d). (ii) Example. The following example...

  20. THE INFLUENCE OF ECONOMIC VALUE ADDED AND MARKET VALUE ADDED ON CORPORATE VALUE

    Directory of Open Access Journals (Sweden)

    Taslim F.A.

    2018-02-01

    Full Text Available This research aims to determine the influence of economic value added and market value added on corporate value of manufacturing companies on sector consumer goods industry listed in Indonesia Stock Exchanges of 2011-2014. The sample of this research was 10 manufacturing companies on sector consumer goods industry listed in Indonesia Stock Exchanges. The method used was purposive sampling technique. This research used confirmatory factor analysis to form a combined proxy of corporate value comprised price earning ratio, price to book value and Tobin's Q.

  1. 26 CFR 1.995-4 - Gain on disposition of stock in a DISC.

    Science.gov (United States)

    2010-04-01

    ... TAX (CONTINUED) INCOME TAXES Domestic International Sales Corporations § 1.995-4 Gain on disposition... taxable as gain from the sale or exchange of the stock. (2) Nonapplication of subparagraph (1). The... section 301 or 356(a)(2)) or as gain from the sale or exchange of property which is not a capital asset...

  2. Financial determinants of corporate reputation: A short-term approach

    Directory of Open Access Journals (Sweden)

    Anna Blajer-Gołębiewska

    2016-12-01

    Full Text Available When observing companies listed on stock exchanges, it can be noticed that the gap between a company’s book value (BV and its market value (MV is often significant. The fact that investors are willing to pay more for companies’ assets is often explained using the concept of corporate reputation – an intangible additional asset of a company, which is worth to paying for.

  3. 26 CFR 3.8 - Certain corporate reorganizations and changes in partnerships, and certain transfers on death...

    Science.gov (United States)

    2010-04-01

    ... in partnerships, and certain transfers on death. [Reserved] 3.8 Section 3.8 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) CAPITAL CONSTRUCTION FUND § 3.8 Certain corporate reorganizations and changes in partnerships, and certain transfers on death...

  4. 26 CFR 1.856-7 - Certain corporations, etc., that are considered to meet the gross income requirements.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Certain corporations, etc., that are considered to meet the gross income requirements. 1.856-7 Section 1.856-7 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment...

  5. Assessment demersal fish stocks Mauritania

    OpenAIRE

    Corten, A.A.H.M.; Goudswaard, P.C.; Heessen, H.J.L.

    2006-01-01

    The RIVO project "Assessment of demersal fish stocks in Mauritania" was commissioned by the Ministry of Foreign Affairs of The Netherlands to produce information on the state of the demersal fish stocks (species that live near the bottom) in Mauritania, in particular octopus and shrimps. These stocks are fished by fleets from the EU, working under the fishery agreement between the EU and Mauritania. Although there are no Dutch vessels targeting demersal fish in Mauritania, the government of T...

  6. Corporate governance and incentive contracts: historical evidence from a legal reform

    OpenAIRE

    Bayer, Christian; Burhop, Carsten

    2008-01-01

    This paper proposes to exploit a reform in legal rules of corporate governance to identify contractual incentives from the correlation of executive pay and firm performance. In particular, we refer to a major shift in the legal and institutional environment, the reform of the German joint-stock companies act in 1884. We analyze a sample of executive pay for 46 firms for the years 1870 to 1911. In 1884, a law reform substantially enhanced corporate control, strengthened the monitoring incentiv...

  7. Transparency of Annual Corporate Reports’ Contents in Jordan: Is it questionable?

    OpenAIRE

    Fawzi Al Sawalqa

    2013-01-01

    Based on the perceptions of 94 individual investors at Amman Stock Exchange (ASE) toward the limitations and adequacy of annual reports, this paper seeks to investigate the extent of transparency of annual corporate reports’ contents. In line with a broad set of prior research in the field, the results of the study revealed that income statement, balance sheet and statement of retained earnings are the most important sections in annual corporate report. This means that individual investors pu...

  8. CORPORATE GOVERNANCE IN DEVELOPING ECONOMIES: CASE STUDY OF A ROMANIAN TEXTILE COMPANY

    OpenAIRE

    POP Zenovia Cristiana

    2015-01-01

    This article explores corporate governance issues like ownership structure, gender diversity accountability, risk management and internal audit at managerial level of a textile company listed on the Bucharest stock exchange. For this reason, secondary data was used as information collection tool. Results of the study underline the conclusion that, corporate governance is being implemented in companies belonging to the textile industry of Romania although correlated with some weaknesses. Analy...

  9. Corporate Governance and Islamic Social Responsibility Disclosure In Kuwaiti Shariah Compliant Financial Institutions

    OpenAIRE

    Al-Shammari, B.

    2012-01-01

    This study examines the relationship between corporate governance characteristics and the extent of Islamic social responsibility disclosure in Kuwait. The annual reports of 40 Shariah-compliant financial institutions listed on the Kuwait Stock Exchange in 2010 are examined. Four major corporate governance characteristics are investigated: 1) the existence of a Shariah supervisory board; 2) the number of board members; 3) the proportion of non-executive directors to the total number of di...

  10. Corporate Social Responsibility Disclosure, Environmental Performance, and Tax Aggressiveness (P.93-104)

    OpenAIRE

    Dahlia Sari; Christine Tjen

    2017-01-01

    This study aims to examine the influence of the corporate taxpayers’ level of CSR disclosure and environmental performance on the level of tax aggressiveness. This study took a sample of non-financial companies listed on the Indonesian Stock Exchange during 2009-2012. This study shows that the corporate taxpayers’ level of CSR disclosure has significant negative effect towards the tax aggressiveness. It means the higher the level of the CSR disclosure, the lower the company’s tax aggressivene...

  11. Strategic corporate sustainability

    DEFF Research Database (Denmark)

    Grewatsch, Sylvia; Rohrbeck, René; Madsen, Henning

    This paper aims to advance the understanding of the circumstances under which corporate sustainability (CS) pays off. On the basis of a review of 129 major papers from both the sustainability and general management literature, we discuss the development of the research field. In addition we discuss...... antecedents and outcomes. To overcome this limitation we propose an integrated typology which may facilitate more research on the link between corporate sustainability performance (CSP) and corporate financial performance (CFP). Our expectation is that the strategy type might play a moderating or mediating...

  12. Corporate Blogging For Dummies

    CERN Document Server

    Karr, Douglas

    2010-01-01

    Establish a successful corporate blog to reach your customers. Corporate blogs require careful planning and attention to legal and corporate policies in order for them to be productive and effective. This fun, friendly, and practical guide walks you through using blogging as a first line of communication to customers and explains how to protect your company and employees through privacy, disclosure, and moderation policies. Blogging guru Douglas Karr demonstrates how blogs are an ideal way to offer a conversational and approachable relationship with customers. You'll discover how to prepare, e

  13. European Corporate Law

    DEFF Research Database (Denmark)

    Dorresteijn, Adriaan; Teichmann, Christoph; Werlauff, Erik

    , and the United Kingdom are taken into account; Italy is now included in this new edition. As in earlier editions, the authors demonstrate that analysis and comparison of national corporate laws yield highly valuable general principles and observations, not least because business organizations, wherever located...... initiatives in such aspects of the corporate environment as regulation of financial institutions and non-financial reporting obligations with a view to sustainability and other social responsibility concerns. The authors, all leading experts in European corporate law, describe current and emerging trends...

  14. 12 CFR 925.23 - Excess stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Excess stock. 925.23 Section 925.23 Banks and... BANKS Stock Requirements § 925.23 Excess stock. (a) Sale of excess stock. Subject to the restriction in paragraph (b) of this section, a member may purchase excess stock as long as the purchase is approved by the...

  15. The association between corporate social responsibility disclosure of cigarette company and company’s financial performance

    Directory of Open Access Journals (Sweden)

    Desy Ratna Yuwita Amelia

    2017-01-01

    Full Text Available This research examines the association between Corporate Social Responsibility (CSR disclosure and financial performances-Return on Assets (ROA, Return on Equity (ROE, and Stock Return-within the cigarette companies listed on Indonesian Stock Exchange. This research used 3 cigarettes companies; PT Gudang Garam Tbk., PT Hanjaya Mandala Sampoerna Tbk., and PT Bentoel Internasional Investama. Simple linear regression is used to examine the association between CSR disclosure and the cigarettes companies’ financial performance. The study reveals that the disclosure of CSR only has positive influences toward Return on Assets; yet, it does not correlate with the Return on Equity and Stock Return.

  16. 26 CFR 301.6103(l)(2)-3 - Disclosure to Department of Labor and Pension Benefit Guaranty Corporation of certain returns and...

    Science.gov (United States)

    2010-04-01

    ... whether a pension, profit-sharing, or stock bonus plan, or an annuity or bond purchase plan, meets the... stock bonus plan, a trust which is a part of such plan, or an annuity or bond purchase plan because such... Benefit Guaranty Corporation of certain returns and return information. 301.6103(l)(2)-3 Section 301.6103...

  17. Corporate Social Responsibility

    DEFF Research Database (Denmark)

    Kampf, Constance

    2007-01-01

    Understanding Corporate Social Responsibility (CSR) as having explicit policies and implicit norms situated in cultural systems highlights the connections between institutional and cultural structures of nation states and business' commitment to CSR as reflected in the strategies used...... to communicate CSR to public audiences via the Internet.  To frame CSR from a situated perspective (Matten & Moon 2005) implies a shift in understanding relations between corporations and their stakeholders from a corporate-centered model to a cultural systems perspective.  This paper describes an approach...... to cultural systems in which can be used to frame our understanding of implicit norms with respect to CSR, and demonstrates how these norms result in different practices of communicating CSR in the WalMart and Maersk corporate websites....

  18. The corporate security professional

    DEFF Research Database (Denmark)

    Petersen, Karen Lund

    2013-01-01

    In our age of globalization and complex threat environments, every business is called upon to manage security. This tendency is reflected in the fact that a wide range of businesses increasingly think about security in broad terms and strive to translate national security concerns into corporate...... speech. This article argues that the profession of the security manager has become central for understanding how the relationship between national and corporate security is currently negotiated. The national security background of most private sector security managers makes the corporate security...... professional inside the company a powerful hybrid agent. By zooming in on the profession and the practice of national security inside companies, the article raises questions about where to draw the line between corporate security and national security along with the political consequences of the constitution...

  19. Interlocking Directorships in Polish Joint Stock Companies = Medsebojna prepletenost članov nadzornih svetov v delniških družbah na Poljskem

    Directory of Open Access Journals (Sweden)

    Marek Pawlak

    2008-09-01

    Full Text Available Studies concerning interlocking directorships have been carried out among Polish joint stock corporations. The main source of data have been the announcements that are to be published by corporations regularly in a journal called Business and Court Gazette (BCG. Interlocking directorships constitute a network among corporations the use of which enables co-ordinated management of the whole group. The phenomenon of interlocking directorships in Polish joint stock companies can be compared to the same phenomenon existing in other countries. About 13.43 percent of Polish joint stock company directors possess additional directorships. The average number of directorships for the whole group employed by Polish joint stock companies is 1,207, and 2,541 for people who hold more than one mandate. There is a positive correlation between the total investments in the Polish economy and the number of multiple directorships.

  20. Corporate Risk Disclosure and Corporate Governance

    Directory of Open Access Journals (Sweden)

    Kaouthar Lajili

    2009-12-01

    Full Text Available To date, research which integrates corporate governance and risk management has been limited. Yet, risk exposure and management are increasingly becoming the core function of modern business enterprises in various sectors and industries domestically and globally. Risk identification and management are crucial in any business strategy design and implementation. From the investors’ point of view, knowledge of the risk profile, risk appetite and risk management are key elements in making sound portfolio investment decisions. This paper examines the relationships between corporate governance mechanisms and risk disclosure behavior using a sample of Canadian publicly-traded companies (TSX 230. Results show that Canadian public companies are more likely to disclose risk management information over and above the mandatory risk disclosures, if they are larger in size and if their boards of directors have more independent members. Minority voting control ownership structures appear to negatively impact risk disclosure and CEO incentive compensation shows mixed results. The paper concludes that more research is needed to further assess the impact of various governance mechanisms on corporate risk management and disclosure behavior.

  1. Social responsibility of corporations

    Directory of Open Access Journals (Sweden)

    Babić Jovan

    2007-01-01

    Full Text Available The issue at stake in the article is corporate social responsibility. There are two rival theories regarding this issue. According to the classical theory managers are responsible to owners (stockholders and their obligation is to pursue the goal of maximizing the profit. According to the other, stakeholder theory, the interests of all corporate stakeholders, all those affected by business, not only stockholders, must be taken in consideration. In the paper these two theories are subject of thorough ethical analysis.

  2. The Corporations Act 2001

    OpenAIRE

    Bostock, Tom

    2002-01-01

    The author outlines reforms made in Australia in the area of company law with an analysis of the Corporations Act 2001, which along with the Australian Securities and Investments Commission Act 2001 comprises Corporations legislation in Australia. Article by Tom Bostock (a partner in the law firm Mallesons Stephen Jaques, Melbourne, Australia). Published in Amicus Curiae - Journal of the Institute of Advanced Legal Studies and its Society for Advanced Legal Studies. The Journal is produced by...

  3. 17 CFR 240.16a-9 - Stock splits, stock dividends, and pro rata rights.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Stock splits, stock dividends... Government Securities Dealers § 240.16a-9 Stock splits, stock dividends, and pro rata rights. The following... held as a result of a stock split or stock dividend applying equally to all securities of a class...

  4. Corporate risk management : an overview

    NARCIS (Netherlands)

    Oosterhof, Casper M.

