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The aim of this study is to review the level of debt and the impact of taxation on the capital structure of companies operating within national and multinational corporate groups in the countries of the Visegrad Group. In the research, financial data was used from 2012–2018 regarding entities forming part of corporate groups, and panel regression models with fixed effects were applied. According to the results of the research, domestic corporations are generally more leveraged and have a lower effective tax rate than multinational corporations. At the same time, the effective tax rate was significant only in six models out of sixteen, and mostly in the case of multinational corporations. The direction of impact was inhomogeneous. Other determinants of the financing structure which most often appeared as significant, in the case of companies operating both within domestic and international capital groups, include sales profitability as well as the tangibility and the age of the company. An additional analysis made for Poland and Slovakia determined that a change in the law on thin capitalization influenced entities’ capital structure determinants, but had no significant impact on the companies’ level of debt. First published online 25 February 2022

Do automation-induced changes in labour and capital income undermine public revenues? Decomposing taxes by source (labour, capital, sales), we analyse the impact of automation on tax revenues and the structure of taxation in nineteen EU countries during 1995–2016. Before 2008 robot diffusion was associated with a decline in total tax revenues and taxes from capital, along with decreasing labour and capital income and output. After 2007, the negative effects diminish. Information and Communication Technologies show a weak negative but persistent effect on total tax revenues and taxes on goods for the full period, and an increase in capital income. Overall, the impact of automation on production and taxation varies over time. Whether automation erodes taxation depends on the technology and stage of diffusion. Concerns about public budgets appear myopic when focusing on the short run and ignoring relevant technological trends. [ABSTRACT FROM AUTHOR]

The functioning of modern states cannot be conceived without taxation. However, there are huge differences from one country to another in terms of the degree of taxation of the economy and the structure of taxes that bring revenues to the budgets of public authorities. Our article makes an analysis of the literature on optimal taxation. Ideas on the progressiveness of income tax, flat taxation of capital gains, ways of taxing property, different taxation of certain categories of goods and services, etc. are reviewed. The empirical study on OECD countries identifies some correlations between five categories of taxes and several socio-economic characteristics: gross domestic product, unemployment rate, population density, stock market capitalization of companies and the intensity of goods movement. Using hierarchical clustering, we highlight the existence within the OECD of five relatively homogeneous groups of countries regarding the structure of taxation. The categories of taxes analysed are total collected revenues, personal income tax, corporate profit taxation, mandatory social contributions, property taxes and taxes on goods and services. [ABSTRACT FROM AUTHOR]

Tax mixes are important components of welfare systems, affecting income inequality, labour market outcomes and economic performance. Still, they are relatively under-examined in the literature studying the convergence of EU welfare states. Most existing analyses of tax mix convergence are limited to western Europe, mainly use twentieth-century data and do not control for domestic determinants of tax policy. I therefore study the determinants of tax mix composition and convergence in a panel of 30 EU and OECD countries between 1980 and 2019 using linear regressions. I find that tax mixes converge and shift from personal income taxes towards more regressive revenue sources. Contrary to theoretical predictions, both observations are almost unrelated to proxies of tax competition. Instead, the main driving factor is EU membership. Tax mixes of Central and Eastern European member states, however, do not Europeanise: they constitute a distinct group with low and persistently regressive taxation. [ABSTRACT FROM AUTHOR]

Taxation serves as a vital lifeline for government revenue, directly contributing to national development and the welfare of its citizens. Ensuring the efficiency and effectiveness of the tax collection process is essential for maintaining a sustainable economic framework. This study investigates (a) trends and patterns of direct tax collection, (b) the cost of tax collection, (c) the proportion of direct tax in total tax collection, and (d) the tax-to-GDP ratio in India. By utilizing a novel grey forecasting model (GM (1,1)), this study attempted to predict the future trends of India's direct tax collections, through which it aims to provide a concurrent and accurate future outlook on tax revenue, ensuring resources are optimally allocated for the country's growth. Results revealed that direct tax collection has consistently increased in the past two decades, and the proportion of direct tax in total tax has also improved significantly. On the contrary, the cost of tax collection has decreased regularly, indicating the efficiency of tax collection. Forecasting shows that the collection from direct tax is expected to reach INR 30.67 trillion in 2029–30, constituting around 54.41% of the total tax, leaving behind collections from indirect tax at a total of INR 25.70 trillion. Such findings offer insights that could enhance revenue management strategies with policy decisions relevant to economists, government, and other stakeholders to understand trends and the efficiency of direct tax collection in India. [ABSTRACT FROM AUTHOR]

