Investment Management and Financial Innovations

ISSN 1810-4967 (print), 1812-9358 (online)
Publisher LLC “Consulting Publishing Company “Business Perspectives”
Issued from September 2004
Investment Management and Financial Innovations

The journal covers all aspects of investment activity management on both global and local levels, strategy and methods of investment purposes achievement, investment process participants, investment tools, monetary systems, financial markets, and financial innovations. It publishes articles, which are focused on financial management issues, financial innovations, modern trends and tendencies of investment activity management both on macro- and micro-levels. The journal is published quarterly in Ukraine.

Key topics:

  • financial and investment markets;
  • government policy and regulation;
  • information and market efficiency;
  • financial forecasting and simulation;
  • financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds;
  • objects of real and financial investing;
  • financial instruments and derivatives;
  • efficiency of investment projects;
  • econometric and statistic methods in project management;
  • alternative investments;
  • ratings and rating agencies.

Starting January, 2017, Journal is open-access

Publisher

LLC “СPС “Business Perspectives”
Hryhorii Skovoroda lane, 10, Sumy 40022, Ukraine
phone/fax: +38-0542-775771

Submission guidelines

Please send a soft copy of your paper as an MS Word .doc file (all versions accepted) and filled Cover letter form to the following e-mail:
Editorial Assistant -

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Open Access Statement

Journal is committed to full open access for scholarly publications. All articles are available to all users immediately upon publication of the issue.
Benefits of the open access are:increased citation and usage;rapid publication; faster impact with permissive licenses; copyright retention by the author.
Authors can choose either of Creative Commons licenses (CC-BY 4.0 or CC-BY-NC 4.0). Find detailed information in the Copyright section.

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Editors

Natalya (Natasha) V. Delcoure

Dean, Professor of Finance, College of Business Administration, Texas A&M University-Kingsville, USA.

Volodymyr Ponomarenko

Doctor of Economics, Professor, Corresponding Member of National Academy of Educational Sciences of Ukraine, Academic of Engineering Academy of Sciences of Ukraine, Rector of Simon Kuznets Kharkiv National University of Economics, Ukraine.

Kenichiro Miyamura

Professor of Finance, the Chairperson of the Accounting and Finance department, Faculty of Business Administration, Toyo University, Tokyo, Japan.

Advising Editors

Robert Brooks

Professor, Department of Econometrics and Business Statistics, Faculty of Business and Economics, Monash University, Australia.

Alnoor Bhimani

Professor of Management Accounting, Department of Accounting, London School of Economics and Political Science, UK.

Jo Danbolt

Professor, Baillie Gifford Chair in Financial Markets, Universityof Edinburgh Business School, UK.

Frank Skinner

Professor of Corporate Finance, Brunel University, UK.

Editorial Board

Benzion Barlev

Ph.D., John Berg Professor Emeritus of Accounting, the Hebrew University of Jerusalem, Jerusalem School of Business Administration, Israel.

Earl Benson

Professor of Finance, Department of Finance and Marketing, Western Washington University, USA.

Marc Bertoneche

Visiting Professor, Harvard Business School; Associate Fellow, University of Oxford; Professor in Business Administration, University of Bordeaux, UK.

Agyenim Boateng

Professor of Finance and Banking, Department of Law, Economics, Accounting & Risk, Glasgow Caledonian University, United Kingdom.

Laurence Booth

Professor of Finance, CIT Chair in Structured Finance, Rotman School of Management, University of Toronto, Canada.

K.C. Chen

Ph.D., Chartered Financial Analyst, Theodore F. Brix Endowed Chair in Finance, Department of Finance and Business Law, California State University, Fresno, USA.

Mihir Dash

Professor of Quantitative Methods, School of Business, Alliance University, Bangalore, India.

Ahmad Etebari

Ph.D., Professor of Finance and Co-Chair of the Atkins Strategic Investment Center at the University of New Hampshire’s Peter T. Paul College, Durham, USA.

Christian-Oliver Ewald

Dr., Professor, Adam Smith Business School, University of Glasgow, United Kingdom.

Frank J. Fabozzi

Ph.D., CFA, CPA, Yale University, School of Management, USA.

Pablo Fernandez

Ph.D., Professor of Financial Management, PricewaterhouseCoopers Chair of Corporate Finance, IESE Business School, University of Navarra, Spain.

Manfred Frühwirth

Dr., Associate Professor, Department of Finance, Accounting and Statistics, Institute for Finance, Banking and Insurance, Vienna University of Economics and Business; Academic Director – Professional MBA Finance, Austria.

Fazil Gokgoz

Ph.D., Professor, Vice Dean and Chair of Quantitative Methods Division of Faculty of Political Sciences, Ankara University, Turkey.

John A. Haslem

Ph.D., Professor Emeritus of Finance, Robert H. Smith School of Business, University of Maryland, USA.

Edward Lawrence

Full Professor of Finance, College of Business Administration, University of Missouri, USA.

Da-Hsiang Donald Lien

Ph.D., Richard S. Liu Distinguished Chair in Business, Department of Economics, College of Business, University of Texas at San Antonio, USA.

Otto Loistl

Ph.D., Professor of Finance, Institute of Finance and Financial Markets, Department for Investment Banking and Catallactics, Wirtschaftsuniversitat Vienna (Vienna University of Economics and Business), Austria.

Cornelis A. Los

Ph.D., Professor of Finance, School of Management and Leadership, Alliant International University California; Paul Merage School of Business, University of California at Irvine, USA.

John J. McConnell

Burton D. Morgan Distinguished Chair of Private Enterprise (Finance), Purdue University, USA.

J. Austin Murphy

Full Professor of Finance, Oakland University, USA.

Hassan Obeid

Ph.D., Dr., European Business School, France.