    2001-01-01

    Corporate risk management and hedging are important activities within financial as well as non-financial corporations. Under the assumptions of Modigliani and Miller [1958], corporate risk management is a redundant activity. However, the existence of market imperfections can explain the corporate

  5. Does Corporate Governance Affect Sustainability Disclosure? A Mixed Methods Study

    Directory of Open Access Journals (Sweden)

    Zeeshan Mahmood

    2018-01-01

    Full Text Available This research paper aims to understand the impact of corporate governance (CG on economic, social, and environmental sustainability disclosures. This paper adopted an explanatory sequential mixed methods approach. The data regarding corporate governance and sustainability disclosure were collected from top 100 companies listed on the Pakistan Stock Exchange (PSE for the period ranging from 2012 to 2015. In addition to the quantitative data, we collected qualitative data through interviews with five board members of different companies. Overall, our results indicate that CG elements enhance sustainability disclosures. This study concludes that a large board size consisting of a female director and a CSR committee (CSRC is better able to check and control management decisions regarding sustainability issues (be they economic, environment, or social and resulted in better sustainability disclosure. This paper, through quantitative and qualitative analysis, provides a methodological and empirical contribution to the literature on corporate governance and sustainability reporting in emerging and developing countries.

  6. Corporate Governance and Environmental Disclosure in the Indonesian Mining Industry

    Directory of Open Access Journals (Sweden)

    Terri Trireksani

    2016-04-01

    Full Text Available Sustainability and corporate governance issues are now considered to be important and integral aspects of company performance. Both have established themselves as well-studied topics in the organisational and accountability areas. While there has been a growing interest to study the relationship between these two areas, research publication in this topic is still mainly focused on the Western societies. This study focuses on the corporate governance and sustainability disclosure practices in one of the emerging economies, Indonesia, and assesses the relationships between corporate governance variables and the extent of environmental disclosures made by the mining companies listed in the Indonesia Stock Exchange (IDX in their annual reports. The main findings of this study show that the extent of environmental disclosure made by these companies was moderate, and that there is a significant positive relationship between the size of board of directors and the extent of environmental disclosure.

  7. The Corporate Governance of Australian Listed Construction Companies

    Directory of Open Access Journals (Sweden)

    Patrick Tait

    2012-11-01

    Full Text Available This paper compares the compliance level of Australian StockExchange (ASX listed construction and non-constructioncompanies with the ASX Corporate Governance Council (CGCrecommendations on sound corporate governance. It alsoexamines the difference in board characteristics between thetwo groups, paying particular attention to differences in boardindependence. It concludes that compared with the top 20 ASXlisted non-construction companies, listed construction companiesare less compliant overall particularly with regards to boardstructure, and have lower levels of independence both in terms ofCEO/Chairperson duality, the ratio of executive to non-executiveindependent directors and independent membership of nomination,remuneration and audit committees. These conclusions areimportant because sound corporate governance has beenassociated with higher levels of organisational resilience derivedfrom the reputational and fi nancial benefi ts of greater transparency,market value, investor attractiveness and organisationalperformance.

  8. Corporate Social Responsibility Disclosure, Environmental Performance, and Tax Aggressiveness

    Directory of Open Access Journals (Sweden)

    Dahlia Sari

    2016-08-01

    Full Text Available This study aims to examine the influence of the corporate taxpayers’ level of CSR disclosure and environmental performance on the level of tax aggressiveness. This study took a sample of non-financial companies listed on the Indonesian Stock Exchange during 2009-2012. This study shows that the corporate taxpayers’ level of CSR disclosure has significant negative effect towards the tax aggressiveness. It means the higher the level of the CSR disclosure, the lower the company’s tax aggressiveness. This study also proves that good environmental performance will strengthen the negative effect of CSR disclosure on tax aggressiveness. The assessment of environmental performance is conducted by the Ministry of Environment as independent party. It means that the higher the score of company’s environmental performance, the higher the commitment to pay taxes. This study supports the view that more socially responsible corporations are likely to be less tax aggressive.

  9. The Information Content of Treasury Bond Options Concerning Future Volatility and Price Jumps

    DEFF Research Database (Denmark)

    Busch, Thomas; Christensen, Bent Jesper; Nielsen, Morten Ørregaard

    We study the relation between realized and implied volatility in the bond market. Realizedvolatility is constructed from high-frequency (5-minute) returns on 30 year Treasury bond futures.Implied volatility is backed out from prices of associated bond options. Recent nonparametric statisticaltech......We study the relation between realized and implied volatility in the bond market. Realizedvolatility is constructed from high-frequency (5-minute) returns on 30 year Treasury bond futures.Implied volatility is backed out from prices of associated bond options. Recent nonparametric...... components. We also introduce a new vector HAR (VecHAR) modelfor the resulting simultaneous system, controlling for possible endogeneity of implied volatility inthe forecasting equations. We show that implied volatility is a biased and inefficient forecast in thebond market. However, implied volatility does...

  10. Scaling analysis of stock markets.

    Science.gov (United States)

    Bu, Luping; Shang, Pengjian

    2014-06-01

    In this paper, we apply the detrended fluctuation analysis (DFA), local scaling detrended fluctuation analysis (LSDFA), and detrended cross-correlation analysis (DCCA) to investigate correlations of several stock markets. DFA method is for the detection of long-range correlations used in time series. LSDFA method is to show more local properties by using local scale exponents. DCCA method is a developed method to quantify the cross-correlation of two non-stationary time series. We report the results of auto-correlation and cross-correlation behaviors in three western countries and three Chinese stock markets in periods 2004-2006 (before the global financial crisis), 2007-2009 (during the global financial crisis), and 2010-2012 (after the global financial crisis) by using DFA, LSDFA, and DCCA method. The findings are that correlations of stocks are influenced by the economic systems of different countries and the financial crisis. The results indicate that there are stronger auto-correlations in Chinese stocks than western stocks in any period and stronger auto-correlations after the global financial crisis for every stock except Shen Cheng; The LSDFA shows more comprehensive and detailed features than traditional DFA method and the integration of China and the world in economy after the global financial crisis; When it turns to cross-correlations, it shows different properties for six stock markets, while for three Chinese stocks, it reaches the weakest cross-correlations during the global financial crisis.

  11. Assessment demersal fish stocks Mauritania

    NARCIS (Netherlands)

    Corten, A.A.H.M.; Goudswaard, P.C.; Heessen, H.J.L.

    2006-01-01

    The RIVO project "Assessment of demersal fish stocks in Mauritania" was commissioned by the Ministry of Foreign Affairs of The Netherlands to produce information on the state of the demersal fish stocks (species that live near the bottom) in Mauritania, in particular octopus and shrimps. These

  12. 20 CFR 416.580 - Referral of overpayments to the Department of the Treasury for tax refund offset-General.

    Science.gov (United States)

    2010-04-01

    ... the Treasury for tax refund offset-General. 416.580 Section 416.580 Employees' Benefits SOCIAL SECURITY ADMINISTRATION SUPPLEMENTAL SECURITY INCOME FOR THE AGED, BLIND, AND DISABLED Payment of Benefits... requesting the Department of the Treasury to offset income tax refunds due taxpayers who have an outstanding...

  13. 76 FR 11079 - Sale and Issue of Marketable Book-Entry Treasury Bills, Notes, and Bonds; Minimum Interest Rate

    Science.gov (United States)

    2011-03-01

    ... Interest Rate AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury. ACTION: Final rule. SUMMARY... establish a minimum interest rate of \\1/8\\ of one percent (i.e., 0.125 percent) for all new marketable... how Treasury determines the interest rate for new note and bond issues, the reason for establishing a...

  14. 76 FR 37403 - Treasury International Capital Form SLT: Report of Aggregate Holdings of Long-Term Securities by...

    Science.gov (United States)

    2011-06-27

    ... DEPARTMENT OF THE TREASURY Treasury International Capital Form SLT: Report of Aggregate Holdings... is informing the public that it is conducting a mandatory monthly collection of information on cross....- resident end-investor. Securities held as part of a direct investment relationship should not be reported...

  15. 31 CFR 19.610 - What procedures does the Department of the Treasury use in suspension and debarment actions?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false What procedures does the Department of the Treasury use in suspension and debarment actions? 19.610 Section 19.610 Money and Finance...) General Principles Relating to Suspension and Debarment Actions § 19.610 What procedures does the...

  16. VALUE OF THE NET TREASURY AND ITS IMPLICATIONS ON THE FINANCIAL STABILITY OF THE COMPANY

    Directory of Open Access Journals (Sweden)

    Daniela-Cristina Solomon

    2014-07-01

    Full Text Available Practice proved that the management process cannot be based on routine and intuition, but on scientific analysis, on deep knowledge of the actual situation, as well as on identifying the vulnerabilities and the development opportunities. The economic and financial analysis performed by means the net treasury has the role of using the information supplied by accounting, based on which conclusions will be drawn on the efficiency of the activity performed within an entity. The importance of the net treasury arises from the fact that it shows the amount of liquid assets of an entity at a certain moment in time, being connected to the short-term financial operations, the purpose of which is to ensure the resources necessary to finance the company’s economic activity. The net treasury synthetically reflects the method of achieving financial stability within the company on long and short term. Our endeavour ends by determining the strengths and the weaknesses in the activity of a trading company, as well as the measures that are to be applied on short and on long term in order to achieve the present objectives.

  17. Online stock trading platform

    Directory of Open Access Journals (Sweden)

    Ion LUNGU

    2006-01-01

    Full Text Available The Internet is the perfect tool that can assure the market’s transparency for any user who wants to trade on the stock market. The investor can have access to the market news, financial calendar or the press releases of the issuers. A good online trading platform also provides real-time intraday quotes, trading history and technical analysis giving the investor a clearer view of the supply and demand in the market. All this information provides the investor a good image of the market and encourages him to trade. This paper wishes to draft the pieces of an online trading platform and to analyze the impact of developing and implementing one in a brokerage firm.

  18. The Body Stocking

    DEFF Research Database (Denmark)

    Petersen, Louise Ravnløkke Munk; Bang, Anne Louise

    2016-01-01

    This paper is based on a pilot study of six parents’ preferences for baby clothing and their experience of value. We investigate ways in which design aesthetics, material and the senses have an impact on high use frequency aiming to understand longevity as a parameter for sustainability in textiles...... of the Repertory Grid technique and Wardrobe Studies to frame a tangible dialogue enabling the parents to elaborate on personal preferences of design aesthetics and materials in baby clothing. In the analysis we use the body stocking as a common reference point for learning about reasons for high use frequency....... In addition, it is exemplified how personal taste, preferences for aesthetics and experience of wellbeing may have an impact on high use frequency. Finally, the paper points to further elaboration by suggesting a (tentative) matrix structure to better understand the parameters in designing sustainable...

  19. Rainy Day Stocks

    DEFF Research Database (Denmark)

    Gormsen, Niels Joachim; Greenwood, Robin

    We study the good- and bad-times performance of equity portfolios formed on characteristics. Many characteristics associated with good performance during bad times—value, profitability, small size, safety, and total volatility—also perform well during good times. Stocks with characteristics...... signifying high liquidity, such as high turnover and low bid-ask spreads, perform well during bad times but otherwise underperform. We develop a simple but flexible procedure to recover a “risk neutral alpha” that recognizes a 1% return experienced during bad times as being more valuable than a 1% return...... generated during good times. We also show how an investor can build a “rainy day” portfolio that minimizes underperformance during bad times...

  20. Systematic Risk Factors for Australian Stock Market Returns: a Cointegration Analysis

    Directory of Open Access Journals (Sweden)

    Mazharul H. Kazi

    2008-12-01

    Full Text Available This paper identifies the systematic risk factors for the Australian stock market by applyingthe cointegration technique of Johansen. In conformity with the finance literature andinvestors’ common intuition, relevant a priori variables are chosen to proxy for Australiansystematic risk factors. The results show that only a few systematic risk factors are dominantfor Australian stock market price movements in the long-run while short-run dynamics are inplace. It is observed that the linear combination of all a priori variables is cointegratedalthough not all variables are significantly influential. The findings show that bank interestrate, corporate profitability, dividend yield, industrial production and, to a lesser extent, globalmarket movements are significantly influencing the Australian stock market returns in thelong-run; while in the short-run it is being adjusted each quarter by its own performance,interest rate and global stock market movements of previous quarter.

  1. Green initiative impact on stock prices: A quantitative study of the clean energy industry

    Science.gov (United States)

    Jurisich, John M.

    The purpose of this quantitative ex post facto research study was to explore the relationship between green initiative expense disclosures and stock prices of 46 NASDAQ listed Clean Edge Green Energy global companies from 2007 to 2010. The independent variables were sales and marketing, environmental, customer and supplier, community, and corporate governance practices that were correlated with the dependent variable in the study of stock prices. Expense disclosures were examined in an effort to measure the impact of green initiative programs and to expose the interrelationships between green initiative expense disclosures and fluctuations of stock prices. The data for the research was secondary data from existing annual reports. A statistically significant relationship was revealed between environmental practices and changes in stock prices. The study results also provided substantial evidence for leadership and managerial decision making to reduce or increase green initiative practices to maximize shareholder wealth of their respective organizations.

  2. Distribution characteristics of stock market liquidity

    Science.gov (United States)

    Luo, Jiawen; Chen, Langnan; Liu, Hao

    2013-12-01

    We examine the distribution characteristics of stock market liquidity by employing the generalized additive models for location, scale and shape (GAMLSS) model and three-minute frequency data from Chinese stock markets. We find that the BCPE distribution within the GAMLSS framework fits the distributions of stock market liquidity well with the diagnosis test. We also find that the stock market index exhibits a significant impact on the distributions of stock market liquidity. The stock market liquidity usually exhibits a positive skewness, but a normal distribution at a low level of stock market index and a high-peak and fat-tail shape at a high level of stock market index.

  3. The Development of Joint Stock Companies according to Kosovo’s Legislation and their Comparison with the Region

    OpenAIRE

    MSc. Detrina Alishani

    2014-01-01

    Joint Stock companies or Corporations are the highest forms of business organization and are regulated by law. As the most organized business forms, they have special importance on economic development of a country and that their development and their regulation determine the economic and political stability of a country. To describe corporations and their regulation from the legal aspect, namely to use the descriptive technique, are used secondary data. In this paper has been implemented als...

  4. Mea culpa: predicting stock prices from organizational attributions.

    Science.gov (United States)

    Lee, Fiona; Peterson, Christopher; Tiedens, Larissa Z

    2004-12-01

    People's causal attributions for events in their lives have been shown to relate to individual and interpersonal outcomes. Groups and organizations also make causal attributions, and this article examines whether their publicly communicated attributions predict organizational-level outcomes. By content analyzing attributions contained in corporate annual reports from 14 companies during a 21-year period, the authors found that organizations that made "self disserving" attributions- internal and controllable attributions for negative events-had higher stock prices 1 year later. The authors argue that claiming personal responsibility for negative events made the organizations appear more in control, leading to more positive impressions.