Purpose: We investigate the role of fiscal policy, through several measures of government revenues and expenditures and redistribution, on disposable and market income inequality and economic growth as well as the interaction between inequality and growth for 31 European countries from 1995 to 2019. Design/methodology/approach: We use a simultaneous equations model to assess the linkage between economic growth, inequalities and fiscal policy variables. Findings: (1) While disposable income inequality has a negative effect on all fiscal policy variables, market income inequality has a mixed effects; (2) for Eastern European countries, public consumption and direct taxation positively influence economic growth; conversely, for Western European countries, the effects are negative; (3) disposable and market income inequality have a positive effect on growth for Eastern European countries, and a negative influence on growth for Western European countries; (4) growth contributes to the increase of disposable and market income inequality for Eastern European countries; for Western European countries, the effects are opposite; and (5) fiscal policy allows for the attenuation of disposable income inequality. Originality/value: The different results between the role of market and disposable income inequality levels lead us to suggest tax progressivity as an important feature to consider when analyse the trivariate relationship between inequalities, fiscal policy and growth. Furthermore, there are different dynamics between inequality and growth, and the role of fiscal policy, on both Eastern and Western European countries. [ABSTRACT FROM AUTHOR]

The relevance of the study lies in the authors consideration of the problem of hidden double taxation in the current tax legislation of the Russian Federation. The authors have identified the problem that is observed in practice, namely its latent manifestation in various forms, leading to an increase in the tax burden on business entities and citizens. The main method of the study is an analytical review of the problem of latent double taxation within the framework of the current Tax Code of the Russian Federation. The purpose of the study is to substantiate specific examples demonstrating the presence of binary taxation, which, although not an obvious violation of the legislation, but creates significant economic costs and injustice for taxpayers, including the taxation of wages, VAT, excise duties and patent system of taxation, revealing the mechanisms through which there is a hidden double taxation of the same income. The result of the study is a proposal to solve the problem of double taxation within a comprehensive approach, including the possibility of simplifying tax rules, developing a more transparent taxation system, reducing the tax burden of taxpayers, as well as revising the structure of taxation and a clearer definition of taxation principles to prevent hidden double taxation. The key conclusion of the study is the thesis that the introduction of open and clear taxation mechanisms will improve the position of taxpayers and create a more sustainable tax environment in Russia. Further research should focus on combating double taxation, which requires careful analysis and reform of the tax system to ensure its transparency and fairness.

This study examines the effect of cash flow risk on the implied cost of equity capital. Empirical results indicate that firms with higher levels of cash flow risk are associated with more expensive equity financing. This positive relationship holds firmly after addressing potential endogeneity and is robust to alternative measures of cash flow risk and the implied cost of equity capital. Moreover, under the influence of firm quality, the positive relationship is more pronounced for firms with younger age and smaller size. [ABSTRACT FROM AUTHOR]

Why do we tax? How do we tax? Who should we tax? While asked by almost all of us, these questions are usually answered by a select few. Economists who work in theoretical realities, lawyers full of jargon, and legislators with competing interests all have different answers to those questions. Some might even have different answers depending on who is asking. Beyond the theory and the jargon, however, lies an underlying base of equity and fairness that drives all citizens to ask these questions. This Note will attempt to answer one small piece of these enormous questions by focusing on the taxation of private equity managers in the United States compared with that of Chile, arguing that, while the Chilean government has complied with what little international guidance there is on tax policy, the United States is violating international law by offering preferential treatment for high net-worth private equity managers. [ABSTRACT FROM AUTHOR]