Michael Phillips

Ph.D., Professor of Finance, Real Estate and Insurance, California State University, Northridge, USA.

Petr Polak

Ph.D., Associate Professor in Finance, Faculty of Business, Economics and Policy Studies, University of Brunei Darussalam, Brunei.

Sunil S. Poshakwale

Ph.D., Professor of International Finance, School of Management, Cranfield University, UK.

Atul Rai

Ph.D., Associate Professor and Jones Faculty Fellow in Corporate Governance, School of Accountancy Barton, School of Business, Wichita State University, USA.

Svetlozar (Zari) Rachev

Research Professor of Finance, Department of Applied Probability and Statistics, Stony Brook University, Stony Brook, NY, USA.

Hany A. Shawky

Dr., Professor of Finance and Economics, University at Albany, State University of New York, USA.

Kishore Tandon

Professor, Bert Wasserman Department of Economics and Finance, Zicklin School of Business, Baruch College (CUNY), USA.

George F. Tannous

Ph.D., Professor and Head Department of Finance and Management Science, College of Commerce, University of Saskatchewan Saskatoon, Canada.

Kuo-Cheng Tseng

Emeritus Professor of Finance, California State University, Fresno, USA.

Harry J. Turtle

Professor, Department of Finance & Real Estate, Colorado State University, Fort Collins, USA.

Andrey Ukhov

Ph.D., Assistant Professor of Finance, School of Hotel Administration, Cornell University, Ithaca, NY, USA.

Mo Vaziri

Professor of Finance, Department of Accounting and Finance, California State University, San Bernardino, USA.

Erik P.M. Vermeulen

Professor of Business and Financial Law, Tilburg University and Tilburg Law and Economics Center (TILEC), the Netherlands.

Joseph Doung Vu

Associate Professor of Finance, Department of Finance, DePaul University, USA.

Robert A. Weigand

Ph.D., Professor of Finance and Brenneman Professor of Business Strategy, Washburn University School of Business, USA.

Guneratne B Wickremasinghe

Ph.D., Senior Lecturer, School of Accounting & Finance, Faculty of Business and Law, Victoria University, Melbourne, Victoria, Australia.

Burhan Fatih Yavas

Chair, Department of Accounting, Finance & Economics, California State University, Dominguez Hills (CSUDH), USA.

Reviewers

Erdal Atukeren

Ph.D., Professor, Business School Lausanne, Switzerland.

Ramaprasad Bhar

Dr., Associate Professor, School of Banking and Finance, Australian School of Business, The University of New South Wales, Sydney, Australia.

Ghassen Bouslama

Professor of Finance, NEOMA Business School, France.

Marie Briere

Ph.D., Head of Fixed Income, Forex and Volatility Strategy, Crédit Agricole Asset Management, Paris, France. Senior Associate Researcher at Center Emile Bernheim (Free University of Brussels), Bruxelles, Belgium. Affiliated professor at CERAM Business School.

David C. Distad

Ph.D., CFA, Investments Consultant, Distad & Associates, USA.

Kostas Giannopoulos

Professor of Finance, Neapolis University, Cyprus.

Christophe J. Godlewski

Full Professor of Finance, Haute Alsace University; Adjunct Professor of Finance, EM Strasbourg Business School; Research fellow, LaRGE Research Center; Member of the Institut de Finance de Strasbourg, France.

Liang Guo

Department of Accounting and Finance, College of Business & Public Administration, California State University, San Bernardino, USA.

Nathalie Hilmi

Professor of Finance and Macroeconomics, International University of Monaco, International Atomic Energy Agency, Scientific Center of Monaco, Monaco.

Robert M. Hull

Professor, Clarence King Endowed Chair in Finance, Washburn University, USA.

Suk-Joong Kim

BEc Macq; MEc (Hon), Ph.D. Sydney, Associate Professor, The University of Sydney, Australia.

Maxim Korneyev

Ph.D., Associate Professor, University of Customs and Finance, Dnipro, Ukraine.

Stelios N. Markoulis

Dr., Adjunct Lecturer University of Cyprus, Visiting Lecturer Cyprus International Institute of Management, Honorary Visiting Research Fellow Cass Business School, London, UK.

Marco Micocci

Full Professor of Financial Mathematics and Actuarial Science, University of Cagliari, Italy.

Haitham Nobanee

Associate Professor of Finance, College of Business Administration, Abu Dhabi University, Abu Dhabi, U.A.E.

Nidal Rashid Sabri

Professor and Dean of College of Economics, Birzeit University, Palestine.

Vrajlal K. Sapovadia

Dr., Executive Director of Shanti Business School, Ahmedabad, India.

Rani G. Selvanathan

Ph.D., Associate Professor, Management Department, West Chester University, USA.

Piotr Wisniewski

Associate Professor of Corporate Finance, Warsaw School of Economics, Poland.

Congsheng Wu

Ph.D., Professor of Finance, University of Bridgeport, USA.

Oleg Yaremenko

Doctor of Economics, Professor, Senior Research Fellow of the State Organization “Institute for Economics and Forecasting, Ukrainian National Academy of Sciences”, V. N. Karazin Kharkiv National University, Ukraine.

Rami Zeitun

Ph.D., Assistant Professor of Finance, College of Business and Economics, University of Qatar, Qatar.

Guidelines for Editors and Reviewers

The Editorial Board consists of international experts in their respective fields. All members of the Board occupy high positions in educational and research institutions. The roles of the Editorial Board members are the following:

  • provide expertise in definite research field;
  • review submitted papers;
  • advise on journal policy and scope and participate in the journal development;
  • propose subject definition and conference choice for special issues. Also, editorial members may be guest editors of special issue;
  • promote the journal at conferences, seminars, workshops, and relevant public events
  • attract new potential authors;

Guest editors play a vital role in ensuring the quality of special content publications, such as Special Issues. Guest editors overlook the process, from proposal to publication.

