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Deferred Tax Positions under the prism of financial crisis and the effects of a corporate tax reform
No full textThe effects of corporate tax reforms in reported profits and firms’ financial position have been extensively
studied in the literature. However, only few studies disaggregate deferred tax items to jointly explore political
implications and aspects of corporate behavior around such reforms. Greece’s recent financial crisis and
economic recession provides an intriguing setting for examining possible incentives and consequences of
substantial tax rate changes, such as the 6% increase imposed by the Greek Government in year 2013. Results
reveal a totally different picture between financial and non-financial firms, with the former being clearly favored, at least from this short-run effect. These findings seem to coincide with the view that tax policy design
is usually shaped by taking into consideration powerful groups’interests. Regarding probable Determinants
of Deferred Tax Assets for Tax Loss Carry forwards, the authors find that firms the audit firm may significantly
affect recognized amounts due to firm specific internal guidelines and due to the overall quality of the audit
Public or Private Telecoms? The effects of ownership on greek telecommunications market. The effects of ownership on greek telecommunications market
Get PDFOver the past decades, an evolving global debate was held, whether the public utilities should be owned and operated by government or private companies. In this paper, we researched if the type of corporate ownership affects the operation of market utilities in Greek telecommunications market. Specifically, we used a panel dataset that includes the pricing policy of services in telephony (fixed and mobile) and Internet, and examined whether this differs between private and government-owned corporations. The data were collected by 44 of the most important telecommunication companies - fixed and mobile telephony, and Internet - during the period 1993-2008. The method of interviews has been used for obtaining data and descriptive statistics used for their evaluation, using SPSS. A little difference between public and private systems of service pricing was found
The determinants of the market. The case of the greek agribusiness sector
Get PDFGreece is a traditional agricultural country and has an important primary sector, mainly characterized by family farms. The major structural problems of the Greek agricultural sector are the small size of the holding, the land fragmentation, and the low educational level of human resources in rural areas. As a supplier of the Agribusiness sector, the farm is directly linked to the manufacturing industry. Our main purpose was to discover the conditions prevailing in the Greek Agribusiness Sector and its relationship with the Greek primary sector. The research was conducted in the Greek Agribusiness sector, using the SCP paradigm, in 2012. We found that special and atypical conditions prevail in Greek market, such as the significant heterogeneity of products, the bulk products supply, the existence of heterogeneity in the product sectors, and the special geographical conditions in a large part of Greek territory. We argue that imperfect competition prevails in parts of the Greek market, creating local niche markets, and giving to the local smes the opportunity to do business, to promote and sell their product range. Therefore, we note the existence of fragmentation in Greek market, either product or geographic, and the existence of a multidimensional Greek market reality, which have some specific impacts on the Greek Agribusiness market and thus, on th
Monetary policy lessons from recent monetary crisis
No full textΗ απελευθέρωση του χρηματοπιστωτικού τομέα σε συνδυασμό με την
αυξανόμενη παγκοσμιοποίηση και την ελεύθερη κυκλοφορία των κεφαλαίων
επιτάχυναν την οικονομική ανάπτυξη παγκοσμίως, αλλά ταυτόχρονα προκάλεσαν
οικονομικές κρίσεις και χρεοκοπίες τραπεζών. Καθοριστικό ρόλο στην πυροδότηση
της πρόσφατης οικονομικής κρίσης διαδραμάτισαν παράγοντες που προέρχονται από
το χρηματοπιστωτικό σύστημα, oι οποίοι σχετίζονται είτε με την υπερβολική
πιστωτική επέκταση, είτε με την ανεπαρκή εποπτεία των χρηματοπιστωτικών
ιδρυμάτων σε συνδιασμό με το πρόβλημα της αξιολόγησης του κινδύνου.