  5. THE EFFECT OF CORPORATE GOVERNANCE DISCLOSURE ON INVESTOR REACTIONS WITH PROFITABILITY AS MODERATING VARIABLE

    Directory of Open Access Journals (Sweden)

    Hariadi K.L.

    2017-08-01

    Full Text Available The aim of this research is to understand how Corporate Governance affects investor’s reaction in capital market by profitability as a moderating variable. This research uses secondary data obtained from Indonesian Stock Exchange. Investor’s reaction is measured by Cumulative Abnormal Return, which happened around the time of annual report publication. Corporate Governance are measured by Institutional ownership, ownership by board of commissioner, audite commite, and independent commissioner. Profitability as moderating variabel is measured by Return on Asset. This research was done to 25 companies which were listed in Indeks LQ 45 in Indonesian Stock Exchange during 2015-2016. Data analysis techniques used in this research are regresion analysis and moderated regresion analysis (MRA. The result shows that corporate governance (Institutional ownership, ownership by board of commissioner, audite commite, and independent commissioner negatively affect Cumulative Abnormal Return. Profitability as a moderating variable was able to explain the relationship of corporate governance (ownership by board of commissioner and audite commite affect significantly to Cumulative Abnormal Return partially. Corporate governance does not have any impact to Cumulative Abnormal Return value, because of the implementation of corporate governance in Indonesia is not provide optimum results mean while in the process of considering corporate governance practices take time to know the benefits.

  6. 75 FR 44828 - Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of...

    Science.gov (United States)

    2010-07-29

    ... the SBP process to mitigate risks that the SBP poses to NSCC. \\6\\ 15 U.S.C. 78q-1. B. Self-Regulatory...-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing of Proposed Rule Change To Amend Addendum C of Its Rules and Procedures To Implement Risk Enhancements to Its Stock Borrow...

  7. 26 CFR 1.441-3 - Taxable year of a personal service corporation.

    Science.gov (United States)

    2010-04-01

    ... rules for affiliated groups filing consolidated returns—(1) In general. For purposes of applying this...) All of the stock of the members of the affiliated group that is not owned by any other member of the..., consisting of corporation A and its wholly owned subsidiary B, filed a consolidated Federal income tax return...

  8. APL: a corporate strategy.

    Science.gov (United States)

    Fox, J; Nyatanga, L; Ringer, C; Greaves, J

    1992-06-01

    This paper is based on, and summarises, papers read at the second annual international conference of Nurse Education Tomorrow held at the University of Durham (UK) September 1991. To this end this paper will offer: Some Accreditation of Prior Learning (APL) definition and process as reflected in the literature available. A distinction will be made between APL and Accreditation of Prior Experiential Learning (APEL) although the procedures and processes for assessing them will be shown to be the same. A brief outline of corporate strategy, as it applies to APL, will be given to form the basis for logical demonstration of how Derbyshire Institute of Health and Community Studies has employed such a corporate strategy. Insights developed and gained from APL research currently being undertaken through the college of nursing and midwifery will be used to inform the development and nature of corporate strategy. A flowchart of the operationalisation of the corporate strategy is offered as an integrative summary of how all the APL ideas have had a positive cumulative effect. The paper finishes by highlighting the possible strengths and limitations of APL corporate strategy.

  9. Parallel Prediction of Stock Volatility

    Directory of Open Access Journals (Sweden)

    Priscilla Jenq

    2017-10-01

    Full Text Available Volatility is a measurement of the risk of financial products. A stock will hit new highs and lows over time and if these highs and lows fluctuate wildly, then it is considered a high volatile stock. Such a stock is considered riskier than a stock whose volatility is low. Although highly volatile stocks are riskier, the returns that they generate for investors can be quite high. Of course, with a riskier stock also comes the chance of losing money and yielding negative returns. In this project, we will use historic stock data to help us forecast volatility. Since the financial industry usually uses S&P 500 as the indicator of the market, we will use S&P 500 as a benchmark to compute the risk. We will also use artificial neural networks as a tool to predict volatilities for a specific time frame that will be set when we configure this neural network. There have been reports that neural networks with different numbers of layers and different numbers of hidden nodes may generate varying results. In fact, we may be able to find the best configuration of a neural network to compute volatilities. We will implement this system using the parallel approach. The system can be used as a tool for investors to allocating and hedging assets.

  10. Measuring Corporate Smarts.

    Science.gov (United States)

    Delahoussaye, Martin; Ellis, Kristine; Bolch, Matt

    2002-01-01

    Provides empirical evidence that significant investment in work force development leads to increased shareholder value. Suggests that management should heed the evidence when considering cutting training and development budgets. Profiles 11 companies' stock performance and discusses their training and development initiatives. (JOW)

  11. Factors of formation of the dividend policy of joint stock companies

    Directory of Open Access Journals (Sweden)

    Rohov Heorhii K.

    2014-01-01

    Full Text Available The article is devoted to justification of factors of formation of the dividend policy of Ukrainian public joint stock companies (PJSC at the modern stage of development of corporate relations. It analyses specific features of the dividend policy of Ukrainian PJSC, which, in particular, shows that their financial results practically do not influence the practice of net profit distribution. It identifies main factors of formation of the corporate dividend policy and provides theoretical justification of the governing practice of net profit distribution by Ukrainian PJSC under the modern state of the stock market. It justifies that the unrepresentative listing of stock exchanges, extremely high concentration of capital and rather limited influence of institutes of joint investment are key factors that cause a very weak reaction of the Ukrainian securities market on payment of dividends, which, in its turn, is the main reason of rejection of expediency of development and realisation of the consistent dividend policy by overwhelming majority of joint stock companies. The article draws a conclusion that the basis of evolution changes in the corporate vision of the dividend policy should be creation of the institutional environment, which would be adequate to the needs of sustainable development. The article offers to fix, at the legislative level and while being at the transitional stage, the right of minor shareholders to get income from owning ordinary shares of companies, which aggregate joint participation of co-owners is more than 75%.

  12. Does corporate governance affect dividend policy: Evidence from ASEAN emerging market

    Directory of Open Access Journals (Sweden)

    Gatot Nazir Ahmad

    2015-04-01

    Full Text Available This research-work uses a survey which comes from three different countries in ASEAN region i.e Indonesian, Thiland and Malaysian. This work integrate whole data from above all countries to examine whether firms that do corporate governance practising will pay higher dividends. This study has two issues: how regulation of stock exchange affects good corporate governance and how corporate governance affects value of the firm. Using OLS regression, our finding shows that good corporate governance practices has positive sign to dividend pay out. Our finding may contribute to corporate governance literature.First, result finding support Jensen’s (1986 that states free csah flow not reduce dividends pay out. Second, integrating emprical model from three different countires in ASEAN region.

  13. Board diversity and corporate voluntary disclosure (CVD in the annual reports of Bangladesh

    Directory of Open Access Journals (Sweden)

    Md. Abdur Rouf

    2016-10-01

    Full Text Available This is an exploratory study designed to investigate the extant and nature of corporate voluntary disclosure (CVD in corporate annual reports of Bangladesh. Specifically, examine the relationship between board diversity and corporate voluntary disclosures. The paper is based on a sample of 106 listed non-financial companies in Dhaka Stock Exchanges (DSE from the period 2007-2011 and all the companies are selected by Judgment Sampling. The study is used ordinary least squares regression model to examine the relationship between explanatory variables and voluntary disclosure. Using an unweighted relative disclosure index for measuring voluntary disclosure, the empirical results indicate that Percentage Female Director (PFD, Board Leadership Structure (BLS and Total Assets (TA are positively association with corporate voluntary disclosure (CVD. In contrast, the extent of corporate voluntary disclosure is negatively associated with a Percentage of equity owned by the insiders to all equity of the firm higher management ownership

  14. Do More Economists Hold Stocks?

    DEFF Research Database (Denmark)

    Christiansen, Charlotte; Joensen, Juanna Schröter; Rangvid, Jesper

    A unique data set enables us to test the hypothesis that more economists than otherwise identical investors hold stocks due to informational advantages. We confirm that economists have a significantly higher probability of participating in the stock market than investors with any other education......, even when controlling for several background characteristics. We make use of a large register-based panel data set containing detailed information on the educational attainments and various financial and socioeconomic variables. We model the stock market participation decision by the probit model...

  15. Determinants of corporate dividend policy in Indonesia

    Science.gov (United States)

    Lestari, H. S.

    2018-01-01

    This study aims to investigate the determinants factors that effect the dividend policy. The sample used in this research is manufacture companies listed in Indonesia Stock Exchange (IDX) and the period 2011 - 2015. There are independent variables such as earning, cash flow, free cash flow, debt, growth opportunities, investment opportunities, firm size, largest shareholder, firm risk, lagged dividend and dividend policy used as dependent variable. The study examines a total of 32 manufacture companies. After analyzing the data using the program software Eviews 9.0 by multiples regression analysis reveal that earning, cash flow, free cash flow, firm size, and lagged dividend have significant effect on dividend policy, whereas debt, growth opportunities, investment opportunities, largest shareholder, and firm risk have no significant effect on dividend policy. The results of this study are expected to be implemented by the financial managers in improving corporate profits and basic information as return on investment decisions.

  16. Corporate dentistry in 2032?

    Science.gov (United States)

    Watson, Michael

    2012-07-01

    During the last 20 years, there has been considerable growth in the number of dental practices owned by corporate bodies. At present, well over 800 practices are owned by such bodies and they employ over 3000 dentists. This paper describes the factors that have led to this growth and explores the advantages and disadvantages of 'corporate' dentistry for patients, dentists, and the dental team. It then considers how and why dental practice may change over the next 20 years and concludes that by 2032 the small one-dentist practice may well be in the past. It is likely that smaller practices will have to work in some form of association if they are to survive. Although their current model is unstable, corporates are likely to adapt to a changing environment. By 2032, in some cases, dentistry may well be taken out of its conventional setting, into supermarkets or a school environment.

  17. The Politicization of Corporations

    DEFF Research Database (Denmark)

    Garsten, Christina; Sörbom, Adrienne

    to influence policymakers at all levels of government and international institutions as an adjunct to the firm’s market strategies. This paper brings to the fore the role of corporations in the World Economic Forum (WEF), and how firms act through the WEF to advance their interests, financial as well......This paper departs from an interest in the involvement of business leaders in the sphere of politics, in the broad sense. At a general level, we are seeing a proliferation of usages of non-market corporate strategies, such as testimony, lobbying, interlocking of positions and other means...... as political. What is the role of business in the WEF, and how do business corporations advance their interests through the WEF? Empirically we depart from ethnographic field studies of the World Economic Forum, drawing on observations from WEF-events and interviews with participants and organizers. We propose...

  18. The Effect of Managerial Ability on Future Stock Price Crash Risk: Evidence from Korea

    Directory of Open Access Journals (Sweden)

    Soo Yeon Park

    2017-12-01

    Full Text Available This study examines the effect of managerial ability on subsequent stock price crash risk using listed firm data in Korea. Compared to some financially advanced countries, the influence of managers is particularly more powerful in Korea, as ownership and management are not effectively separate in most Korean firms. In addition, we considered the effect of large business groups called Chaebol, which is family-run conglomerates with unique corporate governance system that hugely affect the Korean economy. It is important to recognize determinants of the stock price crash risk which would result in doubt on going concern to enhance the company’s sustainable management. Hence, this study focuses on the managerial ability as one of the main factors of the stock price crash risk. We use the measures of firm-specific stock price crash risk based on Hutton et al. (2009. Managerial ability is estimated through a Data Envelopment Analysis (DEA and tobit regressions following Demerjian et al. (2012. From the empirical tests, there is a negative association between managerial ability and stock price crash risk. This suggests that managers with a higher ability release more voluntary disclosure to signal their ability, ultimately lowering the subsequent stock price crash risk. We also find that firms in large business groups, Chaebol, weaken the negative association between managerial ability and subsequent stock price crash risk.

  19. Corporate Stakeholding and Globalism

    DEFF Research Database (Denmark)

    Lauesen, Linne Marie

    2016-01-01

    , the global warming, the disasters of global consumerism in terms of the collapse of the Rana Plaza factory in the fashion industry, are examples of how the stakeholder concept cannot continue to be defined as narrow as corporations usually does. The butterfly effect of globalism has shown to be – yes, global...... how to revise the stakeholder concept according to corporate responsibility, company stakeholding and globalism. It points to shortcomings in various global trade systems such as banking, fashion and IT markets, and through these it suggests and discusses a new way of defining the stakeholder concept...

  20. Leibniz on Corporeal Substance

    Directory of Open Access Journals (Sweden)

    Peeter Müürsepp

    2016-10-01

    Full Text Available As an idealist, Gottfried Wilhelm Leibniz could not recognize anything corporeal as substantial. However, under the influence of Cartesian terminology, he devoted considerable effort to analysing the corporeal world, while not recognizing its real substantiality of course. Leibniz took the concept of substance from Plato, Aristotle and the scholastics, but developed it in two ways. It is a well-known fact that Leibniz introduced the term ‘corporeal substance’ in his letter to Antoine Arnauld dated to October 1687. In the letter, Leibniz understands an object of nature, like an animal or a plant, as ‘corporeal substance’. In the very same letter, Leibniz introduces the terms ‘indivisibility’ and ‘phenomenon’. Every corporeal substance can be real only as a unity, i.e. by being indivisible. Such entity must have a soul or at least an entelechy. In an opposite case, that entity would not be a real unity but just a phenomenon. No corporeal entity is indivisible and therefore not a substance. The paper aims at introducing Leibniz’s distinction between substances and phenomena and taking a closer look at the historicalphilosophical influences Leibniz experienced while developing his views of the corporeal world. Aristotle and Descartes will receive most of the attention, of course, as the concepts of ‘entelechy’ and ‘hylomorphism’ were introduced by the former, and the understanding of corporeal substance as determined by extension alone is part of the latter. The core of the original critique by Leibniz takes off from the properties of the continuum as well as the nature of shape, motion and extension. The case of continuum will receive special attention. It is analysed with the help of the novel approaches by Samuel Levey and Vassil Vidinsky. Leibniz was critical about our poor understanding of the continuum but his own interpretation of it was not fully consistent either. Although the new developments enable us to take a

  1. Corporate plan 1989

    International Nuclear Information System (INIS)

    1988-12-01

    The paper presents the United Kingdom Science and Engineering Research Council's second Corporate Plan 1989. The Corporate Plan comprises statements of the current objectives of the Astronomy and Planetary Science Board, the Engineering Board, the Nuclear Physics Board, the Atmospheric Sciences and Computing Centre, along with a discussion of the mechanisms for their attainment. The Annex contains a description of some scientific highlights between 1985-1989, as well as a review of progress between 1984-5 to 1987-8. (U.K.)