The Editorial Board is reviewed every two years, which means exclusion of inactive members and addition of the new ones.

We appreciate applications from the editorial candidates. To submit an application, please send an e-mail to an editorial assistant of the selected journal and attach a file with your CV (containing the current place of work, occupation, education, the scope of your scientific interest, types of activity, list of publications, list of the journals in which you occupy the positions of an editor or a reviewer, e-mail for contact and a link to personal page at you university).

Duties of editors

We strongly recommend that Editors get acquainted with and follow COPE Code of Conduct and Best Practice Guidelines for Journal Editors.

The editors of the journal are responsible for deciding which of the articles submitted to the journal will be published. The editor may confer with the members of the Editorial Board in making this decision.

Fair play. The editors evaluate manuscripts without regard to the nature of the authors or the host institution including race, gender, religious belief, ethnic origin, citizenship, or political philosophy of the authors.

Confidentiality. The editors, members of the Editorial Boards, and any editorial staff must not disclose any information about a submitted manuscript to anyone except the authors of the paper, reviewers, potential reviewers, and the publisher, for appropriate reasons.

Disclosure. Unpublished materials disclosed in a submitted paper should not be used in the own research of the editors or the members of the Editorial Board without the express written consent of the author.

Duties of reviewers

We strongly recommend that all reviewers get acquainted with and follow COPE Ethical Guidelines for Peer Reviewers.

Confidentiality. Information regarding submitted manuscripts should be kept confidential during and after review process. Also, reviewers should not reveal any details about reviewing manuscript to anybody.

Standards of objectivity. Reviewers should be objective while conducting reviews. All the comments and recommendations should be supported with relevant arguments.

Disclosure. Unpublished materials disclosed in a submitted manuscript must not be used in a reviewer's own research without the express written consent of the author. Privileged information or ideas obtained through peer review must be kept confidential and not used for personal advantage.

Peer Review

Peer review plays a vital and critical role in the publication of scholarly articles through assessment of validity, quality and originality of submitted articles. It is considered to be the most effective and valid form of research evaluation to help select the highest quality articles for publication. Authors can receive the information regarding the peer-review stage of their manuscripts through editorial assistants.

Review process

Editorial staff transfers all submitted manuscripts to one of the Editors for initial evaluation in order to establish if the manuscript meets the editorial criteria. Initial evaluation includes assessment if the manuscript is suitable for the journal or special issue, authors’ qualification and background, and plagiarism levels. Papers that don’t meet these criteria, as well as obviously poor manuscripts, will be rejected without sending for further external review.

If the papers provide potential interest for readers and present importance to the scientists in the relevant field of the journal’s scope, Editors suggest external peer-reviewers (selection of peer-reviewers is based on expertise, reputation, specific recommendations and our own previous experience of a reviewer's characteristics). Alternatively, editorial staff will send manuscripts to qualified Editorial Board members or reviewers from our database.

All manuscripts are “double-blind” peer-reviewed, which means that reviewers do not possess any information about the authors’ identities and vice versa. If one of the editors submits the manuscript for publication in the journal, editorial staff transfers this manuscript to another Editor or one of the Editorial Board members without disclosing any information about the author.

After the manuscripts have been reviewed, Editors receive a Referee Report with point-by-point evaluation and comments. Based on the suitability of selected reviewers, adequacy of reviewer comments and overall scientific quality of the paper, Editors make one of the following decisions:

  • Publish unaltered
  • Consider after minor changes
  • Consider after major changes
  • Reject without further consideration

If the authors are required to revise the paper, they ought to provide revised manuscript along with Response to the Reviewers. All authors can receive Referee Report on demand without revealing the identity of the reviewer and appeal against editorial decisions by response to the referees with authors’ arguments and explanations. Articles may or may not be sent to reviewers after author revision, dependent on whether the reviewer requested to see the revised version and the wishes of the Editor.

Expectations from reviewers

During the peer-review process, report preparation, and after refereeing we expect from Editorial Board members and reviewers to:

  • respond in a reasonable time-frame, especially if reviewer can not perform the review, including intentional delay;
  • declare if they are not experts in the field the paper is relevant to;
  • declare any potentially conflicting or competing interests (which may, for example, be personal, financial, intellectual, professional, political or religious) and seek advice from the Editorial Board in this case;
  • decline to review if they feel unable to provide a fair and unbiased review or they are involved with any of the work in the manuscript or its reporting;
  • to provide honest and fair assessment of the strengths and weaknesses of the research and the manuscript;
  • send completed report form along with the reviewed manuscript;
  • be specific in their criticisms, and provide evidence with appropriate references to substantiate general statements to help editors in their evaluation and decision;
  • suggest additional research if it helps strengthen or extend the work;
  • ensure their comments and recommendations for the editor are consistent with their report for the authors;
  • any suggestions and comments must be based on valid academic or technological reasons;
  • continue to keep details of the manuscript and its review confidential during and after reviewing;

Conflicts of Interest

Conflicts of interest comprise those which may not be fully apparent and which may influence the judgment of author, reviewers, and editors. They have been described as those which, when revealed later, would make a reasonable reader feel misled or deceived. They may be personal, commercial, ideological, academic, or financial.

When authors submit a manuscript of any type or format they are responsible for disclosing all financial and personal relationships that might bias or be seen to bias their work. All authors that publish in our journals are obliged to declare conflicts of interest if there are any. Declared conflicts of interest will be considered by the editor and Conflict of Interest Statement will appear in our journals at the end of the published article.

Reviewers should not consider manuscripts in which they have conflicts of interest resulting from competitive, collaborative, or other relationships or connections with any of the authors, companies, or institutions connected to the papers. Reviewers should be objective and constructive, declare all potential conflicting interest, seeking advice from the editors if they are unsure whether something constitutes a relevant interest; do not allow their reviews to be influenced by the origins of a manuscript, by the nationality, religious or political beliefs, gender or other characteristics of the author, which could be implied in the manuscript.

