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Die Auswirkungen der CFC-Rule auf das internationale und österreichische Steuerrecht
No full textDie Globalisierung der Märkte verlangt die Anpassung des internationalen
Steuerregelwerks, um eine Verkürzung und Verlagerung von Unternehmensgewinnen
zu vermeiden. Die Controlled Foreign Company Rule (CFC-Rule), übersetzt
Hinzurechnungsbesteuerung, ist in diesem Zusammenhang eine Regelung, die das
Verschieben von Einkünften in den Ansässigkeitsstaat von niedrigbesteuerten
Tochtergesellschaften verhindern soll. Das Ziel dieser Masterarbeit ist herauszufinden,
warum die CFC-Rule und insbesondere das Aktionspaket 3 geschaffen wurde und
welche Auswirkungen sich durch deren Anwendung auf das internationale und speziell
auf das österreichische Steuerrecht ergeben. Der erste Teil der vorliegenden Arbeit
beschäftigt sich mit dem Projekt gegen „Base Erosion and Profit Shifting“ der OECD.
Dabei wird vor allem auf die Maßnahmen bezüglich der CFC-Rule in Aktionspaket 3
eingegangen. In weiterer Folge wird die auf Ebene der Europäischen Union
geschaffene Anti Tax Avoidance Directive Richtlinie analysiert und kritisch betrachtet.
Danach wird die Modifizierung des vorhandenen Methodenwechsel, die
Implementierung der Hinzurechnungsbesteuerung durch § 10a KStG sowie die
Anpassung der Missbrauchsregel des § 22 BAO in Österreich beschrieben. Die
Analyse hat gezeigt, dass Unternehmen durch die Einführung dieser Regelung und
dem vorhandenen Spielraum auf Ebene der OECD und der EU vor neuen
Herausforderungen stehen.The globalization of markets requires the adjustment of international tax regulations to
avoid a reduction of tax bases by shortening and reallocating corporate profits. In this
context the CFC-Rule (Controlled Foreign Company Rule) is a regulation that prevents
the shifting of income to the state of residence of low-taxed subsidiaries. The aim of
this master thesis is to analyse why the CFC-Rule and particularly Action Three was
created and what effects it has on international and especially Austrian tax law. The
first part of this thesis deals with the project against "Base Erosion and Profit Shifting"
of the OECD and the Action Package 3 which addresses the CFC-Rule. Furthermore,
the “Anti Tax Avoidance Directive” of the European Union is investigated. Afterwards,
the adaptation of the existing § 10 KStG, the implementation of § 10a KStG and the
adaptation of the abuse rule of § 22 BAO in Austria are described. The analysis has
shown that companies are facing new challenges due to the introduction of this
regulation and the existing leeway at OECD and EU level.Wien, Fachhochschule des BFI Wien, Masterarb., 202
DAX30 according to the multi-factor model
No full textIn the financial sector, a multi-factor model can be used by introducing a number of different factors in the calculations to analyse and explain market behaviour, as well as the returns of an index. The most famous model is the Fama-French model which uses, in the latest updated research, six factors: company size, book-to-market value, excess return on the market, profitability, investment factor and momentum. The thesis research aims to consider the modelling and the solution of the multi-period portfolio selection problem adding new factors. The research aims to implement a new model on the German DAX30 index. It is also interesting to understand how the model behaves in periods of large market fluctuations and economic recession. Finally, a tested model could be used as an asset management tool and for the evaluation of portfolios, indices and individual securities.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Return-based style analysis in case of factor-based index funds
No full textThe title of this thesis is: Return-Based Style Analysis in Case of Factor-Based Index Funds
The concept of factor-based investing has become extremely important in recent decades. More and more investors are trying to break down the returns of different asset classes into their risk components and try to understand the reason for their existence and performance. Therefore, the aim of this paper is to analyse such indices using a rolling regression model, also called return-based style analysis (RBSA), with their individual factor indices. The work is of high practical relevance because it allows to observe the style of various indices over time. Both factor-based investing and return-based style analysis are increasingly becoming part of the daily routine of different investors.
In this paper two indices (MSCI World Index and Dow Jones Industrial Average Index) are analysed, each with seven factor-based indices taken as independent variables. These two indices are each the main indices of the respective factor-based indices. The findings show, that in general RBSA method is applicable for factor-based indices. The results also show that in almost all cases and periods already 1-2 factor-based indices describe more than half of the main index to be analysed. In most cases, the value factor takes on the largest relative weighing. The next point is, that in contrast to other style analysis results, such as those between regions or asset classes, there are more fluctuations during individual periods than between factor-based indices.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Vergleich materieller und immaterieller Benefits in Bezug auf die Arbeitsmotivation von MitarbeiterInnen unter Berücksichtigung der Generationenvielfalt
No full textThe world of work today is not the same as before, like 60 years ago. Not only the working conditions have changed, but also the employees itself and of course the opportunities. Good employees are hard to find and even harder to tie to the organisation. Therefor companies have to come up with ideas to motivate their employees as long as possible. Incentives, also known as “benefits”, seem to be a good solution for both, employer and employee.