  2. IOC-state-corporate nexus: corporate diplomacy and the olympic ...

    African Journals Online (AJOL)

    corporate diplomacy'. Corporate diplomacy recognises that while nation-states remain key players in international relations, there has been a gradual shift in influence from the public to the private, and from the national to the transnational realms.

  3. The Royal Treasury of the Kingdom of Majorca during the War of the Spanish Succession (1701-1715

    Directory of Open Access Journals (Sweden)

    Eduardo PASCUAL RAMOS

    2014-02-01

    Full Text Available The royal treasury of the kingdom of Majorca during the War of the Spanish Succession suffered an economic downturn caused mainly by its logistical contribution to the war. This article shows the evolution of the taxation carried out by the Royal Treasury of Majorca during the war, and is divided into three parts. The first one is a description of the Royal Treasury as an institution. The second one analyses revenues and expenses and shows the evolution of the institution’s finances during the conflict. The third part is a general inventory of the royal accounts during the war.

  4. Stocks low, marketers confident

    Energy Technology Data Exchange (ETDEWEB)

    Mantho, M. [ed.

    1997-01-01

    This has been a nerve wracking season as we looked at inadequate inventory spurring prices ever upward. We have watched the American Petroleum Association`s figures on refiner stocks with considerable dismay as they consistantly fell behind year ago inventory. The anxiety extended to how much oil was in marketers` bulkplants and finally in customer tanks. And so, we asked our reporting panel to help us get a fix on how much oil was available for our customers. We asked the questions in early November and so all our figures are for that month. First we asked the capacity of their bulk tanks. And then how many gallons they had on hand November 1, 1996 and the same date of 1995. From these figures, we were able to get estimates of oil inventories. Marketers bulk tanks were 47.5% filled on November 1 which meant that there was on hand at this level, 36 gallons of heating oil for each customer. At that point in the season, customer tanks were 58% filled which translated into 218 gallons.

  5. Pair copula constructions to determine the dependence structure of Treasury bond yields

    Directory of Open Access Journals (Sweden)

    Marcelo Brutti Righi

    2015-12-01

    Full Text Available We estimated the dependence structure of US Treasury bonds through a pair copula construction. As a result, we verified that the variability of the yields decreases with a longer time of maturity of the bond. The yields presented strong dependence with past values, strongly positive bivariate associations between the daily variations, and prevalence of the Student's t copula in the relationships between the bonds. Furthermore, in tail associations, we identified relevant values in most of the relationships, which highlights the importance of risk management in the context of bonds diversification.

  6. The transition to electronic communications networks in the secondary treasury market

    OpenAIRE

    Bruce Mizrach; Christopher J. Neely

    2006-01-01

    This article reviews the history of the recent shift to electronic trading in equity, foreign exchange, and fixed-income markets. The authors analyze a new data set: the eSpeed electronic Treasury network. They contrast the market microstructure of the eSpeed trading platform with the traditional voice-assisted networks that report through GovPX. The electronic market (eSpeed) has greater volume, smaller spreads, and a lower estimated trade impact than the voice market (GovPX). ; Appeared ear...

  7. Corporate identity as a factor of corporate security

    OpenAIRE

    Perelygina, Elena

    2011-01-01

    Forming-up of the corporate identity is based on cognitive, affective and conative elements of corporate culture. The group as an entity choosing goals and values ensures a certain response to standards and values of corporate culture within the parameters of its social responsibility. Corporate security as security of community and cooperation acts as a form of organizational and ethical approach to developing socially responsible attitude of government and business.

  8. Corporate Identity as a Factor of Corporate Security

    Directory of Open Access Journals (Sweden)

    Elena B. Perelygina

    2011-01-01

    Full Text Available Forming-upof the corporate identity is based on cognitive, affective and conative elements of corporate culture. The group as an entity choosing goals and values ensures a certain response to standards and values of corporate culture within the parameters of its social responsibility. Corporate security as security of community and cooperation acts as a form of organizational and ethical approach to developing socially responsible attitude of government and business.

  9. Islamic Corporate Social Responsibility, Corporate Reputation and Performance

    OpenAIRE

    Roshayani Arshad; Suaini Othman; Rohana Othman

    2012-01-01

    This study examines the effect of Islamic Corporate Social Responsibility disclosure and on corporate reputation as well as performance. These relationships are examined based on content analysis of of annual reports of 17 Islamic banks in Malaysia for 2008, 2009 and 2010. Results of this study provide evidence that CSR activities communicated in corporate annual reports are significantly positively related with corporate reputation as well as firm performance. These resu...

  10. Corporate Venture Capital in the Context of Corporate Innovation

    OpenAIRE

    Chesbrough, Henry; Tucci, Christopher L.

    2002-01-01

    Corporate venture capital (CVC) programs have followed a strongly cyclical pattern in response to the ebbs and flows of the private and public equity markets. However, the role of these programs inside the firm has received far less study. What role do corporate venture programs play inside large corporations, beyond any financial returns they generate? Do these programs substitute for more traditional corporate investments, such as R&D spending, perhaps outsourcing some portion of a compa...

  11. Stock Market Index Computer Programs.

    Science.gov (United States)

    Rowley, Eric

    1986-01-01

    Provides two computer programs, written in BASIC, to calculate average stock market price levels. The programs allow students to work directly from the raw price data that appear daily in the financial news. Teaching suggestions are provided. (JDH)

  12. EFFECT OF CORPORATE GOVERNANCE INDEX ON DIVIDEND POLICY: AN INVESTIGATION OF TEXTILE INDUSTRY OF PAKISTAN

    Directory of Open Access Journals (Sweden)

    Safdar Husain Tahir

    2016-03-01

    Full Text Available This study observed empirically the impact of corporate governance index on dividend payout policy by using the data of seventeen textile firms listed in Karachi Stock Exchange. The data covered the five years period from 2009 to 2013. The data were gathered from financial statements of all the sample firms. Multiple regression models were used to check the impact of corporate governance on dividend policy. No effect of corporate governance index on firm dividend policy was found, and the largest shareholders also had no impact on dividend pay-out policy. The association between payout policy and stock value was found to be significant positive. Gross profit margin and operating profit margin had significant positive impact on firm’s dividend payout policy. There is a significant correlation between firm performance and payout policy.

  13. 12 CFR 725.5 - Capital stock.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Capital stock. 725.5 Section 725.5 Banks and... ADMINISTRATION CENTRAL LIQUIDITY FACILITY § 725.5 Capital stock. (a) The capital stock of the Facility is divided... or hypothecated except to the Facility. (b) The capital stock subscriptions provided for in §§ 725.3...

  14. Based on BP Neural Network Stock Prediction

    Science.gov (United States)

    Liu, Xiangwei; Ma, Xin

    2012-01-01

    The stock market has a high profit and high risk features, on the stock market analysis and prediction research has been paid attention to by people. Stock price trend is a complex nonlinear function, so the price has certain predictability. This article mainly with improved BP neural network (BPNN) to set up the stock market prediction model, and…

  15. THEORETICAL AND PRACTICAL APPROACHES REGARDING THE ADOPTION OF CORPORATE GOVERNANCE CODES

    Directory of Open Access Journals (Sweden)

    Sorin Nicolae Borlea

    2013-09-01

    Full Text Available In the European Union, the concept of corporate governance began to emerge more clearly after 1997, when most countries have however, voluntarily adopted corporate governance codes. The impulse of adopting these codes consists in the financial scandals related to the failure of the British companies listed on the stock exchange. Numerous scandals involving big companies such as Enron, WorldCom, Parmalat, Xerox, Merrill Lynch, Andersen and so on, conduct to a lack of investors’ confidence. These crises that have started to alarm governments, supervisory authorities, companies, investors and even the general public because of the fragility of the corporate governance’s system, highlight the need to rethink its structures. The process of adapting the corporate governance provisions in order to ensure transparency, responsibility and fair treatment of shareholders has resulted in the development of Corporate Governance Principles by the Organization for Economic Cooperation and Development (OECD. In order to asses these principles, it has started to identify the common elements of codes, one the most effective practice models of governance. Once the benefits of corporate governance practices have been understood and assimilated by the developed country, the developing countries (also Romania have begun to adopt "the best practices" in corporate governance, especially because this need is acutely felt in the changes required by the transition to a market economy. Our article describes the origins of the corporate governance, the concept and evolution of the corporate governance code at an international level, European level and also at a Romanian level.

  16. The integration of corporate governance in corporate social responsibility disclosures

    NARCIS (Netherlands)

    Kolk, A.; Pinkse, J.

    2010-01-01

    In recent years, not only has attention to corporate governance increased but also the notion has broadened considerably, and started to cover some aspects traditionally seen as being part of corporate social responsibility (CSR). CSR, corporate governance and their interlink seem particularly

  17. Corporate culture: It's impact on corporate life and business ...

    African Journals Online (AJOL)

    It is worthy of note that every corporation has a corporate culture and several subcultures, both strongly impacting on the work behaviour of management strategists and business policy makers. Again, every corporation also has goals and objectives which represent the purpose for its formation. Strategy is the means ...

  18. Governança corporativa: nível de evidenciação das informações e sua relação com a volatilidade das ações do Ibovespa Corporate governance: information disclosure level and its relation with the stock price volatility on Ibovespa

    Directory of Open Access Journals (Sweden)

    Mara Jane Contrera Malacrida

    2006-08-01

    Full Text Available Este estudo busca analisar se o nível de evidenciação de informações contábeis, apresentadas pelas empresas componentes do Ibovespa, influencia a volatilidade do retorno de suas ações quando negociadas na Bolsa de Valores de São Paulo, pois se espera que empresas com maior nível de evidenciação apresentem menor volatilidade dos retornos de suas ações. Para efetuar a análise entre o nível de evidenciação e a volatilidade do retorno das ações, fez-se necessária a coleta das informações publicadas por 42 empresas pertencentes ao Ibovespa, através dos relatórios anuais referentes ao exercício de 2002. Após segregar essas companhias em 3 grupos distintos, de acordo com seus níveis específicos de evidenciação, foram aplicados testes estatísticos com o propósito de se verificar a existência de diferenças significativas entre o nível de evidenciação das empresas e a volatilidade do retorno das suas ações. Este estudo caracteriza-se como empírico-analítico, e as análises possibilitaram a constatação de que as empresas com maior nível médio de evidenciação das informações contábeis apresentam menor volatilidade média dos retornos das ações; as empresas com menor nível médio de evidenciação das informações contábeis apresentam maior volatilidade média dos retornos das ações. Com isso, verifica-se que maior nível médio de evidenciação resulta em menor volatilidade média dos retornos das ações.This empirical-analytical study investigates the role of accounting as a source of information to the Brazilian capital market. It aims to verify whether the accounting disclosure level provided by Brazilian entities is related to the volatility of their share prices on Bovespa (Brazilian Stock Exchange. Entities with greater accounting disclosure level are expected to present lower volatility of their stock returns. To analyze the relation between disclosure level and stock price volatility, we

  19. Persistent collective trend in stock markets.

    Science.gov (United States)

    Balogh, Emeric; Simonsen, Ingve; Nagy, Bálint Zs; Néda, Zoltán

    2010-12-01

    Empirical evidence is given for a significant difference in the collective trend of the share prices during the stock index rising and falling periods. Data on the Dow Jones Industrial Average and its stock components are studied between 1991 and 2008. Pearson-type correlations are computed between the stocks and averaged over stock pairs and time. The results indicate a general trend: whenever the stock index is falling the stock prices are changing in a more correlated manner than in case the stock index is ascending. A thorough statistical analysis of the data shows that the observed difference is significant, suggesting a constant fear factor among stockholders.

  20. Relationship Among Political Instability, Stock Market Returns and Stock Market Volatility

    Directory of Open Access Journals (Sweden)

    Irshad Hira

    2017-08-01

    Full Text Available This study investigated the relationship of political instability with the stock prices. Results of the study indicated the negative relationship of stock prices with political instability. Moreover, results of suggested that instable political system ultimately leads decline in stock prices. Inflation has shown negative relationship with stock prices whereas, industrial production and Exports have positive relationship with stock prices.

  1. Relationship Among Political Instability, Stock Market Returns and Stock Market Volatility

    OpenAIRE

    Irshad Hira

    2017-01-01

    This study investigated the relationship of political instability with the stock prices. Results of the study indicated the negative relationship of stock prices with political instability. Moreover, results of suggested that instable political system ultimately leads decline in stock prices. Inflation has shown negative relationship with stock prices whereas, industrial production and Exports have positive relationship with stock prices.

  2. Estimating uncertainty of data limited stock assessments

    DEFF Research Database (Denmark)

    Kokkalis, Alexandros; Eikeset, Anne Maria; Thygesen, Uffe Høgsbro

    2017-01-01

    Many methods exist to assess the fishing status of data-limited stocks; however, little is known about the accuracy or the uncertainty of such assessments. Here we evaluate a new size-based data-limited stock assessment method by applying it to well-assessed, data-rich fish stocks treated as data......-limited. Particular emphasis is put on providing uncertainty estimates of the data-limited assessment. We assess four cod stocks in the North-East Atlantic and compare our estimates of stock status (F/Fmsy) with the official assessments. The estimated stock status of all four cod stocks followed the established stock...... assessments remarkably well and the official assessments fell well within the uncertainty bounds. The estimation of spawning stock biomass followed the same trends as the official assessment, but not the same levels. We conclude that the data-limited assessment method can be used for stock assessment...