Editors who make final decisions about manuscripts should not make editorial and publication decisions if they have conflicts of interest related to articles under consideration. Editorial staff must not use information received through working with manuscripts for private gain. Guest editors should follow these same procedures.

Research Misconduct Policies

Plagiarism

LLC "CPC "Business Perspectives" uses Similarity Check service and all manuscripts that are being sent for an external peer review, are screened for originality with iThenticate software. By submitting their manuscripts to our journals authors are agreeing to any necessary originality checks the manuscript may have to undergo during the publication process.
Plagiarism implies the use another author's work without permission or acknowledgement. Plagiarism may have different forms from copying word by word to rewriting. While defining plagiarism the following definitions are taken into account:

Literal copying
Copying the work word by word, in general or in parts, without permission or acknowledgement of the source. Literal copying is clearly plagiarism and is easily detected by plagiarism software.

Substantial copying
Replicating substantial part of the work without permission and confirmation of the source. In determining what is "substantial", both the quantity and the quality of the copied content are relevant.
Quality is measured by relative value of copied text comparing to the whole text. Where the essence of the work was copied, even not very big part of it, plagiarism is identified.

Paraphrasing
Copying may be made without literal replicating, used in the original work. This type of copying is known as paraphrasing and it may be the most difficult type of plagiarism to reveal.
Plagiarism in all its forms is unacceptable and will lead to immediate rejection of the paper along with possible sanctions against authors.

Allegations about authorship of contributions

It is important that all authors are declared in the list of authors and are declared in the Cover letter form, sent along with a submitted paper.

To be considered the author, a person should be responsible for particular research aspect or preparation for work or make particular contribution to the concept, project, fulfillment, or research explanation, and it must be confirmed in the final work form.

Insignificant contribution may not be considered as an authorship. A person who provides insignificant contribution or appropriate data or other type of help may be considered as "contributor" by author/co-authors, and may be declared in the paper in acknowledgement section.

According to our policy, author/co-authors of submitted paper must fill in the Cover letter form to identify all participants, as well as confirm their consent to publish the paper.

Duplicate submission

Papers submitted for publication must be original and must not be submitted to any other journal.

Authors must present papers which are unique and must not be submitted to any other journal (except for some unusual circumstances and only with reviewer's approval). Sometimes authors may ignore this requirement, submitting the same document to several journals or submitting several documents on the basis of one and the same research. As in plagiarism duplicate submission may take different forms: literal copying, partial, but substantial copying or even paraphrased copying of the research. The publisher sticks to the policy which forbids publication of multiple papers on the basis of a single research. Infringement of this policy will result in immediate rejection along with possible sanctions against authors.

Citation manipulation

Submitted manuscripts that are found to include citations whose primary purpose is to increase the number of citations to a given author's work, or to articles published in a particular journal, will result in immediate rejection along with possible sanctions against authors.

Data falsification

If the falsified or fabricated data of experimental results (this also includes manipulation of images) will be found in the submitted paper, it will result in an immediate rejection along with possible sanctions against authors.

Sanctions
The following sanctions may be imposed in case of infringement of abovementioned policies:

  • Immediate rejection of the manuscript.
  •  Immediate rejection of every other manuscript submitted to any journal published by LLC "CPC "Business Perspectives".
  • Publication embargo against all authors of the manuscript (prohibition for any new submissions to any journal published by LLC "CPC "Business Perspectives"). The term of the embargo may vary, but the minimum is 24 months.
  • Prohibition against all of the authors from serving on the Editorial Board of any journal published by LLC "CPC "Business Perspectives".

Correction and Retraction Policy

All Business Perspectives journals have the same policy regarding corrections and retractions. We differentiate between addenda, errata, corrigenda, and retractions.

Addenda
If significant information was unintentionally omitted by authors from the original publication, the original article can be amended through an Addendum reporting these previously omitted results. The Addendum will be published, with page numbers added, in the current issue of the journal. A hyperlink to the Addendum will also be added to the original publication.

Errata
An erratum will be used if a significant error has been introduced by us during the production of the journal article, including errors of omission such as failure to make factual proof corrections requested by authors within the deadline provided by the journal and within journal policy. A significant error is considered to be the one that affects the scholarly record, the scientific integrity of the article, the reputation of the authors, or of the journal. All errata are linked to the version of the article that they correct.

Corrigenda
A corrigendum is a notification of a significant error made by the authors of the article. All corrigenda are approved by the editors of the journal. All corrigenda are linked to the version of the article that they correct.

Retractions
Retraction will be issued by an editor upon several conditions: severe plagiarism, multiple publications, data fabrication, unreliable or faulty findings, and other harmful practices. In this case, Retraction notice will be published. This notice will include the title and authors of the article, the reason for the retraction and who is retracting the article. It will be published online with a link to the online version of the article. It will be published in the next print issue and included in the table of contents of that issue. Before publishing the notice of retraction, a signed statement by the authors should be sent to the editorial office.

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This section contains information about articles which are already reviewed, accepted and waiting for publication in next issues of the journal.

