Czech Financial and Accounting Journal, 2007 (vol. 2007), issue 2

Výzvy pro Fakultu financí a účetnictví v akademickém roce 2007/2008

Petr Dvořák

Český finanční a účetní časopis 2007(2):4-5 | DOI: 10.18267/j.cfuc.216  

Agency theory and Its Impact on Corporate Finance Theory

Petr Marek

Český finanční a účetní časopis 2007(2):6-16 | DOI: 10.18267/j.cfuc.217  

Agency theory for the first time appeared in literature in 70s years at the works of Ross (1973), Jensen and Meckling (1976). Their starting points were transaction costs, asymmetric information, moral hazard and adverse selection. This theory gradually enforced not only in economic scientific disciplines but even in sociology and politics. From point of the view of corporate finance is the most important for the development of the discipline impact of agency costs on market value of firm. The theory has significant place in the explanation of optimal capital structure and dividend policy. Increasingly more and more representatives is appearing in...

Transfer prices within business combinations

Vlastimil Roun

Český finanční a účetní časopis 2007(2):17-27 | DOI: 10.18267/j.cfuc.218  

This text is concerned with problems related to transfer prices within business combinations, particularly multinational enterprises. It is based on the expectation that a company's information system is composed of three basic accounting subsystems: managerial, financial and tax. The difference between the subsystems is primarily a result of the different needs of the users. The main goal of managerial accounting is to provide information for internal users, especially for the purposes of managing the company's business processes. On the other hand, financial accounting focuses mainly on external users, who are interested in the company's financial...

Transfer Pricing

Jiřina Bokšová

Český finanční a účetní časopis 2007(2):28-33 | DOI: 10.18267/j.cfuc.219  

In the process of the worldwide globalization appear transnational companies that place their production and trade activities into various countries of the world. The determination of transfer pricing of transnational companies is a serious and in the Czech Republic until now little noticed problem. The goal of this contribution is to outline the issue of the transfer pricing of the translational companies in the Czech Republic.

Standing of Property Taxation in the Czech Republic

Lenka Láchová

Český finanční a účetní časopis 2007(2):34-47 | DOI: 10.18267/j.cfuc.220  

The article is focused on the present situation of property tax in the tax system of the Czech Republic in the context of the European Union and in their expected development. It analyses advancement of tax revenues of several property taxes, their importance in several levels of public budgets, role of real estate tax from the point of view of fiscal decentralization. It assesses the present situation of recurrent taxes on immovable property and modification proposed in taxation of farm land and possible impact on local budgets. The question of justification of their further existence in the Czech tax system is considered at transfer taxes and their...

Analýza daňového zaťaženia práce po zavedení tzv. rovnej dane

Anna Harumová

Český finanční a účetní časopis 2007(2):48-54 | DOI: 10.18267/j.cfuc.221  

Application equal tax in the Slovak Republic makes better allocation of income to the state budget, reduce rate repartionings in society and from long-time aspect is stimulating economic expand and creation of investments. From individual and companies view cancel progressive taxations, which up to now relate mainly enjoy success, then with higher income society. On the second side equal tax implementation advantage this category and don't advantage category of individual and companies with low income. The system became less motivating for middle income groups.

Tax Competition in the European Union and Its Influence on the Shift in the Tax Burden

Danuše Nerudová, Svatopluk Kapounek, Jitka Poměnková

Český finanční a účetní časopis 2007(2):55-72 | DOI: 10.18267/j.cfuc.222  

The paper deals with the testing of the hypothesis, whether there is negative correlation between the time series of corporate income tax yield and personal income tax yield in the states of EMU and the Czech Republic. The correlation analysis has not proved the negative correlation (except Netherlands) on 5% level of importance. It can be assumed, that in most cases the present competition in the filed of corporate income taxation in the EU does not lead to the shift in the tax burden from corporations on the individuals. The differences of corporate income taxation in individual member states reflect the different economic conditions - countries...

International Accounting Standards and Capital Costs - State of Empirical Research

Miloš Mařík

Český finanční a účetní časopis 2007(2):73-78 | DOI: 10.18267/j.cfuc.223  

The reviewed article deals with possibility of research of benefits from transition to international accounting standards. These benefits are seen especially in possibility to improve investors' knowledgeableness, thereby to reduce risk for investors and to reduce capital costs. However recapitulation of studies results shows that initial hypothesis failed to be validated. The author assumes that further research will bring better results. But his expectation is not too realistic. It is evident that it will be hardly possible sometimes to confirm empirically this hypothesis due to limited ability to measure capital costs and to single out an effect...

The Adoption of IAS in Europe

Jaroslava Roubíčková

Český finanční a účetní časopis 2007(2):79-81 | DOI: 10.18267/j.cfuc.224  

The introduction of International Financial Reporting Standards (IFRS) in the European Union (EU) is important event for accounting. In particular important are three themes: convergence, enforcement and research opportunities and difficulties presented by the move to IFRS in the EU.

Discussion about Ex Post and Ex Ante Transfer Prices Adjustments

Vlastimil Roun

Český finanční a účetní časopis 2007(2):82-85 | DOI: 10.18267/j.cfuc.225  

This article focuses on impact of strict transfer price regulations on the firm behavior. The model comparing profit allocation behavior of the firm under strict transfer price regulation with the firm having more discretion shows that strict transfer price policy does not guarantee higher tax revenue. Regardless of transfer price method, comparable uncontrolled price or comparable profit method.

Clever Guide to Evaluation of Effectiveness of Investment Project of the European Union

Karel Křikač

Český finanční a účetní časopis 2007(2):86-88 | DOI: 10.18267/j.cfuc.226  

This is the review of the book of Milan Hrdý from the Faculty of Economics of Westbohemian University in Pilsen with the title of The evaluation of effectiveness of investment projects of EU in the Czech Republic published by ASPI Publishing in 2006. The book analyses the basic problems which the reader meets in the process of evaluation of these projects. Concrete theoretical and practical experiences of author which is specialized in investment decision are projected into this book.