G39 - Corporate Finance and Governance: OtherReturn

The contribution deals with the role of the branch standards in the process of the optimizing of the capital structure of the concrete firm. The enterprises can use the branch standards available and adjust their indebtedness on this level besides the process of the active optimizing. The problem however lies in the identification of these branch standards. The branch standards in the seventeenth areas were analyzed from the point of view of the Czech Republic, the U.S.A., of the world and of the Europe. Even if the results in the single areas were different, it is possible to generalize that the indebtedness of the firms in the Czech Republic is in general higher than it is in the U.S.A., in Europe, and in total in the world. The reason could lie in the relatively great benevolence in the area of the offers of the bank loans in previous periods. The next interesting conclusion arises from the findings out that the indebtedness from the market values is lesser than from the accounting values, which demonstrates the higher market value than the accounting value. The maximum values were recommended for the indebtedness of the enterprises in the Czech Republic on the basis of the above mentioned data. The procedure of the solution was identified in three groups according to the differences in the single values of indebtedness in the concrete spheres.

The aim of this contribution is to analyze the influence of taxes on the financial management and decision of enterprise. The enterprise could be influenced in a passive or active way. In a passive way the company has to bear some negative tax consequences or on the contrary could exploit positive tax consequences. In a active way the company could exploit taxes for the decision concerning some concrete option with the aim to maximize the market value of the enterprise or to fulfill the other corporate aims. The most important role plays the income tax, which could influence the choice concerning the appropriate legal form of business, investment decision, risk of business and the options of financing of corporate. Value added tax could influence mainly cash flow of the enterprise if the company is the payer of this tax. Excise taxes and ecological taxes could influence negatively the competitiveness of the company mainly if these taxes are lesser in neighboring countries. Property taxes plays marginal role. The most important role plays also the mutual interaction of state and the firm sphere mainly in the case of tax deductable costs, deductible items or tax rebate.

All transactions in multinational enterprises which are realized among group members are very sensitive to tax risks. The more often the transactions are connected to intangible assets or R&D services the more tax risks they generate. This article identifies theoretical and practical problems of services level agreements (SLA) in financial management. The author offers step-solutions for utility measurement by service provider and service receiver, cost allocations and deals with suitable profit level indicators. The goal of this article is to provide sufficient analysis of arm's length principle in SLAs with respect to the OECD Transfer pricing for MNEs Guidelines and with respect to other significant regulations.

Financial crisis has shown significant gaps in risk management system in financial institutions. The major critics focused on an inappropriate usage of the innovative financial products with not adequate reflection of capital requirements for their market risks, not adequate valuations of those products with reliance on external valuation by rating agencies, not transparent settlement via OTC and not adequate collateral management combined with the extreme financial leverage in those positions and unduly concentrations on the dozen counterparties. The proposed changes in regulatory regimes address major gaps in risk management system like the more stringent guidelines for liquidity risk management, the general increase of capital requirements and capital transparency on credit derivatives, securitization, etc. plus the abolishment of hybrid capital and the convertible capital from Tier 1 core capital; the more stringent requirements on risk models combined with the stress testing requirements to cover the extreme market events.

Cost contribution arrangements (CCAs) and Cost sharing agreements (CCAs) belong to the tools of modern finance management. Costs spent by associated enterprises on developing, producing or obtaining assets, services or rights (in general - benefits) are used for tax optimizing too. The main purpose of joint research and development, producing or obtaining benefits is to lower these costs as much as possible or to maximize the benefits. The problematic of transfer pricing and arm´s length principle in connection to CCAs, CSAs is mentioned in this article, too. Next, there is mentioned how to settle participation shares of the total cost and benefits contributions with respect to the OECD Transfer pricing for MNEs Guidelines and with respect to other significant regulations.

The article deals with current issues of the self-regulation in the insurance market and demonstrates on the example the consequences of its improper implementation. The introductory essay brings the author's view of self-regulation definition. Further, the article deals with the environment in which the publication of "Ampelcheck Geldanlage" was issued by the Association of Consumer Hamburg. The publication was issued mainly to reduce information asymmetry from the side of insurance brokers and correct behavior of clients in the selection of suitable investment instruments for the creation of financial reserves for lately term of life. However, since it has several simplifications that have led to the erroneous conclusions for the insurance products, therefore the main part of the article concentrates on the analysis of conclusions from the publication and their confrontation with the current state of science. The article confirmed the importance of self-regulation and declared the requirements on its correct usage in practice. Mainly forward mutual communication and coordination of all concerned parties are necessary for effective implementation of any tool of self-regulation.

The article elaborates the area definition, valuation and disclosure of information about poor quality output. After the definition of poor quality output the article analyses especially poor quality tangible outputs. In this area it describes the process of its identification, accounting for poor quality outputs (with the main stress on work-in-progress) and consequences of poor quality outputs on corporation tax base.