Possibilities of harmonization of direct taxes in the EU

Adela Feranecová, Ph.D., Department of Financial Management, Faculty of Business Economics with seat in Košice, The University of Economics in Bratislava, Slovak Republic
Eva Manová, Ph.D., Department of Financial Management, Faculty of Business Economics with seat in Košice, The University of Economics in Bratislava, Slovak Republic
Marek Meheš, Ph.D., Department of Economics, Faculty of Business Economics with seat in Košice, The University of Economics in Bratislava, Slovak Republic
Jana Simonidesová, Ph.D., Department of Financial Management, Faculty of Business Economics with seat in Košice, The University of Economics in Bratislava, Slovak Republic
Slavomíra Stašková, Department of Quantitative Methods, Faculty of Business Economics with seat in Košice, The University of Economics in Bratislava, Slovak Republic
Pavel Belušák, Faculty of Business Economics with seat in Košice, The University of Economics in Bratislava, Slovak Republic

Abstract. Taxes and the tax system are a delicate topic for many countries around the world. At present, the European Union has 28 member countries, what means, that 28 member states are equal to 28 different taxation systems. Every tax system applies different rules for calculating tax liability and it causes high costs, especially in administration, which also discourages potential investors. Different tax systems are inconvenient, especially for multinational companies, that operate in the domestic and in several foreign markets. Economic policy of each country is trying to support the economic growth in order to increase the standard of living of individuals and households. In order to achieve this objective, it is necessary to collect taxes and implement particular fiscal policy in the country. Fiscal policy in EU countries is directly related to the tax harmonization. The EU's philosophy is, that individual member states should adapt their tax systems, in order not to compete between each other and so support the common market. This paper deals with the calculation of the tax base by the laws of Slovak Republic and by Common Consolidated Corporate Tax Base (CCCTB); and evaluate, whether the tax harmonization of direct taxes would be advantageous for the particular business.

Fiscal interest of the state and respecting the rights and legitimate interests of the taxable entities in case of refund of excess remission of value added tax

Oľga Kmeťová, CSc., Department of Financial Management, Faculty of Business Economics with seat in Košice, , University of Economics in Bratislava, Slovak Republic
Magdaléna Freňáková, Ph.D., Department of Financial Management, Faculty of Business Economics with seat in Košice, University of Economics in Bratislava, Slovak Republic
Miloš Pachta, Faculty of Business Economics with seat in Košice, University of Economics in Bratislava, Slovak Republic

Abstract. Taxes are obligatory and non-refundable payments collected by the State represented by financial authorities under the Act. The basic function of taxes is a fiscal function, which monitors the revenue from taxes as income components of the state budget, with the fact that this revenue will be used to cover government and other public needs. The tax obligation arises from the law or under a law by decision of the tax office.
Tax administration, in view of its purpose in relation to the fiscal interests of the state, is adjusted by the appropriate substantive and procedural rules of public law so that the taxable entity is among other things obligated to calculated tax obligation, admit it and also furnished it through proper accounting and other documentary evidence, while in the context of tax proceedings taxable entity carries the burden of proof. This applies fully to the application of excess remission of value added tax (VAT).
In regard to such legal fact as refund of excess remission of VAT, the question of permissible statutory (legal) length of the tax audit duration arises and the related question of wrongful retention of excess remission of VAT in the detriment of taxable entities arises at present.
The article pays attention to analyzing the current legislation of the tax audit from the aspect of permissible statutory length of its duration and its impact on the process of refund of excess remission of VAT to taxable entities.

Bond yields and stock returns comparison using wavelet semblance analysis

Róbert Verner, Ph.D., MBA., Department of Economics, Faculty of Business Economics with seat in Košice, University of Economics in Bratislava, Slovak Republic
Gabriel Herbrik, Faculty of Business Economics with seat in Košice, University of Economics in Bratislava, Slovak Republic

Abstract. Financial time series have been the subject of academic research for several decades. Because of their specific nature, most of financial data is nonstationary, which means that the statistical properties of the data change over time. Its probabilistic distribution can vary rapidly, and during a short period investors might gain large profits as well as significant losses.
Following previous research, this paper focuses on semblance analysis of government bond yields and stock prices in US and Germany using continuous wavelet transform.

Impact of declining interest rates on European primary bond market

Róbert Verner, Ph.D., MBA., Department of Economics, Faculty of Business Economics with seat in Košice, University of Economics in Bratislava, Slovak Republic
Peter Remiáš, Faculty of Business Economics with seat in Košice, University of Economics in Bratislava, Slovak Republic

Abstract. Initial public debt offerings can be considered not only as the complex global investment topic, but also as a corporate finance phenomenon. They starts with the decision of a particular issuer to access the public market. The entity contemplating a public bond offering must usually be well known, perceived as stable and sufficiently transparent to potential investors. Companies whose bonds are traded on a public market must be credible and complete the due diligence, the legal and financial audit. In addition, during the period their bonds are traded, issuers have information commitments with respect to investors, supervisory authorities, rating agencies and to the relevant market makers. Based on this information, each company with publicly traded debt is more subjected to criticism, and even a small incident is immediately reflected in the market price of its obligations.
The aim of this paper is to describe the recent development of initial public bond offerings and to analyze the impact of low market interest rates on the size of primary debt market in Europe using the sample of EUR denominated issues offered in last decade.

Effect of market and corporate reforms on firm performance: evidence from Kuwait

Amani Kh. Bouresli, Department of Finance and Financial Institutions, College of Business Administration, Kuwait University, Kuwait
Talla M. Aldeehani, Department of Finance and Financial Institutions, College of Business Administration, Kuwait University, Kuwait

Abstract. Following the global financial downturn in 2008, many countries have introduced economic and corporate reforms to assure fair markets and mitigate the risk of management misconduct. In this context, Kuwait has implemented two new major laws to restructure its capital markets and improve corporate governance. The two laws are the capital market authority law (CMAL) and Kuwait companies law (KCL). In this paper, we sought answers to two questions: (1) has the performance of the listed companies changed in response to the enforcement of the laws? And (2) was there a direct influence of the laws on that change? We found some evidence of significant change in performance. Moreover, we provide evidence of KCL viability as a determinant of better performance. Interestingly, CMAL was found to be inadequatefor improving firm performance. Implications and recommendations for further research are provided.

