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on Accounting and Auditing |
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Issue of 2024‒02‒19
seven papers chosen by |
| By: | Paloma Péligry; Xavier Ragot (Sciences Po - Sciences Po) |
| Abstract: | We analyze the convergence or divergence of the diversity of fiscal systems after the financial crisis of 2007. Studying 29 countries, we first document the evolution of the taxation of households, firms, labour, consumption and capital. We identify three types of fiscal systems: liberal, intermediate and high-redistribution, which can be ranked in ascending order of tax rates, confirming known typologies in the diversity of capitalism literature. Only the tax rate on corporate profits shows signs of downward convergence over the period. The other tax rates show rather signs of divergence. Second, a divergence is observed among the liberal and high-redistribution group over the period. The European countries are converging towards the high-redistribution model, with the exception of Great Britain, which is moving towards the liberal model. Thus, the financial crisis seems to contribute not to the convergence, but to the divergence of fiscal systems. |
| Keywords: | tax systems globalization capital taxation JEL classification: H12 H6 P43, tax systems, globalization, capital taxation JEL classification: H12, H6, P43 |
| Date: | 2023–11–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04384035&r=acc |
| By: | Manwaring, Priya; Regan, Tanner Weldon Dean |
| Abstract: | Public disclosure policies have potential to raise tax compliance where alternative enforcement capacity is limited. We study the effects of reporting delinquents and recognizing compliers and provide evidence on the social determinants of tax compliance. Our results are consistent with a model in which being publicly known as tax-eligible is costly but social sanctions for delinquency are limited. Further, disseminating information on tax behavior reduces the compliance of recipients by causing their beliefs to be updated down toward the true compliance rate. Overall, these policies are limited at raising revenue and less effective than simple enforcement reminder nudges. |
| Keywords: | property tax; tax morale; public disclosure; shaming |
| JEL: | O18 H30 H26 |
| Date: | 2023–07–21 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:121298&r=acc |
| By: | Manel Benzerafa-Alilat (CEROS - Centre d'Etudes et de Recherches sur les Organisations et la Stratégie - UPN - Université Paris Nanterre); Nino Tandilashvili (CEROS - Centre d'Etudes et de Recherches sur les Organisations et la Stratégie - UPN - Université Paris Nanterre, ISC Paris - Institut Supérieur du Commerce de Paris); Marion Friscia |
| Abstract: | For the first time during the 5th Republic, French Assemblée nationale and Sénat have rejected the Public Accounts and Audit Bill (2021). Recently, the examination of the bill of law on the multiannual programming of public finances 2023-2027, which was disrupted by its rejection by the deputies at first reading, was interrupted. This is a strong political message to the Government. What are the legal consequences of this? |
| Abstract: | Cet article explore les caractéristiques des rapports d'audit produits par des institutions supérieures de contrôle qui sont susceptibles d'accroître leur utilisation par les parlementaires. Contrairement aux études précédentes, celle-ci se focalise sur l'utilisation des rapports explicitement commandés par leurs utilisateurs au travers du cas des rapports d'audit commandités par le Parlement à la Cour des comptes (« rapports 58 2° »). Les résultats montrent un niveau d'utilisation relativement faible, avec un taux d'utilisation très varié. Le style argumentatif du texte du rapport, l'engagement de la Cour et le caractère des recommandations émises semblent augmenter l'utilisation par les parlementaires. |
| Keywords: | financial laws, State budget, public accounts, Public Accounts and Audit Bill, multiannuality, Institution supérieure de contrôle (ISC), Cour des comptes, informations relatives à la performance, Parlement, utilisation des rapports d’audit |
| Date: | 2023–05–26 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04390793&r=acc |
| By: | Dimos Andronoudis (no affiliation - no affiliation); Diogenis Baboukardos (Audencia Business School); Fanis Tsoligkas (University of Bath [Bath]) |
| Abstract: | According to its advocates, integrated reporting (IR) aims to enhance firms' information environment by placing financial reporting into a much broader perspective in which interrelated non‐financial information of firms' activities are taken into consideration. We examine whether this intended outcome of IR embeds into the stock pricing process using a sample of South African listed firms that mandatorily adopted IR in 2011. Unlike previous studies that explore market valuation implications of IR, we examine the channel through which the IR‐related information flows into firm value. Specifically, we quantify the effects of revisions of expectation about future cash flows (prompted by financial reporting information), revisions of expectation about discount rates (prompted by non‐financial reporting information) and their interconnectedness. We hypothesize and empirically show that the adoption of an IR approach prompted greater market revisions of expectations about future discount rates and a stronger interconnectedness between market revisions of expectations about future cash flows and discount rates. Thus, the change in the stock pricing process after the adoption of IR is determined by non‐financial reporting information and its strong interconnectedness with financial reporting information. We also show that our results are stronger for firms with greater earnings opacity, suggesting that investors find IR more useful when firms' financial reporting is opaque. Results indicate to researchers, practitioners and regulators that IR enhances the firm‐level information environment by providing informative non‐financial reporting which is also well integrated with financial reporting. |
| Keywords: | Integrated Reporting, Discount Rate News, Pricing Process, South Africa |
| Date: | 2024–01–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04389552&r=acc |
| By: | Thibaut Gentil; Sébastien Ray; Oana Toader |
| Abstract: | In a context of volatile interest rates, the impact of monetary policy decisions on banks’ net interest income is a key question for financial stability, since changes in profitability may affect their capacity to absorb losses and to accumulate capital through retained earnings. This paper presents an ALM-like model developed to project the evolution of the aggregate balance sheet and the interest income and expense of a banking sector under various scenarios. Based on balance sheet structure data, the model simulates the expiration of maturing instruments and the progressive accumulation of new issuances. Using conservation laws valid at the aggregate level, the model provides a consistent accounting-based framework, where bank reserve holdings depend on central bank actions, and the volume of customer deposits results from net payments between the banking sector and the rest of the economy. A combination of financial data sources makes it possible to build a simplified balance sheet of the aggregate euro area banking sector, on which the model can be run. Its total net interest income turns out to be, on the whole, positively sensitive to changes in interest rates. The model can also quantify sensitivities to other factors, such as central bank operations on securities or changes in the cost structure of customer deposits. Back-testing results on 2016–23 confirm the model’s ability to account for observed interest margins. |
| Keywords: | Interest Rates, Banking Sector, Net Interest Income, Monetary Policies, Asset-liability, Projection Model |
| JEL: | G21 E43 E44 E47 E58 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:bfr:banfra:931&r=acc |
| By: | van der Geest, Jesse (Tilburg University, School of Economics and Management) |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:aaca33bf-975d-4e21-9b5f-50e9384ce6e9&r=acc |
| By: | James Jolliffe; Claire Jolly |
| Abstract: | Many ocean economic activities are not readily visible in official statistics, hindering policymakers' access to crucial information for decision making. The OECD ocean economy measurement project aims to address this by aligning ocean economy statistics with broader economic data and ensuring international consistency. This paper compares the measurement strategies of eight OECD member countries using principles from the system of national accounts. It also highlights the ocean economy thematic accounts of four countries and summarises their methods. The paper concludes with recommendations for integrating ocean economy measurements with national accounting standards, a vital step for improving the evidence base for ocean policymaking. |
| Keywords: | measurement, ocean economy, policymaking, statistics |
| JEL: | O1 O44 |
| Date: | 2024–02–02 |
| URL: | http://d.repec.org/n?u=RePEc:oec:stiaaa:2024/1-en&r=acc |