  3. Essential Corporate Bankruptcy Law

    NARCIS (Netherlands)

    Couwenberg, Oscar; Lubben, Stephen J.

    2015-01-01

    This article begins from a simple observation: Chapter 11 of the United States Bankruptcy Code is the global standard for corporate restructuring, but at the same time it is a far more complex procedure than most jurisdictions seem to require. This observation begs the question what parts of a

  4. Corporate Social Responsibility

    African Journals Online (AJOL)

    Republic of the Congo (DRC) and its surrounding areas by purchasing minerals ... 20th century, CSR models grew alongside the expanding power of globalised ... beyond the shareholders who conventionally exercised total control over corporate decisions. The theory may provide a way for everyone to get involved.

  5. Corporate Training in Museums

    Science.gov (United States)

    Causey, Adera

    2011-01-01

    Museums often court corporate audiences through special event rentals and development and promotional partnerships. But we rarely approach them as potential adult learners. In overlooking them, we miss the potential of reaching a large number of often novice museum participants who can gain from gallery learning and develop a relationship with our…

  6. Fostering Corporate Entrepreneurship

    African Journals Online (AJOL)

    business concept, reorganization, and the introduction of system-wide changes for innovation. (p.63) Hornsby et al. (2002). Corporate entrepreneurship centers on re-energ1zmg and enhancing the ability of a firm to acquire innovative skills and capabilities (p.255). Analysis of the definitions given by different authors ...

  7. Media in Corporate Training.

    Science.gov (United States)

    Vaughan, Ted W.

    1981-01-01

    Reports the results of a survey on the design, development, production, and utilization of media in business training programs. In-house production is described, as well as the types of media most used by corporations, problems with outside vendors, and future directions of media development. (BK)

  8. Contractual Corporate Governance

    NARCIS (Netherlands)

    Goergen, M.; Renneboog, L.D.R.

    2008-01-01

    Companies have the choice to deviate from their national corporate governance standards by opting into another system. They can do so via contractual devices – such as cross-border mergers and acquisitions, (re)incorporations, and cross-listings – which enable firms to choose their preferred level

  9. Corporate social responsibility

    Directory of Open Access Journals (Sweden)

    Arsić Zoran

    2011-01-01

    Full Text Available Corporate Social Responsibility (CSR is a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. Definition emphasizes three basic characteristics of CSR. CSR is voluntary concept, it covers environmental issues and interaction with stakeholders, not only shareholders, is taken into account.

  10. Trends in corporate greening

    DEFF Research Database (Denmark)

    Madsen, Henning; Ulhøi, John Parm

    , if a general change of attitude has taken place in the business community or if companies just comply with the required minimum standard set by legislation. Based on a series of surveys this paper reports on the trends in implementing corporate environmental management in Danish industry up till the entrance...... of the new millennium in order to indicate how practice has evolved....

  11. Corporate governance through codes

    NARCIS (Netherlands)

    Haxhi, I.; Aguilera, R.V.; Vodosek, M.; den Hartog, D.; McNett, J.M.

    2014-01-01

    The UK's 1992 Cadbury Report defines corporate governance (CG) as the system by which businesses are directed and controlled. CG codes are a set of best practices designed to address deficiencies in the formal contracts and institutions by suggesting prescriptions on the preferred role and

  12. Fostering Corporate Entrepreneurship

    African Journals Online (AJOL)

    Corporate entrepreneurship is a powerful source for change and innovation, fostering creativity and a constant search for ... creating new businesses in established companies through product and process innovations and ... The innovation of products, services and processes and the formation of new business enterprises.

  13. Corporate ergonomics programme at Volvo Car Corporation.

    Science.gov (United States)

    Munck-Ulfsfält, Ulla; Falck, Annki; Forsberg, Anette; Dahlin, Christer; Eriksson, Anders

    2003-01-01

    One of Volvo Car Corporation's core values is "Environmental Care". Volvo Cars has a tradition of attention to the work environment and has over the years developed a working environment management system, an organisational strategy for the participation of everyone, a working environment policy, standards/specifications and methods for efficient practical performance. The Production Ergonomics Project is an example of this. In order to achieve results in ergonomics one has to work comprehensively, which means working with the product, the process, the workplace, the individuals and the work organisation. The key to success is to train all categories concerned in load ergonomics and to perform methodical ergonomic work through the whole chain from design to production.

  14. Strategic Leadership of Corporate Sustainability

    DEFF Research Database (Denmark)

    Strand, Robert

    2014-01-01

    Strategic leadership and corporate sustainability have recently come together in conspicuously explicit fashion through the emergence of top management team (TMT) positions with dedicated corporate sustainability responsibilities. These TMT positions, commonly referred to as 'Chief Sustainability...

  15. Investigating the effect of tax costs on accounting conservatism: Evidence from Tehran Stock Exchange

    Directory of Open Access Journals (Sweden)

    Mohammad Reza Asgari

    2014-01-01

    Full Text Available The purpose of this paper is to study the effect of the tax expenses on accounting conservatism on firms listed on Tehran Stock Exchange. In this study to measure the conservatism accruals is used to test the research hypotheses based on the information gathered from 61 firms listed on Tehran Stock Exchange over the period 2004-2009. Findings indicate that the relationship between conservatism accounting and corporate tax burden was positive and significant. In addition, firms with high book-tax conformity had higher motivation to use the conservative accounting to reduce their tax payments.

  16. An Assessment of Theories Underlying the Operations of the Nigerian Stock Market

    Directory of Open Access Journals (Sweden)

    Chris O. Udoka

    2014-07-01

    Full Text Available This paper aimed at determining the theories and approaches that inform the operational efficiency of the Nigerian stock market, considering the economic, financial, political and environmental factors inducing shareholder behaviour in the market. Taking a desk review of the theories, against the wealth maximization expectations of investors, the paper notes that due to imperfections in the Nigerian stock market, certain policies are clearly unsuitable in informing shareholder behaviour and corporate managements’ relationship with them. Due to the several factors affecting dividend policy such as legal constraints, funding needs, control issue, debt obligation, investment opportunity, inflation, shareholders expectations etc, good planning must be put in place.

  17. 12 CFR 925.20 - Stock purchase.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 7 2010-01-01 2010-01-01 false Stock purchase. 925.20 Section 925.20 Banks and... BANKS Stock Requirements § 925.20 Stock purchase. (a) Minimum stock purchase. Each member shall purchase stock in the Bank in which it is a member in an amount equal to the greater of: (1) $500; (2) 1 percent...

  18. Hybrid Corporate Performance Prediction Model Considering Technical Capability

    Directory of Open Access Journals (Sweden)

    Joonhyuck Lee

    2016-07-01

    Full Text Available Many studies have tried to predict corporate performance and stock prices to enhance investment profitability using qualitative approaches such as the Delphi method. However, developments in data processing technology and machine-learning algorithms have resulted in efforts to develop quantitative prediction models in various managerial subject areas. We propose a quantitative corporate performance prediction model that applies the support vector regression (SVR algorithm to solve the problem of the overfitting of training data and can be applied to regression problems. The proposed model optimizes the SVR training parameters based on the training data, using the genetic algorithm to achieve sustainable predictability in changeable markets and managerial environments. Technology-intensive companies represent an increasing share of the total economy. The performance and stock prices of these companies are affected by their financial standing and their technological capabilities. Therefore, we apply both financial indicators and technical indicators to establish the proposed prediction model. Here, we use time series data, including financial, patent, and corporate performance information of 44 electronic and IT companies. Then, we predict the performance of these companies as an empirical verification of the prediction performance of the proposed model.

  19. Corporate governance mechanisms and intellectual capital

    Directory of Open Access Journals (Sweden)

    Francisca Tejedo-Romero

    2017-07-01

    Full Text Available Purpose – The purpose of this paper is to identify the corporate governance characteristics of Spanish companies included in the Ibex35 stock price index that influence the voluntary information disclosure policy regarding their Intellectual Capital. Design/methodology/approach – The methodology used was content analysis of 115 annual reports from 23 Ibex35 companies over five years; this allowed for the development of an index to quantify Intellectual Capital information. Findings – Based on Agency-Stakeholders Theory postulates, the main results reveal that companies that disclose most information about their Intellectual Capital are those in which managers have greater managerial ownership, fewer independent directors, separation of functions between the chairman and the chief executive, and larger Boards of Directors. Originality/value – With this study, we contribute to agency-stakeholder theory by analyzing a non-Anglo-Saxon market (characterized by strong executive power and low protection of minority shareholders and other stakeholders, stating that certain characteristics of Corporate Governance condition the disclosure of Intellectual Capital.

  20. 26 CFR 1.852-6 - Records to be kept for purpose of determining whether a corporation claiming to be a regulated...

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Records to be kept for purpose of determining whether a corporation claiming to be a regulated investment company is a personal holding company. 1.852-6 Section 1.852-6 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME...

  1. Corporal Punishment and the Schools.

    Science.gov (United States)

    Bauer, Gordon B.; And Others

    1990-01-01

    In order to understand and evaluate the continued prevalence of corporal punishment in school systems, this article reviews the following topics: (1) historical issues; (2) current demographics and correlates; (3) the effectiveness of corporal punishment in school settings; (4) myths; (5) alternatives to corporal punishment; and (6) social policy.…

  2. REFORMING CORPORATE GOVERNANCE IN ETHIOPIA ...

    African Journals Online (AJOL)

    milkii

    Federal Democratic Republic of Ethiopia (FDRE) Ministry of Justice is revising the Commercial .... 15 Malla Praveen Bhasa, Global Corporate Governance: Debates and Challenges, Corporate. Governance: The .... 38 Steve Letza et al, Corporate Governance Theorizing: Limits, Critics And Alternatives. International Journal ...

  3. Corporate Governance, CSR og menneskerettigheder

    DEFF Research Database (Denmark)

    Buhmann, Karin

    2005-01-01

    Artiklen diskuterer om der findes en forbindelse mellem Corporate Governance og Corporate Social Responsibility i forhold til menneskerettigheder. Det konkluderes, at en sådan forbindelse findes, i hvert fald i forhold til arbejdstagerrettigheder og dele af forholdet til eksterne stakeholdere....... Menneskeretsaspekter i Good (Public) Governance fungerer som udgangspunkt for identifikation af menneskerettighedselementer i Corporate Governance...

  4. Corporate Governance Country Assessment : Egypt

    OpenAIRE

    World Bank

    2004-01-01

    This report provides an updated assessment of Egypt's corporate governance policy framework, enforcement and compliance practices. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Egypt. In recent years there have been a number of major reforms, mostly...

  5. Behavioral corporate governance : four empirical studies

    NARCIS (Netherlands)

    van der Laan, G.

    2009-01-01

    This thesis consists of studies of corporate governance from a behavioral perspective. The chapters are about trust between chief executive officers (CEOs) and board chairpersons, asymmetric effects of corporate social responsibility on corporate financial performance, compliance with corporate

  6. Executive Remuneration and Corporate Governance in the Contemporary UK Corporation.

    OpenAIRE

    Pugla, Varun

    2007-01-01

    Executive remuneration has attracted much attention from investors, financial economists, regulators, the media and the public at large. For the past 20 years the subject of executive remuneration was dominated by stock based compensation. Annual bonuses as a component in executive remuneration were relatively neglected. In the current scenario stock based compensation has started loosing its importance due to complexities involved and slow progress in stock markets. Companies have now starte...

  7. Pengaruh Corporate Social Responsibility Disclosure Dan Environmental Performance Terhadap Economic Performance Pada Perusahaan Manufaktur Yang Terdaftar Di Bursa Efek Indonesia

    OpenAIRE

    Saputri, Novitasari; Heriningsih, Sucahyo

    2012-01-01

    This research is aimed to examine effect Corporate Social Responsibility(CSR) Disclosure and EnvironmentalPerformance on Economic Performance.This research used Corporate Social Responsibility Index (CSDI) asmeasure of CSR, Proper Index as measure of Environmental Performance and Return on Equity (ROE) asmeasure of Economic Performance. The samples of this research are 11 manufactur firms listed at IndonesianStock Exchange year 2006 until 2009. The research hyphotesis were tested using mu...

  8. 76 FR 22336 - Controlled Groups; Deferral of Losses

    Science.gov (United States)

    2011-04-21

    ... members may have the effect of eliminating an intercompany loss with respect to a corporation's stock. For... solvent corporation. S sells 30 percent of T's stock at a loss to B, the common parent of the consolidated... and Treasury Department believe that S's loss on the sale or exchange of T stock should be deferred...

  9. Effect on Value Earnings Management Company with Good Corporate Governance Practices as Moderating Variable

    Directory of Open Access Journals (Sweden)

    Yuniarti Emylia

    2017-01-01

    Full Text Available Firm value reflects the size of the stock market reaction to the company. Increasing the value of the company is an achievement that suitable with the desire of the owner, because as the value of the company increasing as well the welfare of the owner. Earnings management has an influence on the value of the company. Good Corporate Governance to be one way to eliminate the management engineering efforts specifically to make regulations with the requirement for the companies to disclose certain information mandatorily and voluntarily. This research will discuss the influence of earnings management on company value, the effect of Corporate Governance on company value directly, and the effect of Corporate Governance as a moderating variable from the influence of earnings management and firm value. Data analysis technique used in this research is a descriptive data analysis method, analysis model and classical assumption check because this research aims to determine the effect of earnings management, company value and Corporate Governance on Enterprise State-owned Enterprises listed on the Indonesia Stock Exchange. The results of this study are earnings management negatively affect the value of the company, corporate governance itself has no effect on firm value, but as a moderating variable of corporate governance affect earnings management effect on firm value.