Mandatory restatement, family dominance and management turnover: the evidence from an emerging economy

Jo-Ting Wei, Ph.D., Assistant Professor, Department of International Business, Providence University, Taiwan, R. O. C.
Iou-Ming Wang, Ph.D., Assistant Professor, Department of International Business, Providence University, Taiwan, R. O. C.
Hsin-Hung Wu, Ph.D., Distinguished Professor, Department of Business Administration, National Changhua University, Taiwan, R. O. C.

Abstract. Due to the uniqueness of mandatory restatements, this paper examines whether family dominance affects the relationship between mandatory restatements and management turnover in an emerging economy-Taiwan. This paper adopts logistic regression models along with reporting the marginal effect of all explanatory variables to examine management turnover in different years around the year of mandatory restatement announcement. The findings show that family directorship weakens the positive relationship between mandatory restatements and management turnover in one year after the year of mandatory restatement announcement whereas do not show that family shareholding can affect the above relationship in any observed years. The findings have essential policy implications for security regulators and firms to strengthen family governance practices and financial reporting quality.

Legal and economic aspects of Ukrainian enterprises activity at the European renewable energy market

Sergiy Bilotskiy, Doctor of Law, Associate Professor of the Department of International Law, Institute of International Relations, Taras Shevchenko National University of Kyiv, Ukraine
Nicole Danylova, Candidate of Economic Sciences, Assistant Professor of the Department of International Economy and Marketing, Taras Shevchenko National University of Kyiv, Ukraine
Olena Grinenko, Doctor of Law, Senior Researcher, Head of the Department of European Law and International Integration, Legislation Institute of the Verkhovna Rada of Ukraine, Ukraine
Oleksandra Karmaza, Doctor of Law, Associate Professor, Professor of the Law Department, University of Modern Knowledge, Ukraine
Daria Koucherets, Professor of the Law Department, University of Modern Knowledge, Ukraine

Abstract. The article deals with a current trend of the global energy market, which is characterized by rising tension in relations between the performers of the energy market regulation mechanisms, and it leads to the emergence of alternative energy sources. The article is called to identify the causes of renewable energy markets nascence, to make comparative description of Ukrainian and European Renewable Energy Markets attractiveness, and to characterize the state policy change in a renewable energy market. Different interpretation of nature and classification of the field of renewable energy in foreign and Ukrainian approaches shows the problem of legal criteria of renewable energy markets regulation. It is proved the existence of double barrier penetration of the European market for renewable energy for Ukrainian companies, which includes compliance with the accepted EU Directives and compliance with the Rules of each member individually. The presence of clearly defined standards and certificates of quality for the European market allows producers to show the competitiveness of Ukrainian products in the international market and stimulate Ukrainian manufacturers. The presence of clearly formulated laws, stable and balanced political and legal environment of the EU allows Ukrainian producers of renewable energy to develop such a strategy that considers the time factor, as the primary parameter of competitiveness in international business. The market of solid biofuels in EU is under formation, its development timeframe and uncertainty of environmental risks becoming is especially important for Ukrainian producers.

The determinants of corporate cash holdings levels: evidence from selected South African retail firms

Trust Chireka, Department of Financial Management, School of Accountancy, University of Limpopo, South Africa
Michael Bamidele Fakoya, Africa Centre for Sustainability and Management (ACSAM), School of Accountancy, University of Limpopo, South Africa

Abstract. With corporate cash holdings on the rise, stakeholders need to know, among other things, what informs the companies’ cash holding policies and whether there are any benefits to be derived from piling up these cash reserves. Studies conducted in developed countries have identified the following as determinants of corporate cash holdings: firm size, growth opportunities, liquid asset substitutes, capital expenditure, leverage, dividend payments, cash flows and cash flow volatility. Few studies have focused on what drives firms’ cash holdings behavior in emerging economies. This study, the first of its kind, investigated the determinants of corporate cash holdings in the South African retail industry. The paper used panel data analysis to test the relationships between cash holdings level and the identified determinant factors. The authors found evidence that liquid asset substitutes, capital expenditure, dividend payments and cash flow volatility significantly influence the cash holdings levels of retail firms listed on the Johannesburg Stock Exchange.

Proposal of creation of a portfolio with minimal risk

Vincent Šoltés, CSc., Doctor of National Sciences, Professor, Faculty of Economics, Department of Finance, Technical University, Slovak Republic
Jakub Danko, Faculty of Economics, Department of Finance, Technical University, Slovak Republic

Abstract. The aim of this work is to propose a method for creating portfolios with a minimal expected risk. The proposed method consists of two steps. In the first step, we will use a method for finding a minimum spanning tree. It is a graph theory tool, which is the field of discrete mathematics. Graph is defined as a set of vertices and edges. By this method the authors distribute assets, for example a stock index, into several subgroups. From each group it is then chose an asset from which most of the edges come out. These selected assets will be used to create a portfolio. In the second step, the authors will use a method of minimizing the standard deviation of the portfolio to calculate the weight of its assets. By this method, first it is found the weight of each asset so that the resulting portfolio would have the lowest possible expected risk. Then the authors find the portfolio with the lowest possible expected risk at required yield and create investment strategies. These strategies are compared during the time and between each other based on the variation coefficient. The article can be a practical guide for an individual investor during the minimal risk portfolio creation and shows him which assets (and which asset weights) of the selected index to purchase.

Do the organization types of audit firms matter to earnings conservatism? Evidence from China

Tzu-Ching Weng, Acossiate Professor, Feng Chia University, Taiwan

Abstract. This study explores whether legal liability of audit firms is associated with client’s earnings conservatism. In China, audit firms are allowed to choose between legal forms of general partnership (GP) and limited liability corporation (LLC). Because partner auditor is personally liable for all partners’ service in general partnership form, that will provide an incentive for audit partners to monitor each other’s audit quality. Conversely, personal assets of individual partner, under LLC, are no longer available to pay a partnership’s liability, thus reducing the incentives for intrafirm monitoring by partners within an audit firm. Using several different methods for identifying earnings conservatism, this study finds that LLC audit firms are associated with reduced conservatism.