Nigeria is a foremost oil producer in Africa, and thus faces substantial environmental issues like pollution and climate change. Therefore, since green taxation and green innovation emphasize inventing new technologies, mitigating environmental damage, and stimulating sustainability, understanding and encouraging green taxation and green innovation might aid in reducing these environmental challenges and protect natural resources. This study therefore explored the influence of board structure on the link between green taxation, green innovation, and cosmetic accounting practices of firms. This study adopted auxiliary data from the World Bank, OECD, and Nigerian corporations' annual reports. The analysis included 792 firm-year observations from 2014 to 2021. A logistic regression analysis was performed. This study documented that firms costume their income to avoid paying environmental taxes or to generate a more constructive image of their green practices. Similarly, it was found that green innovations attract firms to engage in cosmetic accounting practice in Nigeria. However, firms' effective board mechanisms have been found to prevent the likelihood of cosmetic accounting practices. Finally, it was established that green taxes and green innovations could prevent firms from engaging in cosmetic accounting practices in companies with effective board mechanisms. This study is the first to explore the influence of governance structure on the nexus between green taxation and cosmetic accounting practices of firms. The findings of this study provide valuable information to regulatory authorities, policymakers, and companies seeking to promote sustainable growth and green protection. [ABSTRACT FROM AUTHOR]

Despite growing attention on the role of internationalization in capital structure and the increasing adoption of zero-leverage policies by multinationals (MNC), no study examines the effect of internationalization on zero leverage. Using data from the United Kingdom (UK), we present the first empirical evidence of a positive and significant relationship that increases in the level of internationalization both statistically and economically. We find that the motivation for zero leverage differs between MNC and domestic firms (DOM). Whilst the major driving factor for MNC is the maintenance of financial flexibility, financial constraints motivate DOM. [ABSTRACT FROM AUTHOR]

The EU relies heavily on labor taxation including social security contributions (accounting for more than half of all EU-27 tax revenues), though it can discourage labor market participation. Besides, ageing, digitalization, global markets, new forms of work and increasing labor mobility question the residence-based principle of personal income tax. The sustainability of the social security system can be promoted by additional behavioral tax (linked, for example, to the consumption of unhealthy products or the use of risky services). In the former socialist countries analyzed in this study (Croatia, Bulgaria, Latvia, Estonia, Hungary, Poland and Romania), the share of consumption taxes in total tax revenue is above 38%, well above the EU average. In countries with high consumption tax rates and significant consumption tax revenues, both labor and capital income tax revenues are typically below the EU average. The share of environmental taxes in tax systems is low, both on average in the EU and in the examined countries (although most of them are at or above average). Nonetheless, in the former socialist countries, the share of property taxes is lower than the EU average (for historical reasons, property taxation is less accepted by their societies). According to a Commission study published in 2024 (see: "Growth-Friendly Taxation in a High-Inflation Environment," European Commission, European Economy Economic Brief 079), strengthening property taxation would help to make the tax system fairer, although not in a time of high inflation and crisis. Harnessing the potential of digitalization contributes to efficient and effective tax administration and can also reduce administrative costs, thus facilitating compliance. Latvia, Hungary and Poland recorded an exceptionally large improvement in VAT compliance, with VAT gaps falling between 2013 and 2021 by over 15 pp, which turned them into the best performers in the EU (Romania still faces challenges in the field of tax avoidance, VAT compliance gap and inefficient tax auditing). Tax administrations in most of the analyzed countries are therefore well adapted to the challenges of digitalization. The future tax system must implement a desirable green tax reform shifting a part of the tax burden away from labor to tax bases linked to environment taxes and other behavioral taxes - regarding the sustainability of the tax system as the European and national budgets face significant financial pressure due to the polycrisis, megatrends and EU loans. [ABSTRACT FROM AUTHOR]

Empirical studies on capital structure choice frequently control for whether or not a firm has tax loss carryforwards (TLCFs). However, tax data on TLCFs is often not available to researchers. As a consequence, many studies rely upon earnings-based information in order to determine whether a firm has TLCFs. In this paper, we study the accuracy of earnings-based proxies in predicting whether a firm has TLCFs. Our results, which are based upon a panel of Italian listed firms between 2009 and 2012, show that earnings-based proxies correctly predict whether a firm has TLCFs for 70–77% of all firm-year observations. Furthermore, for all but one proxy, we identify a non-random measurement error in TLCF variables that are built upon these proxies. We evaluate the consequences of this measurement error and find that it does not significantly change the estimated effects of TLCFs on capital structure choice for some proxies, including last year's earnings before taxes. We conclude that last year's earnings before taxes serves as an accurate proxy for a firm's true TLCF status. It is easy to determine and leads to statistically and quantitatively similar conclusions as those reached using tax data on TLCFs. [ABSTRACT FROM AUTHOR]