Οι κεντρικές τράπεζες ρυθμίζουν την προσφορά χρήματος και επηρεάζουν τη
διαπραγμάτευση των χρηματοπιστωτικών προϊόντων. Οι επεκτατικές νομισματικές
πολιτικές οδηγούν στην αύξηση των τιμών των μετοχών, ομολόγων, ακινήτων και
εμπορευμάτων, καθώς επίσης αποδυναμώνουν το εθνικό νόμισμα. Οι περιοριστικές
νομισματικές πολιτικές εμποδίζουν τις αυξήσεις στις αποτιμήσεις των περιουσιακών
στοιχείων, και συχνά συμβάλλουν στην πτώση τους. Η περιοριστική πολιτική,
επίσης, ενισχύει το εθνικό νόμισμα.
Ο σκοπός του άρθρου είναι να παρουσιάσει την αυξανόμενη αλληλεπίδραση
μεταξύ της νομισματικής πολιτικής, της οικονομικής ανάπτυξης και της κατάστασης
που επικρατεί στις χρηματοπιστωτικές αγορές. Η τελευταία παγκόσμια οικονομική
κρίση και οι επακόλουθες ενέργειες των κεντρικών τραπεζών ανέδειξαν το πόσο
στενά συνδέονται αυτές οι έννοιες μεταξύ τους. Η εργασία αυτή παρουσιάζει την
επίδραση της νομισματικής πολιτικής στην πραγματική οικονομία, την αγορά
ακινήτων και στη διαπραγμάτευση των χρηματοπιστωτικών προϊόντων. Στην
ανάλυση χρησιμοποιείται το παράδειγμα της Federal Reserve System.
Οι συγγραφείς υποστηρίζουν ότι ο συντονισμός της νομισματικής πολιτικής
και της μακροπροληπτικής εποπτείας, δημιουργεί την ανάγκη για νέες θεσμικές
ρυθμίσεις. Βασικό ρόλο στις διεργασίες αυτές πρέπει να διαδραματίζουν oι κεντρικές
τράπεζες οι οποίες διαθέτουν επαρκή εμπειρία στη διεξαγωγή οικονομικών
αναλύσεων, κατάλληλα θεσμικά όργανα και το πιο σημαντικό είναι ανεξάρτητες.The deregulation of the financial sector combined with increasing globalization and
the free movement of capital accelerated economic growth worldwide, but also
caused financial crises and bank failures. A decisive role in triggering the recent
economic crisis played factors derived from the financial system, which are
associated either with excessive credit growth, or inadequate supervision of financial
institutions and the problem of risk assessment.
Central banks regulate money supply and influence the trading of financial products.
Expansionary monetary policies lead to the increase of prices of stocks, bonds,
properties and commodities, as well as (to the devaluation of) weaken the national
currency. The restrictive monetary policies prevent increases in valuations of assets,
and often contribute to their (decrease) downfall. The restrictive policy also
strengthens the national currency.
The purpose of this article is to present the growing interaction between monetary
policy, economic growth and the situation in financial markets. The recent global
financial crisis and the subsequent actions of central banks have shown how these
concepts are closely linked. This paper presents the effect of monetary policy on the
real economy, the real estate market and the trading of financial products. In the paper
the Federal Reserve System' example is used.