Perspectives of accumulation of funds in the accumulative pension insurance system of Ukraine

Svitlana Berezina, Ph.D. in Economics, Associate Professor, Department of Insurance and Risk Management, Taras Shevchenko National University of Kyiv, Ukraine

Abstract. The pension system existing in Ukraine does not correspond to the modern requirements of society and needs radical reforms in which the main focus should be on the introduction of a mandatory accumulative pension system. It is shown that accumulation of funds in accumulative pension system (APS) requires complex calculations. A model for accumulation of funds in the accumulative pension insurance system used in this paper makes it possible to determine a set of interrelated parameters – insurance premium rates, reasonable insurance periods, the desired rates of profitability, the required amount of savings, investment potential of accumulative pension system, etc. The amount of funds in accumulative pension insurance system depends not only on the basis of insurance (number of payers of insurance premiums), the amount of contributions (rate and object) and (primarily) on the term of beginning of payments of insurance premiums, the coefficient of profitability of invested funds and guarantees of their safety at all stages of functioning of the accumulative system. The analysis has shown that it is necessary: to cover all people employed in the economy with accumulative pension insurance; a rate of contributions should be determined not only by wages, but also by income; prior to the introduction of accumulative pension system – to create the necessary infrastructure, to develop a legal framework, to organize the management of accumulative funds, to solve the issues related to the protection of funds from the risks of losses. The beginning of introduction of the accumulative system should be postponed till 2020.

Exchange rate intervention and trade openness on the global economy with reference to Brazil, Russia, India, China and South Africa (BRICS) countries

Desti Kannaiah, Ph.D., FCPA (Aust.), Dr., Senior Lecturer, School of Business, James Cook University, Singapore
Narayana Murthy, Nimra Colledge of Business Management, India

Abstract. Currently, the economy of the world is trapped in interdependent global economic web. They are mutually dependent on one another’s in imports, exports, fiscal and monitory policies in terms of stability. This is going to be great challenges and opportunities to the emerging economies. These countries have greater trade openness to the international trading and are more affected by inflation. The BRICS represents about 40 percent of the world population; encompass over 25 percent of the worlds land coverage and comprise huge natural resources. BRICS share of a little over 10 percent in world Gross Domestic Product (GDP) and less than 4 percent in world trade in 1990, BRICS (with the recent inclusion of South Africa to the forum) now constitutes about 25 percent of world GDP in terms of PPP (Purchasing Power Parity), and 15 percent of world trade. The increase in GDP implies that the economic size of BRICS in terms of its share in world GDP has expanded by 150 percent in the past two decades, and they also estimated that the GDP of these countries may cross 47 percent of the world GDP, and will emerge as strong economic power in the world, and they contribute one fifth of the global economic output. The BRICS economies operate under varied monetary policy frameworks and procedures. Brazil and South Africa have inflation targeting regimes, while other countries follow multiple indicator frameworks. There are various other indicators, such as trends in inflows and outflows of foreign direct investment (FDI), trade openness, current account balance, forex reserves and economically active labour forces that could make BRICS a formidable force to reckon with in future. This study significantly apply exchange rate, Forex reserve and trade openness on the global economy of BRICS countries.

The mediating effect of investment decisions and financing decisions on the effect of corporate risk and dividend policy against corporate value

Yulia Efni, Department of Management, Faculty of Economy, University of Riau, Indonesia

Abstract. This study aims to determine the effect of mediation decisions on investment and financing decisions influence the company's risk and dividend policy on firm value. The unit of analysis in this research is company property and real estate sectors listed in Indonesia Stock Exchange continuously for 9 years (2001- 2008) and has a complete financial report on the study period. This research study using descriptive analysis and inferensial to prove examine the relationship between the study variables with the five structural models using WarpPLS. This study is basically to analyze the patterns of relationships between variables in order to determine the effect of directly or indirectly, a set of independent variables (exogenous) to the dependent variable (endogenous). The company's risk and decision Invests able to increase the value of the company, while the dividend policy and funding decisions are not able to increase the value of the company, the study was conducted at the companies in the sectors of property and real estate, then this study better developed for other sectors that have different characteristics.Originality from this research is the populations in this study were the companies in the sectors of property and real estate with specific criteria Indonesia and the data used in this study were secondary data obtained from the Indonesia Stock Exchange in the form of financial statements.

The impact of free cash flow, equity concentration and agency costs on firm’s profitability

Haitham Nobanee, College of Business Administration, Abu Dhabi University; the University of Liverpool Management School, United Arab Emirates
Jaya Abraham, College of Business Administration, Abu Dhabi University, United Arab Emirates

Abstract. This paper examines how free cash flow and equity concentration ere associated with agency costs, and how they influence the profitability of insurance firms listed in the Saudi Stock Market. The results indicate that equity concentration has no significant impact on agency costs, free cash flow has no significant impact on agency costs and agency costs has no significant impact on firm’sprofitability. The finding of this study do not show any evidence to support the agency theory among insurance firms listed in the Saudi Stock Market.

Determinants of share returns following repurchase announcements in China

Christopher Gan, Professor in Accounting and Finance, Department of Financial and Business System, Faculty of Agribusiness and Commerce, New Zealand
Chao Bian, Lecturer, New Zealand College of Business, Christchurch, New Zealand
Damon Wu, Master Student, Faculty of Agribusiness and Commerce, Lincoln University, New Zealand
David A. Cohen, Associate Professor of Marketing, Department of Agribusiness and Markets, Faculty of Agribusiness and Commerce, New Zealand

Abstract. By combining the market model with the three-factor model, this study investigates firms’ share returns after the announcement of share repurchase. Employing data for China’s A-share market, this study’s sample utilizes 417 share repurchase announcements over the period of 2000 to 2012. Empirical results show that firms with higher sales growth rates are more likely to send a positive signal to the market though their share repurchase efforts. Analysis also shows that the higher a firm’s price-to-earnings ratio (utilized as a measure of overvaluation), the lower the firm’s cumulative abnormal returns. These results imply that Chinese share markets put more emphasis on the firm’s future growth and share overvaluation.