  10. What stock market returns to expect for the future?

    Science.gov (United States)

    Diamond, P A

    2000-01-01

    In evaluating proposals for reforming Social Security that involve stock investments, the Office of the Chief Actuary (OCACT) has generally used a 7.0 percent real return for stocks. The 1994-96 Advisory Council specified that OCACT should use that return in making its 75-year projections of investment-based reform proposals. The assumed ultimate real return on Treasury bonds of 3.0 percent implies a long-run equity premium of 4.0 percent. There are two equity-premium concepts: the realized equity premium, which is measured by the actual rates of return; and the required equity premium, which investors expect to receive for being willing to hold available stocks and bonds. Over the past two centuries, the realized premium was 3.5 percent on average, but 5.2 percent for 1926 to 1998. Some critics argue that the 7.0 percent projected stock returns are too high. They base their arguments on recent developments in the capital market, the current high value of the stock market, and the expectation of slower economic growth. Increased use of mutual funds and the decline in their costs suggest a lower required premium, as does the rising fraction of the American public investing in stocks. The size of the decrease is limited, however, because the largest cost savings do not apply to the very wealthy and to large institutional investors, who hold a much larger share of the stock market's total value than do new investors. These trends suggest a lower equity premium for projections than the 5.2 percent of the past 75 years. Also, a declining required premium is likely to imply a temporary increase in the realized premium because a rising willingness to hold stocks tends to increase their price. Therefore, it would be a mistake during a transition period to extrapolate what may be a temporarily high realized return. In the standard (Solow) economic growth model, an assumption of slower long-run growth lowers the marginal product of capital if the savings rate is constant

  11. GENERAL METHOD OF STOCKS AUDIT

    Directory of Open Access Journals (Sweden)

    Iryna Galushchak

    2017-03-01

    Full Text Available The article deals with the organization and methodology of accounting and auditing inventory enterprises. Suggestions for improvement of accounting permit to raise processing and presenting economic information to a higher level for making the economic and management decisions. Theory and practice problems of stocks audit were investigated. The basic directions of improvement of  stock audit were defined. The auditor can form an opinion about the state of business transactions of accounting of goods, define shortcomings in its organization and possible directions of elimination of violations and abuses. Program of audit of operations accounting with stocks should include the investigation of the preservation of property, valuation and posting costs, correct evaluation of purchased tangible assets, using of stocks in production. It is worth  to use techniques and methods of verification such as inventory, comparative control,  comparison of documentary evidence, counter check, check arithmetic for  audit of goods. Keywords: audit, stocks, activities of the company.

  12. 78 FR 66803 - Fee Schedule for the Transfer of U.S. Treasury Book-Entry Securities Held on the National Book...

    Science.gov (United States)

    2013-11-06

    ... Transfer of U.S. Treasury Book-Entry Securities Held on the National Book-Entry System AGENCY: Bureau of... (Treasury) is announcing a new fee schedule applicable to transfers of U.S. Treasury book-entry securities maintained on the National Book-Entry System (NBES) that occur on or after January 2, 2014. DATES: Effective...

  13. 77 FR 67062 - Fee Schedule for the Transfer of U.S. Treasury Book-Entry Securities Held on the National Book...

    Science.gov (United States)

    2012-11-08

    ... DEPARTMENT OF THE TREASURY Fiscal Service Fee Schedule for the Transfer of U.S. Treasury Book-Entry Securities Held on the National Book-Entry System AGENCY: Bureau of the Public Debt, Fiscal... fee schedule applicable to transfers of U.S. Treasury book-entry securities maintained on the National...

  14. 75 FR 67807 - Fee Schedule for the Transfer of U.S. Treasury Book-Entry Securities Held on the National Book...

    Science.gov (United States)

    2010-11-03

    ... DEPARTMENT OF THE TREASURY Fiscal Service Fee Schedule for the Transfer of U.S. Treasury Book-Entry Securities Held on the National Book-Entry System Authority: 31 CFR 357.45. AGENCY: Bureau of the...) is announcing a new fee schedule applicable to transfers of U.S. Treasury book-entry securities...

  15. 76 FR 68523 - Fee Schedule for the Transfer of U.S. Treasury Book-Entry Securities Held on the National Book...

    Science.gov (United States)

    2011-11-04

    ... DEPARTMENT OF THE TREASURY Fiscal Service Fee Schedule for the Transfer of U.S. Treasury Book-Entry Securities Held on the National Book-Entry System AGENCY: Bureau of the Public Debt, Fiscal... fee schedule applicable to transfers of U.S. Treasury book-entry securities maintained on the National...

  16. 31 CFR 380.3 - What collateral may I pledge if I am a Treasury Tax and Loan depositary under 31 CFR part 203...

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false What collateral may I pledge if I am...) FISCAL SERVICE, DEPARTMENT OF THE TREASURY BUREAU OF THE PUBLIC DEBT COLLATERAL ACCEPTABILITY AND VALUATION Acceptable Collateral and Its Valuation § 380.3 What collateral may I pledge if I am a Treasury...

  17. 31 CFR 19.645 - Do other Federal agencies know if the Department of the Treasury agrees to a voluntary exclusion?

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 1 2010-07-01 2010-07-01 false Do other Federal agencies know if the Department of the Treasury agrees to a voluntary exclusion? 19.645 Section 19.645 Money and Finance: Treasury... Principles Relating to Suspension and Debarment Actions § 19.645 Do other Federal agencies know if the...

  18. A new corporate governance

    Directory of Open Access Journals (Sweden)

    Ion Bucur

    2015-12-01

    Full Text Available The issue of corporate governance has become increasingly important as globalisation has begun to accelerate and the economic and financial turmoil have intensified. Post-crisis context has imposed the need to expand the prospects for analysis over governance and companies, as well as the need to identify new ways of administration and resource management. From this perspective, the author aims to highlight the conditions, factors and events that have generated profound changes within the business environment, while the analysis is focusing on contemporary changes in the systems of corporate governance and economic mutations, especially in terms of the companies. The establishment of new governance rules is demanding a theoretical approach based on new methodological requirements which are needed to reform theoretical foundations and to promote creative and effective shapes and governance systems.

  19. Corporate Social Responsibility

    DEFF Research Database (Denmark)

    Liempd, Dennis van; Warming-Rasmussen, Bent; Abild-Nielsen, Jens

    2007-01-01

    Målet med denne artikel er at klargøre, at der findes forskellige teoretiske tilgange til ansvarlig leverandørstyring og Corporate Social Responsibility (i det følgende kaldt CSR). Endvidere er det målet at belyse, at området er i kraftig udvikling og forventes at få øget betydning for revisor i...... ansvarlig leverandørstyring og CSR. I artiklen konkluderes følgende: - at udviklingen i Corporate Social Responsibility indikerer, at etik er den mest betydende faktor (driver); (jf. afsnit 1)- at etik som primær driver vil betyde, at virksomheden vil gå ud over lovens minimumkrav, og stræbe efter de...

  20. Determinants of corporate dividend policy: evidence from romanian listed companies

    Directory of Open Access Journals (Sweden)

    Cristea Ciprian

    2017-01-01

    Full Text Available Although there is a vast literature that has investigated the dividend policies of firms from developed countries, relatively little research has been published exploring the dividend policies of firms from emerging countries. The literature regarding establishing the relationship between dividend policy and the attributes of non-financial companies listed on Romanian stock market, to the best of our knowledge, remains inexistent. The aim of this study is to identify the main factors influencing dividend policy for the non-financial companies listed on the Bucharest Stock Exchange for a period of ten years from 2007 to 2016. In order to achieve this aim, panel data were collected from the listed companies’ reports and financial statements. The study reveals that dividend policy is positively related to corporate profitability and liquidity and negatively associated with leverage, size, growth, and the state of the economy.

  1. Corporate Foresight at Cisco

    DEFF Research Database (Denmark)

    Rohrbeck, René; Bøe-Lillegraven, Siri

    Cisco Systems traditional innovation model is challenged. It is no longer possible to simply scout for promising start-ups, integrate them and grow them globally to succeed. This case describes the challenge faced by Cisco to create a comprehensive and systematic strategic foresight system that s...... that shall be tied into technology strategy and corporate business development. The case elaborates on the process and the best practices in the introduction of the Cisco Technology Radar approach....

  2. Industrial Analytics Corporation

    Energy Technology Data Exchange (ETDEWEB)

    Industrial Analytics Corporation

    2004-01-30

    The lost foam casting process is sensitive to the properties of the EPS patterns used for the casting operation. In this project Industrial Analytics Corporation (IAC) has developed a new low voltage x-ray instrument for x-ray radiography of very low mass EPS patterns. IAC has also developed a transmitted visible light method for characterizing the properties of EPS patterns. The systems developed are also applicable to other low density materials including graphite foams.

  3. Time and Corporeality

    Directory of Open Access Journals (Sweden)

    Anna Hogenová

    2014-07-01

    Full Text Available The text emphasizes the difference between Aristotelian and Heideggerian concepts of time in relation to the issue of corporeality and sport. Čas a tělesnost Tento text zdůrazňuje rozdíl mezi aristotelským a heideggerovským pojmem času ve vztahu k tématu tělesnosti a sportu.

  4. Corporate governance in India

    OpenAIRE

    Chakrabarti, Rajesh; Megginson, William L.; Yadav, Pradeep K.

    2007-01-01

    This study describes the Indian corporate governance system and examines how the system has both supported and held back India's ascent to the top ranks of the world's economies. While on paper the country's legal system provides some of the best investor protection in the world, enforcement is a major problem with slow, over-burdened courts and significant corruption. Ownership remains concentrated and family business groups continue to be the dominant business model. There is significant py...

  5. Strategic Corporate Social Responsibility

    OpenAIRE

    Planer-Friedrich, Lisa; Sahm, Marco

    2017-01-01

    We examine the strategic use of Corporate Social Responsibility (CSR) in imperfectly competitive markets. The level of CSR determines the weight a firm puts on consumer surplus in its objective function before it decides upon supply. First, we consider symmetric Cournot competition and show that the endogenous level of CSR is positive for any given number of firms. However, positive CSR levels imply smaller equilibrium profits. Second, we find that an incumbent monopolist can use CSR as an en...

  6. Corporate identity design Innovation

    OpenAIRE

    Costa, Carlos Casimiro da; Fernandes, António Augusto; Medeiros, Albertina

    2009-01-01

    Corporate identity, as a tool for identifying an interactive structure trough visual depict representation in particular, the creativity domains, where is possible to explore an innovative knowledge through systemic perspective. Innovation has origin in the exploration of creativity and in the capacity to connect the dots (Jobs, Steve), usually suspended asleep or that belong to our internal/external scenery. Most of the individuals interpret creativity as a generic procedure, something whic...

  7. Corporate creativity and innovation

    OpenAIRE

    Ericsson, Camilla; Dahlby, Tove

    2009-01-01

    This essay discusses organizational culture and focus on corporate creativity and innovation. The aim is to see which organizational factors that foster creativity and innovation in organizations. The essay will provide answer on how organizational culture can encourage creativity and innovation and how organizations can promote the rise of a creative work environment. The research design of this essay is a qualitative case study with interviews at Gotland Energi AB (GEAB). The interviews pro...

  8. Corporate Social Innovation

    OpenAIRE

    Elle, Cæcilie; Forsberg, Aske Dedenroth; Toudahl Hansen, Lasse; van Deurs Formann Jensen, Camilla; Osmundsen, Bjarke; Schaumburg, Iben Cathrine

    2013-01-01

    This project illustrates how Danish companies can combine social responsibility and profit through innovation, and how it affects business legitimacy. In this context we use the concept of Corporate Social Innovation (CSI) to describe the dynamic flows within this field. The companies are motivated to incorporate CSI due to general tendencies and circumstances, though they are confronted with different challenges. The analysis illustrates, on behalf of an analysis of six Danish companies, th...

  9. Legal Basis of the Treasury System in Local Governments in the Second Republic of Poland

    Directory of Open Access Journals (Sweden)

    Anna Tarnowska

    2013-12-01

    Full Text Available The author of the article presents the legal basis of the treasury system of the local government during the period of so called Second Republic of Poland (1918–1939 i.e. “interwar period”. The author indicates a discrepancy between systems of the former Russian, Prussian and Austrian districts, aside from the autonomous Silesian Voivodeship created in 1920, and numerous issues distinctive for process of unification, not actually successful solved until 1939. The basic provisions were provided for in Provisional settlement of communal finances Act from 1923, amended several times and officially valid until the post-war years. The matter of local budgets has been standardized in the President`s Decree from 1924 concerning obligations and procedure of covering expenditures of local governments. Nevertheless, given regulations constituted a complicated, overextended and casual system.

  10. STIMULATING PARTICIPATIVE COMMUNICATION IN THE MINAS GERAIS SECRETARY OF THE TREASURY

    Directory of Open Access Journals (Sweden)

    Nildes Pitombo Leite

    2010-06-01

    Full Text Available Contemporary communication theory favors participation and collective development of meaning. This paper seeks to analyze the forces that favor and inhibit the participative management of communication in the Minas Gerais Treasury Secretary. This is an organizational case study which involved a total of 464 employees at five different hierarchical levels and supervisory candidates. Participants were asked to describe organizational changes which would facilitate participatory communication. In addition to our survey, we analyzed the secretariat’s website. We applied content analysis to both the employee responses and the website analysis. The main categories of analysis were the management of communication and change. Our results suggest that participative communication involves multiple dimensions—institutional, instrumental, structural, and relational, which vary across hierarchical layers. An understanding of these dynamics has implications for managers who seek to implement participative organizational change.

  11. Liquidity Shocks, Market Maker Turnover, and Bidding Behavior in Treasury Auctions

    DEFF Research Database (Denmark)

    Gonzalez-Eiras, Martin; Rudiger, Jesper

    2017-01-01

    We use bid data from Argentinian Treasury bill auctions from 1996 to 2000 to study how banks' balance sheet and past performance affect bidding behavior. Exploiting variation in regulations for market making activity we show that when banks fear losing their market maker status, they bid more...... aggressively. They also bid more aggressively for existing securities that are reissued when the regulation tightens the requirements for secondary market participation. Consistent with regulations which imply that auctioned securities are not a prime source of liquidity, we find that banks which face...... liquidity needs bid less aggressively for them. A novel implication of our results is that in institutional settings that feature turnover of market makers, bidding behavior should be modeled in a dynamic setting. We introduce a dynamic model and show that static estimates over-predict true valuations when...

