摘要:

AbstractThis paper addresses the taxation of foreign source income from the perspective of a multinational firm. It demonstrates how differences in home country fiscal regimes of multinational firms can lead to variations in the cost of transferring cash resources across the borders of national jurisdictions. In the framework of international production theory, it shows how the home country fiscal regime can be a source of ownership advantage when the firm creates an appropriate network of assets, liabilities and equity. Taxation is the link between some financial decisions to the theory of international production. Observations are taken from the tax calculations of three hypothetical multinational firms.

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1994.tb00043.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

AbstractIn this study, we find that seasonal return patterns differ from that implied by risk premiums in three emerging Asian markets; namely, Hong Kong, Korea and Taiwan. Positive January seasonal returns are found in the Hong Kong and Taiwan markets, while positive February seasonal returns are also found in Taiwan. These findings suggest that investors should place their money in these markets during January but not for the months of June and December in Korea, and for the months of May and November in Taiwan. Corporate managers should also be aware of the need to adjust for such seasonal variations when they use market data to evaluate the risk premium or required rate of return for projects in these markets. The results also show that the size effect may also be priced in some of these markets.

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1994.tb00044.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

AbstractThis study draws on the national cultural dimensions of power distance, individualism, and Confucian dynamism to predict and explain differences in philosophies for, and approaches to organizational design and management planning and control systems in Australia and the US, representing Anglo‐American nations, and Singapore and Hong Kong, representing the ‘five dragons' of East Asia. Data were gathered by survey questionnaires mailed to senior accounting and finance executives in 800 organizations.The results were largely as predicted and, in general, provide support for the importance of national culture in influencing organizational design and management planning and control systems. In particular, the cultural values of Anglo‐American society relative to East Asian society are associated with a greater emphasis on decentralization and responsibility centres in organizational design, and a greater emphasis on quantitative and analytical techniques in planning and control. By contrast, the cultural values of East Asian society are associated with a greater emphasis on long‐term planning and on group centred decision‐making. The results are important to managers in global organizations who need to understand the cultural bases of observed differences in organizational and management planning and control practices in Anglo‐American and East As

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1994.tb00045.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY

摘要:

AbstractAs former East Bloc countries attempt to move from state‐controlled to market economies they are privatizing their economic enterprises in large numbers. Privatization generally requires the valuation of erstwhile government‐owned assets. This has definite accounting and financial reporting implications particularly if the business entity hopes to attract capital from abroad. Foreign investors are likely to insist on financial information in a form that meets internationally acceptable norms before they provide capital to these businesses. This article looks at the case of a Hungarian company that has privatized recently. It describes the process from the managers' initial decision to ‘go public’ to the final issuance of the shares. It highlights certain practices that, while unusual by Western standards, are important components of the privatization process in Hungary. The Hungarian experience is of particular interest to other former East Bloc countries since Hungary is several years ahead of them on the road to privatization. Lessons learned from the Hungarian experience could assist them better manage their privatization programs. It provides financial managers and academics useful insights into the innovative vehicles for going public that are being developed by countries that have traditionally been perceived as being backward in their accounting and finance pr

ISSN:0954-1314    

DOI:10.1111/j.1467-646X.1994.tb00046.x

出版商:Blackwell Publishing Ltd    

年代:1994

数据来源: WILEY