This work is based on the assumption that the material incentives have another influence on the work motivation than the immaterial ones. Furthermore the author believes in the diver-sity of generations and its differentiation in values, personal norms and attitudes referring to work.
The author examines the correlation between work motivation and benefits by giving an theoretical overview about the topic “motivation” in general and by the implementation of a quantitative survey conducted on this subject. 139 employees (n=139), different ages, took part of the online questionnaire, which was spread on different social media networks. The aim of this questionnaire was to find out which benefits the participants already get in their organization, which one they would wish for and whether they are more an extrinsic or an intrinsic motivated person.
Subsequently, these results are interpreted and compared with the established hypotheses.
The resulting findings are summarized in the last chapter of the conclusion.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Partizipative Organisationsdesigngestaltung : eine qualitativ-explorative Untersuchung der Vorgehensweisen zur Gestaltung und Implementierung eines Organisationsdesigns unter Einbindung von MitarbeiterInnen in ausgewählten österreichischen Unternehmen
No full textMore than ever, companies are exposed to rapid changes that require them to continuously evolve in order to be successful in the long run. Nowadays, the real competitive advantage of an organization lies in the ability to adapt quickly and without great effort to changing conditions. The creation of a flexible organization design plays a decisive role in this matter.
The present master's thesis focuses on the question which approaches are currently used in companies in order to shape their organization design by involving their employees. Against this background, the dissertation examines two current and internationally recognized theoretical models for the organization design process. In addition, it examines the scientific definitions for participation and analyses the significance of the involvement of employees in the process of organization design. Based on six qualitative expert interviews, the thesis gives a comprehensive insight into the business practice of large Austrian companies. It is shown that all the surveyed companies involve their employees and managers intensively in the process, since participation has significant advantages and facilitates the implementation of the new organization design. The companies rely on representative teams whose members are selected by reason of their knowledge, influence, involvement and attitude. The employees' integration takes place based on their professional knowledge and practical experience, primarily in the design of the processes and the elements of human resources management. The managers, on the other hand, are also involved in the shaping of the strategy and of the corporate structures. The instruments of integration range from cross-functional working groups through workshops, surveys and sounding boards to information events. The degree of involvement also varies depending on the subject area. Especially while developing the strategy, the employees are usually only informed (telling & selling), however they contribute to the processes significantly through applying their knowledge in the form of testing, consulting and co-creating.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Technologiegestützte Geschäftsmodelle zur Realisierung der Circular Plastic Economy
No full textGlobal evidence implies that our present linear economic model cannot function within the confines of our planetary boundaries. Plastics production has grown exponentially over the last 20 years due to its broad range of applications in the context of global megatrends. However, emissions, plastic waste, microplastics and the toxic chemicals they contain are entering our water, soil and atmosphere on an overwhelming scale, causing health, ecological and economic problems.
The model of the circular economy (CE), geared towards sustainability, offers a bold vision for creating systemic change. This paradigm shift could provide much-needed solutions to the plastic epidemic and establish a highly efficient, resource-saving economy.
Can the imperative and urgent shift towards the plastic circular economy be accelerated by digital technologies? The goal of this thesis is to promote the understanding of CE and to identify and characterize sustainable and solution-relevant business models within the digital transformation.
In the context of empirical social research, using a quantitative, partly qualitative research design, it is evident that the issue of the circular economy is neither sufficiently acknowledged nor practiced in the DACH (Germany-Austria-Switzerland) region. Evidence suggests the majority of the respondents are aware that sustainable solutions urgently need to be established. However, the specific questions betrayed incongruencies between respondents' desire versus conviction that they could actually contribute to structural change. There were also deficits and variations in understanding.
In the course of digital transformation, the competitiveness of a company no longer depends solely on its ability to adapt to economic conditions, but also on its notions of social responsibility and innovative strength. This study indicates that a large number of new plastic circular economy business models are currently being developed and promoted by innovators and start-ups. An increase in multi-stakeholdercooperation and the use of information and communication technologies will aid better coordinated models and processes. Furthermore, CE-metrics can be derived, and tighter strategic and political frameworks formulated.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Projektmanagement im agilen Umfeld
No full textDie Arbeit befasst sich mit der Betrachtung des Projektmanagement im agilen Bankenumfeld. Hierbei wurden mehrere klassische und agile Vorgehensmodelle kritisch betrachtet und mit Personeninterviews aus diversen Bankenbereichen untermauert. Es wurde im Zuge der Arbeit ein Kriterienkatalog, der alle idealtypischen Einflussfaktoren für eine agile Umsetzung beinhaltet, ausgearbeitet. Dieser Kriterienkatalog wurde von den Experten und Expertinnen verifiziert und bildet die Basis der Schlussfolgerung.Wien, Fachhochschule des BFI Wien, Masterarb., 202
Evaluation of the European green bond market for the 2014-2020 time period
No full textClimate change is a crucial issue that causes significant challenges to the environment in that we live as well as to our current and future human-being. The importance of environmental matters is currently having an impact on several aspect, along with the financial one, that is the key subject of the thesis. This paper describes the green bonds, a newly established instrument whose proceeds are used solely to fund sustainable initiatives. Moreover, the thesis was designed to emphasize the use, advantages, and challenges of the issuing green bonds. The result has shown that green bonds are clearly being used by different organisations to achieve economic and environmental growth, thereby facing the matter of climate change. In particular, the effective implementation of financial management has the capability to improve sustainable business activities.Wien, Fachhochschule des BFI Wien, Masterarb., 202
Digitale Zahlungsmittel – quo vadis? : steuerliche Behandlung von Kryptowährungen
No full textCreated at the time frame of the global financial and economic crisis in 2008, hardly any other technology has captivated the financial markets and their players as much as blockchain and cryptocurrencies based on it. Peer-to-peer transactions involving bitcoin or other cryptocurrencies have become increasingly important in recent years. Since the sharp rise in its market prices, cryptocurrencies automatically lead to more and more discussions, not only in the area of tax law.
