Accounting Economics and Law-A Convivium最新文献

{"title":"Two Major Economic Crises in the Early Twenty-First Century and their Impact on Central Bank Independence","authors":"Marek A. Dąbrowski","doi":"10.1515/ael-2020-0139","DOIUrl":"https://doi.org/10.1515/ael-2020-0139","url":null,"abstract":"Abstract Two major economic crises in the early twenty-first century have had a serious impact on monetary policy and CB independence. Disruption in financial intermediation and associated deflationary pressures caused by the global financial crisis of 2007–2009 and European financial crisis of 2010–2015 pushed central banks (CBs) in major currency areas towards adoption of unconventional monetary policy measures, including large-scale purchase of government bonds (quantitative easing). The same approach has been taken by CBs in response to the COVID-19 crisis in 2020 even if the characteristics of this crisis differ from the previous one. As a result of both crises, CBs have become major holders of government bonds and de facto – main creditors of governments. Against rapidly deteriorating fiscal balances, CBs have become hostages of fiscal policies, which compromises their independence. Risks to the CB independence also come from their additional mandates (beyond price stability) and populist political pressures.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76108046","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Collection of Taxes from Ultimate Beneficiaries: Russian Regulatory Model","authors":"I. Tsindeliani, M. Egorova, E. Vasilyeva, Inessa V. Bit-Shabo, V. Kikavets","doi":"10.1515/ael-2020-0149","DOIUrl":"https://doi.org/10.1515/ael-2020-0149","url":null,"abstract":"Abstract The problem of aggressive tax optimization and the related issue of liability of individuals who are the ultimate beneficiaries of company’s tax liabilities are becoming more and more regulatory complex. The purpose of the study, implemented using the system-functional method, is to theoretically substantiate the ways to overcome the problems that arise when collecting taxes in favor of the state from the ultimate beneficiaries. The results of the study indicate that the corporate structure cannot fully protect the beneficiary of an enterprise from property liability for committing a tax offense. The study proposes a strategy to improve the efficiency of collection of receivables from real beneficiaries. The results of this study are of great practical importance for the subjects of legislative initiative and practitioners in the field of tax legal relations. If under the conditions of the Russian legal system until 2016 it was practically impossible to prove the informal connection of a company with an actual beneficiary, then as a result of the adoption of Federal Law No. 401-FZ of November 30, 2016, the courts began to take into account any evidence that could become an argument for bringing the ultimate beneficiary to justice. This in turn led to the emergence of controversial issues. For this reason, the authors highlighted the problems arising as a result of law enforcement.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85621945","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Decline of Substance over Form in Accounting","authors":"Dov Fischer, Ortal Ellman, Sholom Schochet","doi":"10.1515/ael-2019-0052","DOIUrl":"https://doi.org/10.1515/ael-2019-0052","url":null,"abstract":"Abstract “Substance over form” is a traditional accounting maxim that has also influenced legal thinking and has its roots in classical philosophy. “Substance over form” states that accountants do not record transactions based on the outward form of the transaction but discern its economic substance and report accordingly. Nevertheless, “substance over form” has been deemphasized by the FASB’s conceptual framework in recent decades, to the point that an internal debate now rages over whether accountants and auditors have a right and responsibility to put substance over form. FASB must therefore make its position clear on where it stands in this debate.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85145049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Board Level Employee Representation and Tax Avoidance in Europe","authors":"S. Vitols","doi":"10.1515/ael-2019-0056","DOIUrl":"https://doi.org/10.1515/ael-2019-0056","url":null,"abstract":"Abstract In part due to recent disclosures of large-scale tax evasion (e.g. Panama Papers), corporate tax avoidance has become a prominent public policy issue around the world. An increasing amount of research on this topic has focused on identifying the determinants of tax avoidance at the company and country level. Many newer studies examine differences in corporate governance as one of these determinants. However, this literature almost entirely neglects the role of board level employee representation (BLER), despite the fact that this form of ‘stakeholder governance’ is widespread in Europe. This paper addresses this gap in the literature by examining the relationship between BLER and tax avoidance at the company level. Two mechanisms are identified through which BLER might influence corporate tax behavior: 1) reduction in agency costs through monitoring and 2) the voting power of workers as board members to enter into coalitions with management and/or shareholders. Based on a sample of 2343 European listed companies between 2012 and 2017, this paper shows that companies with BLER have a higher effective tax rate (ETR) than companies without workers on the board. The analysis suggests that the ability to form coalitions through voting power is a more significant channel for influencing tax behavior than the monitoring mechanism. The policy implications are that governments should consider ‘stakeholder governance’ such as BLER as one measure supporting their efforts to combat tax avoidance.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75983584","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Synthesis of “Economic Transplants: On Lawmaking for Corporations and Capital Markets”","authors":"K. Langenbucher","doi":"10.1515/ael-2019-0061","DOIUrl":"https://doi.org/10.1515/ael-2019-0061","url":null,"abstract":"Abstract Buzzwords such as “economization”, Çalışkan and Callon (2009) 369. “economic imperialism” Lazear (1999). or “the economist’s hour” Appelbaum (2019). denote the fact that during the last century “economics has become the science of making social choices”. Fourcade (2018) 1. In “economic transplants”, Langenbucher (2017) (where the following footnotes list only pages, they reference this book). I explore how this has happened in European corporate and financial markets law. The book’s focus is on legal reasoning, involving both a hypothesis about where economics’ tempting allure may come from, and an argument on why the underlying disciplinary approaches of law and of economics often don’t necessarily match.