  12. The Ring Monstrance from the Loreto treasury in Prague: handheld Raman spectrometer for identification of gemstones.

    Science.gov (United States)

    Jehlička, Jan; Culka, Adam; Baštová, Markéta; Bašta, Petr; Kuntoš, Jaroslav

    2016-12-13

    A miniature lightweight portable Raman spectrometer and a palm-sized device allow for fast and unambiguous detection of common gemstones mounted in complex jewels. Here, complex religious artefacts and the Ring Monstrance from the Loreto treasury (Prague, Czech Republic; eighteenth century) were investigated. These discriminations are based on the very good correspondence of the wavenumbers of the strongest Raman bands of the minerals. Very short laser illumination times and efficient collection of scattered light were sufficient to obtain strong diagnostic Raman signals. The following minerals were documented: quartz and its varieties, beryl varieties (emerald), corundum varieties (sapphire), garnets (almandine, grossular), diamond as well as aragonite in pearls. Miniature Raman spectrometers can be recommended for common gemmological work as well as for mineralogical investigations of jewels and cultural heritage objects whenever the antiquities cannot be transported to a laboratory.This article is part of the themed issue 'Raman spectroscopy in art and archaeology'. © 2016 The Author(s).

  13. Research on energy stock market associated network structure based on financial indicators

    Science.gov (United States)

    Xi, Xian; An, Haizhong

    2018-01-01

    A financial market is a complex system consisting of many interacting units. In general, due to the various types of information exchange within the industry, there is a relationship between the stocks that can reveal their clear structural characteristics. Complex network methods are powerful tools for studying the internal structure and function of the stock market, which allows us to better understand the stock market. Applying complex network methodology, a stock associated network model based on financial indicators is created. Accordingly, we set threshold value and use modularity to detect the community network, and we analyze the network structure and community cluster characteristics of different threshold situations. The study finds that the threshold value of 0.7 is the abrupt change point of the network. At the same time, as the threshold value increases, the independence of the community strengthens. This study provides a method of researching stock market based on the financial indicators, exploring the structural similarity of financial indicators of stocks. Also, it provides guidance for investment and corporate financial management.

  14. An Empirical Analysis of Stock Market Development and Economic Growth: The Case of Macedonia

    Directory of Open Access Journals (Sweden)

    Lazarov Darko

    2016-12-01

    Full Text Available This paper has two goals. The first goal is to investigate the influence of stock market development on economic growth for a group of 14 transition economies from the Central and South-East European (CSEE region in the period 2002-2012, while the second is to analyze the main characteristics and specificities of the stock market in the Republic of Macedonia. To fulfil the first goal, we apply panel regression models (fixed and random effects and a dynamic panel model (Generalized Method of Moments – GMM, while we use a single country approach and comparative analysis to examine the main characteristics of the Macedonian stock market. The estimated results indicate that stock market development is positive and significantly correlated with economic growth. Additionally, the comparative analysis of the stock market in the Republic of Macedonia suggests that the Macedonian stock market is still underdeveloped and faces a number of challenges before it can enter a new phase of development after the negative impact of the global financial crisis. Those challenges include capital market regional integration and the harmonization of legal and institutional frameworks such as bankruptcy procedures, accounting and reporting standards, public sector regulatory bodies, corporate governance and a liberalized trade regime.

  15. CASH FINANCIAL FLOWS PERFORMANCE ON THE OCCASION OF COLLECTING STATE TREASURY BUDGETARY CLAIMS

    Directory of Open Access Journals (Sweden)

    RISTI LUCIA

    2015-07-01

    Full Text Available The present paper analyzes the financial flows caused by the collection of taxes and other budget payments from businesses or other legal entities and individuals who have accounts with commercial banks, fact which amends the volume and structure of the execution of public funds, on the whole of public Treasury. The current legislation in Romania establishes the obligation for operators and other taxpayers to pay on their own initiative the debts they have to the state1 , otherwise, Ministry of Finance bodies2 are entitled and even obliged to undertake forced pursuing these state budget rights applying forced tracking forms to concerned taxpayers which are provided by law. In this respect, based on the information provided by its own accounting or tax decisions passed by the tax bodies; taxpayers, individuals or legal entities, submit payment documents whether to commercial banks where they have opened accounts or to operational units of Treasuries, if they have open available accounts ere, payment documents for their debts to the state and, all those transactions are subject to this research. Along with the cash settlement, the settlement of cashless payments for operators and other taxpayers who have bank accounts with commercial banks in order to pay their debts to the state, these can be achieved in three ways: on their own initiative; on the basis of payment documents deposited with commercial banks where they have opened their accounts on their own initiative; at the customs facilities in the case of import operations regarding state budget obligations connected to the nature of customs duties, excise duties, value added tax and; thirdly, on the tax authorities or customs initiative by forced tracking on the available accounts or other property of the debtor taxpayers.

  16. Do Earthquakes Shake Stock Markets?

    Science.gov (United States)

    Ferreira, Susana; Karali, Berna

    2015-01-01

    This paper examines how major earthquakes affected the returns and volatility of aggregate stock market indices in thirty-five financial markets over the last twenty years. Results show that global financial markets are resilient to shocks caused by earthquakes even if these are domestic. Our analysis reveals that, in a few instances, some macroeconomic variables and earthquake characteristics (gross domestic product per capita, trade openness, bilateral trade flows, earthquake magnitude, a tsunami indicator, distance to the epicenter, and number of fatalities) mediate the impact of earthquakes on stock market returns, resulting in a zero net effect. However, the influence of these variables is market-specific, indicating no systematic pattern across global capital markets. Results also demonstrate that stock market volatility is unaffected by earthquakes, except for Japan.

  17. Stock price prediction using geometric Brownian motion

    Science.gov (United States)

    Farida Agustini, W.; Restu Affianti, Ika; Putri, Endah RM

    2018-03-01

    Geometric Brownian motion is a mathematical model for predicting the future price of stock. The phase that done before stock price prediction is determine stock expected price formulation and determine the confidence level of 95%. On stock price prediction using geometric Brownian Motion model, the algorithm starts from calculating the value of return, followed by estimating value of volatility and drift, obtain the stock price forecast, calculating the forecast MAPE, calculating the stock expected price and calculating the confidence level of 95%. Based on the research, the output analysis shows that geometric Brownian motion model is the prediction technique with high rate of accuracy. It is proven with forecast MAPE value ≤ 20%.

  18. PENGARUH KINERJA KEUANGAN TERHADAP NILAI PERUSAHAAN DENGAN PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY SEBAGAI VARIABEL PEMODERASI

    Directory of Open Access Journals (Sweden)

    Sigit Hermawan

    2014-12-01

    Full Text Available Tujuan penelitian ini adalah untuk menguji pengaruh kinerja keuangan (ROA terhadap nilai perusahaan dan menguji pengaruh alokasi biaya corporate social responsibility (CSR dalam memoderasi hubungan kinerja keuangan terhadap nilai perusahaan makanan dan minuman yang terdaftar di Bursa Efek Indonesia (BEI. Analisis data dalam penelitian ini menggunakan metode regresi berganda untuk mengetahui pengaruh variabel-variabel yang terkait dalam penelitian. Hasil penelitian adalah secara parsial variabel kinerja keuangan (return on asset tidak berpengaruh secara signifikan terhadap nilai perusahaan. Selanjutnya secara parsial variabel corporate social responsibility mampu memoderasi hubungan kinerja keuangan terhadap nilai perusahaan. The purpose of this study is to examine the effect of financial performance (ROA toward the corporate value and to examine the effect of cost allocation of corporate social responsibility (CSR in moderating the relationships of financial performance toward the corporate value of food and beverage companies listed in Indonesia Stock Exchange (IDX. In the analysis of the data, multiple regression analysis is used to determine the effect of the variables involved in this study. The results of the study show that partially financial performance (Return on Assets does not significantly affect the corporate value. Furthermore, corporate social responsibility is able to partially moderate the effect of the financial performance relationship toward corporate value.

  19. The impact of oxygen consumption by the shrimp Litopenaeus vannamei according to body weight, temperature, salinity and stocking density on pond aeration: a simulation = Impacto do consumo de oxigênio do camarão Litopenaeus vannamei em relação ao peso corporal, temperatura, salinidade na aeração do viveiro: uma simulação

    Directory of Open Access Journals (Sweden)

    Luis Vinatea

    2011-04-01

    Full Text Available A simulation was conducted to determinate the impact caused by thecombination of Litopenaeus vannamei respiratory rate (mg O2 shrimp-1 h-1, the behavior of SOTR (kg O2 h-1 of mechanical aerators as a function of salinity, as well as the oxygen consumption rate of the pond water and soil (mg O2 L-1 h-1 on the aeration of shrimp ponds (1, 10, 50 and 100 ha stocked with different densities (10, 40 and 120 shrimp m-2, salinities (1, 13, 25 and 37 ppt, temperatures (20, 25 and 30°C, and shrimp wet weight (5, 10, 15 and 20 g. Results showed that under lower salinity, with larger shrimp, and higher stocking density, higher will be the quantity of required 2-HP aerators to keep dissolved oxygen over 50% saturation. In addition, under low salinity, with 5 and 10 g shrimp, independent of stocking density, more aerators per hectare are required and electricity cost is higher at 20°C and salinity 1 ppt. Less aerators and lower electricity cost was observed at 30°C, salinities of 25 and 37 ppt, and shrimp of 15 and 20 g. Baseado em estudos de respiração de Litopenaeus vannamei (mg O2 camarão-1 h-1, comportamento do Standard Oxygen Transfer Rate (SOTR, kg O2 h-1 de aeradores mecânicos em função da salinidade, assim como as taxas de respiração da água e do solo (mg O2 L-1 h-1, uma simulação foi realizada a fim de determinar o impacto que estas três variáveis juntas têm sobre a aeração de viveiros (1, 10, 50 e 100 ha, estocados com diferentes densidades (10, 40 e 120 camarões m-2 em salinidades de 1, 13, 25 e 37 ppm, temperaturas de 20, 25 e 30°C e peso úmido dos camarões de 5, 10, 15 e 20 g. Os resultados mostraram que em salinidades mais baixas, com animais maiores e maiores densidades de estocagem, maior será a quantidade de aeradores de 2 cvnecessários para manter o oxigênio dissolvido acima de 50% da saturação. Igualmente, em baixas salinidades e com camarões de 5 e 10 g, independente da densidade de estocagem, mais aeradores

  20. The King Reports, Independent Non-Executive Directors and Firm Valuation on the Johannesburg Stock Exchange

    OpenAIRE

    Ntim, Collins G.

    2011-01-01

    South Africa (SA) has pursued corporate governance reforms in the form of the 1994 and 2002 King Reports. This paper examines the association between the presence of independent non-executive directors (INEDs) and market valuation of a sample of 169 firms listed on the Johannesburg Stock Exchange (JSE) in SA from 2002 to 2007. Our results suggest a statistically significant and positive relationship between the presence of INEDs and firm valuation. By contrast, we find no statistically signif...

  1. Stocks, bonds, options, futures, and portfolio insurance: a rose by any other name

    OpenAIRE

    Peter Fortune

    1995-01-01

    Trading volume and open interest in options and futures contracts on stock indices, equities, and interest rate instruments traded on world exchanges have experienced remarkable growth. However, this growth has been accompanied by controversy about the proper role of financial derivatives and the potential for abuse. Prominent attention has been given to losses by major corporations, broker-related short-term mutual funds, and municipal agencies.> The public debate about "derivatives" has pro...

  2. Transnational corporations as 'keystone actors' in marine ecosystems.

    Directory of Open Access Journals (Sweden)

    Henrik Österblom

    Full Text Available Keystone species have a disproportionate influence on the structure and function of ecosystems. Here we analyze whether a keystone-like pattern can be observed in the relationship between transnational corporations and marine ecosystems globally. We show how thirteen corporations control 11-16% of the global marine catch (9-13 million tons and 19-40% of the largest and most valuable stocks, including species that play important roles in their respective ecosystem. They dominate all segments of seafood production, operate through an extensive global network of subsidiaries and are profoundly involved in fisheries and aquaculture decision-making. Based on our findings, we define these companies as keystone actors of the Anthropocene. The phenomenon of keystone actors represents an increasingly important feature of the human-dominated world. Sustainable leadership by keystone actors could result in cascading effects throughout the entire seafood industry and enable a critical transition towards improved management of marine living resources and ecosystems.

  3. Transnational corporations as 'keystone actors' in marine ecosystems.

    Science.gov (United States)

    Österblom, Henrik; Jouffray, Jean-Baptiste; Folke, Carl; Crona, Beatrice; Troell, Max; Merrie, Andrew; Rockström, Johan

    2015-01-01

    Keystone species have a disproportionate influence on the structure and function of ecosystems. Here we analyze whether a keystone-like pattern can be observed in the relationship between transnational corporations and marine ecosystems globally. We show how thirteen corporations control 11-16% of the global marine catch (9-13 million tons) and 19-40% of the largest and most valuable stocks, including species that play important roles in their respective ecosystem. They dominate all segments of seafood production, operate through an extensive global network of subsidiaries and are profoundly involved in fisheries and aquaculture decision-making. Based on our findings, we define these companies as keystone actors of the Anthropocene. The phenomenon of keystone actors represents an increasingly important feature of the human-dominated world. Sustainable leadership by keystone actors could result in cascading effects throughout the entire seafood industry and enable a critical transition towards improved management of marine living resources and ecosystems.

  4. Corporate governance in Balkan financial institution, case of Albania

    Directory of Open Access Journals (Sweden)

    Rezart Dibra

    2013-06-01

    this paper is to make such connections and ground the policy debate on scientific evidence. The Corporate Governance in banks is one of the most important discussions overall the world, being reinforced especially after the crises period. It is related with the sensitive situation and the stage of developments of the local economy and moreover with the impact of the crises that is still ongoing. As an answer, during late 2008 and beginning 2009, it has been noticed a fast reaction and total focus from all banks on building (if missing and improving their structures of Corporate Governance. The liquidity problems suddenly affecting the banking sector constrained Banks to enlarge their activities / operations and forced them in better evaluating their investments. The importance of a strong financial sector in impacting the country’s economy growth through both level of banking development and stock market liquidity (Levine and Sara Zervos 1996, 1998 is quite evident even in the developing countries. Moreover, Peter Rousseau and Watchel (2000 findings’ confirm the positive impact of the stock market activity and the banking development. For this reason the governments in the developing countries are insisting in increasing credits of banks towards the private firms. The banking system in Bulgaria, Romania, Serbia and Albania has certain similarities in terms of development stage, related with the economic growth rate as well. The banking system, there is operating for more than 100 years instead of 15-20 years of development in the remaining countries.