The effect of financial crises on stock market liquidity across global markets

Halil D. Kaya, Ph.D., Associate Professor of Finance, Northeastern State University, USA
Engku Ngah S. Engkuchik, Ph.D., Assistant Professor of Finance, Prince Sultan University, Kingdom of Saudi Arabia

Abstract. In this study, using a widely available market liquidity measure, the “turnover ratio”, we test for market liquidity contagion during the four financial crises that occurred between 1997 and 1999: The Thai crisis, the Hong Kong crisis, the Russian crisis, and the Brazilian crisis. We find that while the liquidity levels decreased in approximately half of our sample markets, in the remaining half, the liquidity levels actually improved. Our Granger causality tests show that while there is almost no evidence of causality (in both directions) before each crisis, during each crisis, approximately half of the pairwise tests were significant. The results show that most of these causalities are reverse feedback effects from the non-crisis-origin markets to the crisis-origin market. Therefore, we conclude that the more crucial phenomenon during these crises is the “reverse feedback effects” rather than the liquidity contagion itself.

The effect of corporate governance information (CGI) on banks’reporting performance

Alexandros Garefalakis, School of Social Science, Hellenic Open University, Greece
Augustinos Dimitras, School of Social Science, Hellenic Open University, Greece
Christos Lemonakis, Department of Business Administration, T.E.I. of Crete, Lakonia, Aghios Nikolaos, Crete, Greece

Abstract. Recent literature on Corporate Annual Reports (CAR) underlines that, in order to meet the changing needs of CAR users, more narrative (forward looking) information should be provided, with a focus on those factors that are liable for longer term value of banks financial performance. This article investigates the Management Commentary portion (MC) and specifically the effect of Corporate Governance Information (CGI) on Banks’ reporting performance mechanisms such as board structure, audit function, bank size and common equity.
Return on Assets (ROA) ratio is used as a proxy to measure financial performance. The data sample comprises of 86 worldwide banks during the period of deep economic crisis (2008-2011). Novelty of the study is the search for core characteristics of corporate governance on banks’ performance during the financial crisis period. The research using a Panel Estimated Generalized Least Squares (EGLS) Regression model in order to examine the aforementioned effect. The results of this research suggest that Boards’ independence strongly supports banks’ efficiency and operations as well as external audit contributes positively in banks’ efficiency during the crisis period.

Microfinancing strategy and its impact on profitability and operating efficiency: evidence from Indonesia

Saladin Ghalib, Department of Business Administration, Faculty of Social and Political Science, The University of Lambung Mangkurat, Indonesia

Abstract. After the Asian crisis in 1998, Indonesian banking transformed very quickly into more market-based banking. This development increased the competition, in one side, and pressure to perform better financially, especially after foreign investor taking over the ownership, in another side. Some banks transformed their business strategies into a microfinance bank for profit motives. The strategy jointly results a significant profitability and efficiency. Using SUR regression, we find that, for the profitability equation, the profitability related to the size of the bank, the loan loss reserve to gross loan (LLRGL), Equity ratio (ETA) and Fixed asset ratio (FIXASEQ). For operating efficiency (CIR), the result is similar and only the sign is different. Interestingly, for profitability, the microfinance strategy (MFS) is significant but not for operating cost efficiency. It implies the need for more cost efficient for the commercial banks entering microfinance business as it will benefit small borrowers in terms of lower interest margin.

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

Henry Mynhardt, Southern Business School, South Africa
Inna Makarenko, Sumy State University, Ukraine
Alex Plastun, Sumy State University, Ukraine

Abstract. 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 behaviour of the TI and SRI. To do this we analysed their efficiency. We used R/S analysis to calculate the Hurst exponent as a measure of persistence (long-term memory property). The presence of persistence was evidence in favour of less efficiency. According to empirical results, SRI has lower efficiency, in particular the Dow Jones Sustainability Index. Lower efficiency was also observed in the emerging markets with a responsible investment segment, compared to the traditional stock market indices. Further standardisation and a common methodological approach to corporate sustainability reporting disclosure are proposed.

Existing organizational culture typologies and organizational commitment at a selected higher education institution in South Africa

Ndlovu Wiseman, Department of Human Resource Management & Labor Relations, University of Venda, South Africa
Ngirande Hlanganipai, Department of Human Resource Management & Labor Relations, University of Venda, South Africa
Sam Tlou Setati, Dr., Department of Human Resource Management & Labor Relations, University of Venda, South Africa

Abstract. The aim of the study was to investigate the effects of existing organizational culture on organizational commitment at a higher education institution in South Africa. The study employed a quantitative research design and 30 employees were randomly selected from two groups of non-academic and academic staff members of a selected school at the institution. A structured questionnaire was utilized to solicit information regarding the effects of existing organizational culture on organizational commitment at the institution from the participants. The IBM-Statistical Package of Social Sciences (IBM-SPSS) version 23 of 2013 was used to determine the relationship of different existing organizational culture typologies on the different facets of organizational commitment through correlation analysis. The results revealed significantly varied levels of organizational commitment with different culture types. The study further revealed that organizational culture, particularly support culture, has a significant effect on normative and continuance commitment. Hence, that's, if employees have shared norms and are supported by the organization, they will develop a sense of obligation to remain with organization and contribute meaningfully to its functionality.

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14 volumes and 79 issues