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84089066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Relationship between Taxation, Accounting and Legal Forms","authors":"T. Kollruss","doi":"10.1515/ael-2019-0076","DOIUrl":"https://doi.org/10.1515/ael-2019-0076","url":null,"abstract":"Abstract Legal frameworks have an enormous influence on the concrete choice of legal form, especially in (multinational) groups of companies. For example, tax regulations and accounting standards directly influence the legal enterprise’s structure, including the shareholding structures. However, the tax burden must not be understood as a static or a fixed quantity determined in advance. This is because the design or choice of companies’ legal form can also be used as a tool to gain competitive advantages and optimise the tax burden or after-tax profit. Accordingly, the tax-optimising choice of legal form can be used as an instrument for tax planning and internal financing (reduction of tax payments and optimisation of the group tax rate). Therefore, for groups of companies and multinationals, the question that arises is how and within what limits can they make effective use of the cross-border tax rate differential, particularly through structuring their legal form. However, using cross-border tax advantages may be prevented by the controlled foreign corporation (CFC) taxation, called the Anti Tax Avoidance Directive (ATAD), which was introduced in all EU member states from 1 January 2019 onwards due to European law: Art. 7, 8 of Directive 2016/1164 to combat tax avoidance practices. In multinational companies, there is a tension between the tax-optimising choice of legal form, including the structuring of shareholdings, and CFC taxation. It is important to identify the CFC taxation requirements according to ATAD or the respective member state of residence and to avoid these requirements when structuring individual circumstances or investments. An important finding here is that the factual prerequisites for CFC taxation under ATAD are not aligned with the accounting rules, especially controlling interest and control participation. Finally, from an overall perspective, tax-optimised corporate groups’ structure or the legal architecture is not a static variable but an evolving system composed of tax-optimised sub-systems or subgroup structures. This connection between the choice of legal form, shareholding structure and the legal system, tax planning, and tax optimisation in multinational companies is analysed and evaluated based on the Austrian CFC taxation (Sec. 10a CITA) and the German CFC taxation (Sec. 7 FTTA). Furthermore, the implications for companies and society, and the legislator, are highlighted. The article also deals with the relationship between law and tax planning.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84206964","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Frontmatter","authors":"","doi":"10.1515/ael-2021-frontmatter1","DOIUrl":"https://doi.org/10.1515/ael-2021-frontmatter1","url":null,"abstract":"","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75915500","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Code of Capital: How the Law Creates Wealth and Inequality – Core Themes","authors":"Katharina Pistor","doi":"10.1515/ael-2020-0102","DOIUrl":"https://doi.org/10.1515/ael-2020-0102","url":null,"abstract":"Abstract In this brief introduction, I summarize the core themes of my book “The Code of Capital: How the Law Creates Wealth and Inequality”. Capital, I argue, is coded in law – predominantly in a handful of private law institutions. By relying on legal coding techniques, asset holders invoke the right to enforce claims against others, if necessary with the help of the state’s coercive power.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76919185","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Informal Sector, the “implicit” Social Contract, the Willingness to Pay Taxes and Tax Compliance in Zimbabwe","authors":"Favourate Sebele Mpofu","doi":"10.1515/AEL-2020-0084","DOIUrl":"https://doi.org/10.1515/AEL-2020-0084","url":null,"abstract":"Abstract The growth of the informal sector in African countries has largely been viewed as an escape from regulation and deliberate intention to avoid paying taxes and these views have been widely popularised, ignoring significant details to the disadvantage of realistic tax policy design. Zimbabwe adopted a presumptive tax system for various informal sector categories to enlarge the tax base and increase tax revenues mobilised. However, presumptive taxes have not generated significant revenue. Tax compliance in the informal sector has often been studied from the tax structure design, the deterrence model perspective and capacity limitations without paying adequate attention to tax morale. Tax morale can be denoted through the peer effect of the compliance behaviour of other taxpayers, the fulfilment of the psychological social contract, transparency and accountability in the use of tax revenues as well as stakeholder communication, built on mutual trust and respect. In light of these tax morale dimensions, it is evident that tax compliance can never be divorced from the intrinsic motivation to pay taxes. The inextricable link, between tax evasion, tax compliance and tax morale, motivates this study. While previous studies on tax morale have applied single method research approaches, this study adopted a sequential exploratory mixed method research design, combining both qualitative and quantitative (through the use of document reviews, semi-structured interviews and questionnaires) in order to bring a balanced view. The study found out that tax morale was a strong driver of tax evasion and non-tax compliance in the informal sector.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2021-01-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84914080","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exploring the Relevance and Reliability of Fair Value Accounting","authors":"Y. Fukui, Shizuki Saito","doi":"10.1515/ael-2020-0086","DOIUrl":"https://doi.org/10.1515/ael-2020-0086","url":null,"abstract":"Abstract While the FASB had regarded relevance and reliability as two of the most important qualitative characteristics for years, it replaced reliability with faithful representation revising its Concepts Statement No. 2 in 2010. Even if fair values are relevant for the measurement of assets and liabilities, these figures are not necessarily reliable or verifiable. We believe this point is the central message of Ramanna, K. (2022). Unreliable accounts: How regulators fabricate conceptual narratives to diffuse criticism. Accounting, Economics and Law: A convivium forthcoming. The application of fair value measurement has been substantially extended recently to income recognition of not-for-trading financial instruments and even non-financial assets. Is this extension due to the primacy of relevance over reliability, or the relaxing of requirement for reliability toward faithful representation? Whatever measurement method we use, it is absolutely necessary to construct a system of concepts on which the purpose of measurement should be established. In spite of the fact that any measurement method is a means to intended purposes, if we first chose a particular method and applied it to every situation slavishly, we would become similar to a bogus doctor selling a fake drug as panacea valid for any disease.","PeriodicalId":43657,"journal":{"name":"Accounting Economics and Law-A Convivium","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2020-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73715205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}