The authors argue that coordination of monetary policy and macro-preventive
supervision, creates the need for new institutional arrangements. A key role in these
processes should play the central banks, which have sufficient experience in
conducting economic analyzes, appropriate institutions and the most important they
are independent
Factors influencing the Accounting and Finance undergraduate department choice in Greece
No full textThe paper examines and tries to establish the ranking of the criteria
that determine the selection of a higher educational institute’ department by the
prospect students in Greece. The methodology applied in order to satisfy the
research aim is the analytic hierarchy process (AHP). The case study concerns
two groups of students. One group consists of students of the central
Greek technological educational institute situated in Athens and another from
peripheral tertiary institution situated in the region of Epirus. The results
confirm that the ranking of students’ selection criteria is different in two
investigating groups. Most students from the central educational institutions
seem to be attracted by ‘financial factors’ with ‘family income’ being the
decisive sub-criterion, while the selection of a peripheral department is more
affected by ‘personal factors’ among which ‘life quality’ and ‘leisure time
options’ are the most important
Female entrepreneurship in agricultural sector. The case of Municipality of Pogoni in the period of economic crisis
Get PDFPurpose of this field research is the study of the multifunctional role of rural women both in development and primary sector’s businesses. The survey was conducted in 2014, in Municipality of Pogoni, Greece, by personal interviews and questionnaire with women holding a small business in primary sector. Thus, the results about female entrepreneurship are unique for this specific rural area. It is concluded that within modernization of agricultural sector, the role of rural women has greatly improved in production and organization of agricultural labor. Female entrepreneurship networking, small businesses’ succession, and necessity and opportunity entrepreneurship in primary sector’s businesses are examined and also how these affect female entrepreneurship. Women entrepreneurs’ opinions were catalogued. Factors such as education and vocational training are important in enhancing the role of rural women. Finally, main problems woman entrepreneur faces, mainly economic and managerial, were pointed out, while economic crisis seems to affect negatively the agricultural sector of this region
Performance of the Greek banking sector pre and throughout the financial crisis
No full textThis study provides an in depth comparative analysis among Greek Commercial Bank
institutions listed in Athens Stock Exchange Market, during time period from 2006 to
2012. The analysis is based on CAMEL methodology. The period 2007 to 2009 is
characterized by high profitability, liquidity and high capital adequacy. However, the
eruption of the economic crisis in Greece during 2009 and its ominous impacts is revealed
on the bank financial statements and reports. The results derived from the CAMELS
evaluation have been cross-tested using the Fixed Effects Model in a panel data analysis,
which verify that before crisis the traditional ratios of are statistically significant, while
the Sensitivity and Liquidity variables appeared to be the only rating components that
provide insights into the banks financial situation during the crisis period. We conclude
that changes in the economic environment and the emergence of new risks should be
considered from both, bank managers and regulators, by the implementation and
evaluation of Banks’ rating system
Τα Νέα της Βιβλιοθήκης Πρέβεζας
No full textΤεύχος 21) Εκπαιδευτικά προγράμματα σε λογιστική & ελεγκτική από το ΙΕΣΟΕΛ και το ΕΚΠΑ, σελ. 1. 2) Αφιέρωμα: Ευρώπη 2020, σελ. 2. 3) Παρουσίαση: ιστοσελίδα EUROSTAT, σελ. 6. 4) Έρευνα του Eriksson ConsumerLab: τεχνολογία και επικοινωνίες οι τάσεις της αγοράς, σελ. 8
Η Πραγματική Φορολογική Επιβάρυνση των Εισηγμένων Επιχειρήσεων:Η περίπτωση του Χρηματιστηρίου Αθηνών
No full textThe annual tax-burden of a company, concerning – on the one hand - its
obligation to the tax authorities is as calculated based on the
taxable income and appears on the tax application form (Current Tax),
while concerning – on the other hand – the information provided
through the financial statements (under IAS/IFRS) is the one based on
the accounting income and is recorded separately in the Income
Statement. This paper examines the level and composition of the
Effective tax burden on companies (Effective Tax) which is combining
two different parts, the one being the Current Tax and the other being
the Deferred Tax. The examination takes place in rates (percentages)
ie Effective Tax Rate/ETR, Current Tax Rate/CTR and Deferred Tax
Rate/DTR.
The sample includes all listed companies in the Athens Stock Exchange
(ASE) belonging to the indices FTSE / ASE -20, - Mid 40 & -80. In the
period 2005-2012 the average tax burden based on accounting profits
(ETR) stands at 26% and the rate of taxable profit (CTR) at 21.85%,
while the average (statutory) tax rate is 25%. Deferred Taxes (DTR)
participate in the formulation of the final cost of taxes by 3.76% as
expense and 3.14% as income on average, while extraordinary taxes
account for 3.76%. The companies of the FTSE / ASE Small Cap 80 show
the highest ETR, CTR and DTR. The Technological Industry shows the
highest ETR, while the lowest is recorded in the Real Estate industry.