This master's thesis outlines the functioning of cryptocurrencies, with special consideration towards bitcoin and those cryptocurrencies which are identical or comparable to bitcoin with respect to their functionality, areas of application and other characteristics relevant for tax classification. Based on this, it deals with various questions regarding value added tax and income tax classification. In doing so, it is intended to clearly express the tax consequences associated with mining, trading in cryptocurrencies or brokerage regarding the trade of such currencies. In addition, the other use or conversion of cryptocurrencies as well as their interest-bearing investment will of course be examined more closely. Finally, the challenges in the tax procedure law will be dealt with.Wien, Fachhochschule des BFI Wien, Masterarb., 202
Führungsstil der Generation Y
No full textGenerationen werden in unterschiedlichen Zeiten und Kulturen aufgezogen, so dass sie unterschiedliche Einstellungen und Vorstellungen über Führung und Mitarbeiterleistung haben können. Insbesondere die Generation Y ist derzeit in der Diskussion, da sich die Belegschaftsstruktur aufgrund der demographischen Entwicklung verändert. Diese jüngere Generation tritt in den Arbeitsmarkt ein, und es ist wichtig zu erkennen, dass sich diese Generation deutlich von den letzten Generationen abhebt. Zwischen High-Tech, dem Streben nach Selbstverwirklichung und einer optimierten Work-Life-Balance - der Führungsstil der Generation Y ist offensichtlich durch den Wertewandel geprägt worden. Aufgewachsen in einem Wirrwarr aus neuen Technologien und Globalisierung stellt die Generation Y andere Anforderungen an die Arbeitgeber als frühere Generationen - sie arbeitet anders, will anders geführt werden und führt anders. Herausfordernd ist der Wertewandel einerseits für Führungskräfte von Jahrtausenden, die ihre Führungskräfte an die neuen Anforderungen anpassen müssen, aber auch für Jahrtausende, die bereits eine Führungsrolle haben und nicht nur anders geführt werden, als ihnen lieb ist, sondern auch ein Mehrgenerationen-Team erfolgreich führen. Organisationen müssen sich einerseits der Vielfalt ihrer Mitarbeiter bewusst werden und andererseits, dass die Generation Y keine homogene Generation mit individuellen Präferenzen im Arbeitsleben ist. Sie stellen eine Herausforderung für die Arbeitgeber dar, weil sie große Erwartungen an ihren Arbeitsplatz haben. Sie wenden Techniken an, die anderen Generationen oft unbekannt sind, und ihr Führungsstil kann oft zu Skepsis bei anderen Generationen führen. In diesem Papier wird das Führungsverhalten von Führungskräften der Generation Y untersucht - am Beispiel einer gut etablierten und inhabergeführten Gruppe in einem internationalen Umfeld.Generations are raised in different times and changing cultures so they can have different settings and ideas about leadership and employee performance. Especially generation Y is currently under discussion, as the workforce structure is changing due to demographic development. This younger generation is entering the labor market and it is important to realize that this generation stands out clearly from the last generations. Between high-tech, the pursuit of self-fulfillment and an optimized work-life-balance - the leadership style of generation Y has been obviously shaped by the change in values. Growing up in a jumble of new technologies and globalization, generation Y places different demands on employers than previous generations - it works differently, wants to be led differently and leads differently. Challenging is the change in values, on the one hand, for executives of millennials who need to adapt their executives to the new requirements, but also for millennials, who already have a leading role and are not only led differently than they are fond of, but also successfully leading a multigenerational team. Organizations must become aware on the one hand of the diversity of their employees and on the other hand that generation Y is not a homogenous generation with individual preferences in working life. They pose a challenge to the employers, because they have great expectations of their working place. They use techniques that are often unknown to other generations and their leadership style can often lead to skepticism among other generations. This paper examines the leadership behavior of generation Y executives - using the example of a well-established and owner-managed group in an international environment.Wien, Fachhochschule des BFI Wien, Masterarb., 202