  5. The Essential Elements of Corporate Law. What is Corporate Law?

    OpenAIRE

    Armour, John; Hansmann, Henry; Kraakman, Reinier

    2017-01-01

    This article is the first chapter of the second edition of “The Anatomy of Corporate Law: A Comparative and Functional Approach”, by Reinier Kraakman, John Armour, Paul Davies, Luca Enriques, Henry Hansmann, Gerard Hertig, Klaus Hopt, HidekiKanda and Edward Rock (Oxford University Press, 2009). The book as a whole provides a functional analysis of Corporate (or Company) Law in Europe, the U.S., and Japan. Its organization reflects the structure of Corporate Law throughout all jurisdictions, w...

  6. Corporate environmental responsibility – a key determinant of corporate reputation

    OpenAIRE

    Cristina Ganescu; Laura Dindire

    2014-01-01

    This paper aims to determine the trend of the relationship between corporate environmental responsibility and corporate reputation by focusing on a study of the European automotive sector. The starting point of our research is content analysis of the sustainability or social responsibility reports published in 2010, 2011, and 2012 by 13 businesses operating in the European automotive industry. Content analysis was carried out in order to identify the indicators used to assess corporate enviro...

  7. PERBEDAAN PENGUNGKAPAN CORPORATE SOCIALRESPONSIBILITY DAN NILAI PERUSAHAAN ANTARA PERUSAHAAN DENGAN MANAJEMEN LABA TINGGI DAN RENDAH

    Directory of Open Access Journals (Sweden)

    Muhamad Yulio Horison

    2015-12-01

    Full Text Available This research aimed to determine whether corporate social responsibility disclosures and the value of the firm in each mining company listed on Indonesia Stock Exchange (BEI in 2012 differ between firm with high and lower earnings management. The corporate social responsibility disclosures measured using corporate social disclosure index (CSDI based on Global Reporting Initiative (GRI reporting standard items which were disclosed in companies annual report while the value of the firm was measured using Tobin’s Q Model. Earnings management was measured by discretionary accruals used in The Khotari et. al. Model (2005. The sample consisted of 36 mining companies listed on BEI in 2012. Data analysis used in this research was Mann-Whitney U Test. The result of this research indicated that there was difference of corporate social responsibility disclosures between firms with high and lower earnings management. While for the value of the firm, there was no difference between firms with high and lower earnings management.

  8. The relationship between Corporate Social Responsibility and Corporate Financial Performance in developing countries. Case of Egypt

    Directory of Open Access Journals (Sweden)

    Adham Genedy

    2017-07-01

    Full Text Available This study explores and tests the relationship between corporate social responsibility (CSR and corporate financial performance (CFP in developing countries, focusing mainly to examine the financial aspects of high vs low-ranked firms in the CSR Index in Egypt for eight consecutive years (excluding 2011 because of its special situation due to instability caused by the revolution. Moreover, this study empirically examines different financial ratios for 18 firms listed in Egyp-tian Stock Exchange EGX 30 for eight years, 2007 – 2015. Using the Standard and Poor’s index (S&P/EGX ESG Index to measure the CSR, and using accounting based measures (from Egypt for information Dissemination (EGID database and the Cairo and Alexandria Stock Exchange Disclosure book. This study’s purpose is to find the suitable measures of the CFP along with CSR, as well as, the relationship between them, to conclude whether CSR is beneficial for compa-nies or not. The main question here is: What is the type and significance of the relationship be-tween CSR and the CFP in Egypt? the ANOVA analysis was chosen and used on both compa-ny’s CSR and CFP variables, also constructed a Pearson Correlation between CSR and CFP va-riables and examined the multiple regression model to discriminate between the CFP of high and low-ranked firms in the CSR Index and recognize the type and significance of the relationship be-tween CSR and CFP. The results show that CSR has a positive significant relation with the CFP. The paper has implications for enhancing the understanding of performance management by understanding the relationship between CSR and CFP.

  9. PENGARUH BOARD DIVERSITY TERHADAP NILAI PERUSAHAAN DALAM PERSPEKTIF CORPORATE GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Sari Kusumastuti

    2007-01-01

    Full Text Available Board diversity is one the issue related to corporate governance. Board diversity shall influence Board of Directors composition. In this research, board diversity is measured by 5 variables, i.e. women in board, minority race availability, outsider directors, age, and educational background, with board and company measurement control variables. Company value is measured by utilizing Tobin's Q ratio. The research samples are taken from 48 manufacturing companies listed at Jakarta Stock Exchange in 2005. This research shows that board diversity members influencing to company value. Abstract in Bahasa Indonesia : Persebaran anggota dewan (board diversity merupakan salah satu isu yang terkait dengan corporate governance. Board diversity akan mempengaruhi komposisi dewan direksi yang nantinya akan mempengaruhi implementasi corporate governance. Dalam penelitian ini, board diversity diukur dengan 5 variabel, yaitu keberadaan dewan direksi wanita, keberadaan etnis Tionghoa dalam anggota dewan (sebagai proksi dari minoritas, proporsi outside directors, usia anggota dewan direksi, dan latar belakang pendidikan anggota dewan, dengan ukuran dewan dan ukuran perusahaan sebagai variabel kontrol. Sedangkan nilai perusahaan diukur dengan menggunakan rasio Tobin's Q. Sampel penelitian ini adalah 48 perusahaan manufaktur yang terdaftar di Bursa Efek Jakarta pada tahun 2005. Hasil penelitian menunjukkan bahwa persebaran anggota dewan (board diversity berpengaruh terhadap nilai perusahaan. Kata kunci: persebaran aggota dewan, corporate governance, nilai perusahaan, tobin's Q.

  10. PENGARUH PENGUNGKAPAN CORPORATE SOCIAL RESPONSIBILITY TERHADAP EARNING RESPONSE COEFFICIENT

    Directory of Open Access Journals (Sweden)

    MI Mitha Dwi Restuti

    2012-03-01

    Full Text Available Tujuan penelitian ini adalah untuk mengetahui pengaruh negatif pengungkapan Corporate Sosial Responsibility (CSR disclosure terhadap Earning Response Coefficient (ERC. Alat analisis yang digunakan dalam penelitian ini menggunakan metode analisis regresi berganda.Sampel yang digunakan adalah sebanyak 150 perusahaan yang terdaftar pada Bursa Efek Indonesia pada tahun 2010. Berdasarkan hasil penelitian ditemukan bahwa pengungkapan Corporate Social Responsibility tidak berpengaruh terhadap Earning Response Coefficient (ERC. Hal ini dapat dikatakan bahwa investor belum memperhatikan informasi-informasi sosial yang diungkapkan dalam laporan tahunan perusahaan sebagai informasi yang dapat mempengaruhi investor dalam melakukan keputusan investasi. Investor masih mengganggap informasi laba lebih bermanfaat dalam menilai perusahaan dan dianggap lebih mampu memberikan informasi untuk mendapatkan return saham yang diharapkan oleh investor dibandingkan dengan informasi sosial yang diungkapkan oleh perusahaan.The purpose of this study is to determine the negative effect of Corporate Social Responsibility disclosure (CSR disclosure of Earnings Response Coefficient (ERC. Multiple regressions were used to analyze the data. The samples were 150 companies listed on the Indonesia Stock Exchange in 2010. Based on the research, the result was the disclosures of Corporate Social Responsibility did not influence Earning Response Coefficient (ECR. It can be said that investors did not pay attention to social information that was disclosed in the company’s annual report as information that could affect investors in making investment decisions. Investor did not consider sosial information; they only consider profit information to assess the company value and their investment return

  11. THE INFLUENCE OF CORPORATE SPECIFIC FACTORS UPON FINANCING DECISIONS

    Directory of Open Access Journals (Sweden)

    Lacatus Viorel-Dorin

    2013-07-01

    Full Text Available The purpose of this paper is to analyze the existing theories for the capital structure of a corporation and to determine the factors that influence the financing decisions of Romanian corporations. The gearing ratios vary a lot among Romanian corporations pointing out the fact that the internal specific factors are the ones with a greater impact upon their capital structure, and not the external factors. Our empiric research evaluates the determining factors for the debt ratio (total debt/total assets of some Romanian corporations, focusing on its explanatory variables by including them within simple and multiple econometric models. The panel data indicators computed for the companies in the Cluj area listed on the Bucharest Stock Exchange were evaluated with the OLS and FEM techniques.The results have been interpreted, pointing out that company size and asset turnover seem to have a positive influence upon the debt ratio of selected companies, while profitability and liquidity seem to influence the debt ratio of selected companies negatively.

  12. Corporate marketing: Apocalypse, advent and epiphany

    OpenAIRE

    Balmer, JMT

    2009-01-01

    Purpose - this paper aims to explain the nature and relevance of corporate marketing and details the antecedents of the territory. Corporate marketing is a marketing and management paradigm which synthesises practical and theoretical insights from corporate image and reputation, corporate identity, corporate communications and corporate branding, among other corporate-level constructs. Design/methodology/approach – via the adoption of a quadrivium; a traditional classical, four-part, app...

  13. Stock Market Expectations of Dutch Households.

    Science.gov (United States)

    Hurd, Michael; van Rooij, Maarten; Winter, Joachim

    2011-04-01

    Despite its importance for the analysis of life-cycle behavior and, in particular, retirement planning, stock ownership by private households is poorly understood. Among other approaches to investigate this puzzle, recent research has started to elicit private households' expectations of stock market returns. This paper reports findings from a study that collected data over a two-year period both on households' stock market expectations (subjective probabilities of gains or losses) and on whether they own stocks. We document substantial heterogeneity in financial market expectations. Expectations are correlated with stock ownership. Over the two years of our data, stock market prices increased, and expectations of future stock market price changes also increased, lending support to the view that expectations are influenced by recent stock gains or losses.

  14. Intermarket Technical Research of the U.S. Capital Markets and the Czech Stock Market Performance

    Directory of Open Access Journals (Sweden)

    Jana Vychytilová

    2014-01-01

    Full Text Available Globalization of the capital markets increasingly leads the investors to understand the fundamentals and technicals of asset cross-correlations and the global asset allocation seems to be an important task. The paper measures product momentum correlations between the four leading global benchmarks Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index, 30-Year U.S. Treasury Bond Price index and Dollar Index and between these indices and the Czech stock PX index. Empirical results illustrate that statistically significant correlations between U.S. indices existed over some past period at the 95.0% confidence level. In addition, the significant relation between indices Standard & Poor’s stock index, Thomson Reuters/Jefferies CRB index and the Czech stock market PX during the past fifteen years has been detected. These conclusions were reached from an analysis of monthly data in the United States and the Czech Republic, from January 1999 to April 2014. The empirical results offer beneficial applications not only for investors to diversify their risk but also for policy-makers to allocate resources more efficiently.

  15. Oil risk in oil stocks

    NARCIS (Netherlands)

    Scholtens, Bert; Wang, L

    2008-01-01

    We assess the oil price sensitivities and oil risk premiums of NYSE listed oil & gas firms' returns by using a two-step regression analysis under two different arbitrage pricing models. Thus, we apply the Fama and French (1992) factor returns in a study of oil stocks. In all, we find that the return

  16. ---Stock Market Devpt in Ethiopia

    African Journals Online (AJOL)

    Jetu_E_Ch

    many developing countries. In this respect, the challenges squarely recline on designing the legal frameworks capable of protecting the investor, preventing systemic crises and promoting the market they govern.3. In the Ethiopian context, the historical development of stock market traces its roots back to the Imperial period.

  17. Dispositional optimism and stock investments

    NARCIS (Netherlands)

    Angelini, Viola; Cavapozzi, D.

    This paper analyzes the relationship between dispositional optimism and stock investments, controlling for cognitive skills and personality traits such as trust, social interactions and risk aversion. We use data from the Survey of Health, Ageing and Retirement in Europe (SHARE) on investors aged

  18. Solow Residuals Without Capital Stocks

    DEFF Research Database (Denmark)

    Burda, Michael C.; Severgnini, Battista

    2014-01-01

    We use synthetic data generated by a prototypical stochastic growth model to assess the accuracy of the Solow residual (Solow, 1957) as a measure of total factor productivity (TFP) growth when the capital stock in use is measured with error. We propose two alternative measurements based on current...

  19. Future of corporate capitalism

    Energy Technology Data Exchange (ETDEWEB)

    Kristol, I.

    1977-01-01

    To help counter the new populist movement (fairly represented by Ralph Nader) toward overregulation of the private sector, privately owned public utilities and energy companies must publicly defend their institutions, advocates I. Kristol, editor of The Public Interest. To be accepted by the public, this defense must assume an adversary stance that includes a willingness to fight indefinitely - not to engage in conventional institutional approaches that merely (1) buy media advertising to merely assure the public that their corporation is concerned and involved, (2) set out to give the public an education in economics, or (3) undertake symbolic action in such projects as saving the inner city. All of the above may show that such companies are compassionate and concerned but will not give them a good reputation or change the climate of opinion with regard to business or the large corporation. Before politicians will accede to a reasonable request, they now have to be assured that it is acceptable to public opinion. Some strategies are especially useful for utilities. Stockholder-owned utilities are in an especially strong position to fight but have usually fought weakly, if at all. Even if the utility were to be municipalized or nationalized, the stockholders and bondholders are likely to get fairer treatment in the courts for compensation than historically under regultion. Utilities can have a lot of leverage on politicians and public opinion if they would mobilize their stockholder, itemize every government tax (including real-estate taxes) on customers' bills, and bridge the academic-business-world gulf by including college professors (not just college presidents) on corporate boards.

  20. The market efficiency in the stock markets

    OpenAIRE

    Yang, Jae-Suk; Kwak, Wooseop; Kaizoji, Taisei; Kim, In-mook

    2007-01-01

    We study the temporal evolution of the market efficiency in the stock markets using the complexity, entropy density, standard deviation, autocorrelation function, and probability distribution of the log return for Standard and Poor's 500 (S&P 500), Nikkei stock average index, and Korean composition stock price index (KOSPI). Based on the microscopic spin model, we also find that these statistical quantities in stock markets depend on the market efficiency.