The highest CTR value is noted in Telecommunications and the lowest in
the sector of SMEs, which shows the largest deferred tax expense,
while the industry of Health shows the largΗ ετήσια φορολογική επιβάρυνση κάθε εταιρείας, για μεν τη σχέση της με
τις φορολογικές αρχές είναι αυτή που προσδιορίζεται βάσει των
φορολογητέων αποτελεσμάτων της και απεικονίζεται στη φορολογική δήλωσή
της (Τρέχων Φόρος / Current Tax), για δε τη σχέση της με τους χρήστες
των οικονομικών καταστάσεων (βάσει ΔΛΠ/ΔΠΧΑ) είναι αυτή που
προσδιορίζεται βάσει των λογιστικών αποτελεσμάτων της εταιρείας και
απεικονίζεται ξεχωριστά στην Κατάσταση Αποτελεσμάτων Χρήσης της (Φόροι
Χρήσης). Στην παρούσα εργασία εξετάζεται το ύψος η σύνθεση και η
μεταβολές της πραγματικής φορολογικής επιβάρυνσης των επιχειρήσεων
(Effective Tax) η οποία συνδιαμορφώνεται από τον Τρέχοντα Φόρο
(Current Tax) και τον Αναβαλλόμενο Φόρο (Deferred Tax). Η εξέταση
γίνεται υπό τη μορφή ποσοστών ήτοι Effective Tax Rate/ETR, Current Tax
Rate/CTR και Deferred Tax Rate/DTR.
Στο δείγμα συμπεριλαμβάνεται το σύνολο των εισηγμένων στο
Χρηματιστήριο Αθηνών(ASE)εταιρειών που ανήκουν στους δείκτες FTSE/ASE
-20,-Mid40 &-80). Στην περίοδο 2005-2012 η μέση Πραγματική Φορολογική
Επιβάρυνση με βάση τα λογιστικά κέρδη (ETR) διαμορφώνεται στο 26%, ο
συντελεστής Φορολογητέων Κερδών (CTR) στο 21,85%, ενώ ο μέσος
(θεσμοθετημένος) Συντελεστής Φορολογίας κινείται στο 25%. Οι
Αναβαλλόμενοι Φόροι (DTR) συμμετέχουν στην διαμόρφωση του τελικού
κόστους των Φόρων ως έξοδο κατά Μ.Ο 3,76% και ως έσοδο κατά 3,14%,
ενώ οι έκτακτοι φόροι καλύπτουν το 3,76%. Οι εταιρίες του FTSE/ASE
Small Cap 80 εμφανίζουν τον υψηλότερο ETR, CTR και DTR. Ο Τεχνολογικός
Κλάδος εμφανίζει τον υψηλότερο ETR, ενώ ο χαμηλότερος καταγράφεται
στον κλάδο της Ακίνητης Περιουσίας. Η υψηλότερη τιμή CTR σημειώνεται
στον κλάδο των Τηλεπικοινωνιών και η χαμηλότερη στον κλάδο των ΜΜΕ ο
οποίος εμφανίζει τον μεγαλύτερο Αναβαλλόμενο Φόρο Έξοδο, ενώ ο κλάδος
της Υγείας εμφανίζει τον μεγαλύτερο Αναβαλλόμενο Φόρο Έσοδο
Simulation for the stability and DEA risk analysis of Greek banks within a prolonged duration of the debt crisis
No full textAbstract
In the current paper, we study the stability and the survival probabilities of enterprises and banks within a
prolonged duration of the debt-crisis (after 2007,and beyond 2011), with simulation. We utilize historical data
from banks and enterprises within the debt-crisis to define crisis-variability and crisis-average values of input
parameters of the simulation. We also compute Data Envelopment Analysis (DEA), with relevant to
simulation inputs and outputs, so as to have a mutual relative efficiency of the Banks, and some enterprise