Purpose: The research aim of this article was to identify selected variables that affect the general level of economic development of the Visegrad Group countries. Design/methodology/approach: In the article were used qualitative and quantitative research methods. A review of Polish and foreign literature on the subject was carried out, and a desk research method was used based on public statistical data (Eurostat, OECD, The World Bank) covering the period 2017-2022. Statistical analysis was performed using stepwise linear regression (Stepwise method) to indicate the dependencies between variables. Findings: The article presents selected groups of factors that influence the level of economic development of the Visegrad Group countries. Analyzing the dependencies between selected groups of factors allowed for a better understanding of the dependencies between the variables. Originality/value: The article verified the impact of selected factors determining the economic development of the Visegrad Group countries using linear regression analysis. The literature review enabled the authors to diagnose the research gap in terms of the indicated determinants of the economic development of the Group V4 countries. [ABSTRACT FROM AUTHOR]

Purpose: Circular economy advocates innovations that upcycle wastes in the food supply chain to generate high added-value materials. These innovations are not only disruptive and green but also they are often initiated by startups, leading to the emergence of novel open-loop supply chains connecting actors in food and non-food sectors. While earlier research has highlighted the need to seek legitimacy for disruptive innovations to survive and grow, little is known about how these innovations occur and evolve across sectors. This paper aims to elaborate on this mechanism by exploring the function of the circular economy as a boundary object to facilitate legitimacy-seeking strategies. Design/methodology/approach: An exploratory multiple-case research design is adopted and features food waste innovation projects with multi-tier supply chains consisting of a food producer, a startup and a buying firm. The study is investigated from the legitimacy and boundary object lenses. Findings: The findings proposed a framework for the role of a boundary object in enabling legitimacy-seeking strategies for novel food waste innovations. First, the interpretative flexibility of the circular economy affords actors symbolic resources to conduct manipulation strategy to achieve cognitive legitimacy. Second, small-scale work arrangements enable creation strategy for the new supply chain to harness moral legitimacy. Finally, pragmatic legitimacy is granted via diffusion strategy enabled by scalable work arrangements. Originality/value: This paper provides novel insights into the emergence of food waste innovation from a multi-tier supply chain perspective. It also highlights the key role of the boundary object in the legitimacy-seeking process. [ABSTRACT FROM AUTHOR]

Enhancing the resilience of rural households against the impacts of risks and moulding their enduring strength despite modest scale holds paramount contemporary significance for a multitude of developing nations, including China. This study uses the microdata of the China Labor-Force Dynamics Survey (CLDS), systematically measures the rural household resilience index for the first time, analyses the impact of the digital economy on the resilience of rural households, and dissects the group differences and mechanism of action. We found that from 2012 to 2018, the Chinese rural household resilience index had significant differences in time and space, and village market, gentry assistance, economic organisation, and income from collective operation were the most important indicators affecting the rural household resilience index. The improvement of the digital economy index, to some extent, suppressed the improvement of the rural household resilience index. Meanwhile, heterogeneity analysis suggested that depending on family size and housing property rights, the impact of the digital economy on the resilience of rural households will be divided. Moreover, mechanism analysis showed that the digital economy further affected the resilience of rural households through the employment comprehensive effect, income structure effect and member security effect. [ABSTRACT FROM AUTHOR]

The aging of society is one of the most important trends shaping the social, economic and political life of the 21st century. However, with the increasing number of people of retirement age, the problem of ensuring adequate conditions for a longer life arises. The state influences these conditions through the pension security system, including taxation of pensions. The paper attempts to answer the question whether taxation of remunerations and public pension benefits may have a significant impact on making decisions about choosing a country of work in the common market. For this purpose, Member States have been ranked in terms of two dimensions—the conditions of taxation of wages and the conditions of taxation of retirement benefits. The countries were classified using a multi-criteria comparative analysis and the agglomeration method. The study shows that taxing salaries and pension benefits is of marginal importance from the point of view of an employee's decision-making. The main factors are the average expenditure on net salaries and the average expenditure on net pension benefits. [ABSTRACT FROM AUTHOR]

The article discusses the challenges faced by smaller municipalities in Alberta, Canada, due to economic and social trends that have led to population decline and job opportunities moving to larger cities. Unlike other provinces that have implemented sweeping reorganization measures, Alberta has chosen a case-by-case approach through viability reviews. The majority of small municipalities in Alberta are in good financial shape, but some have undergone viability reviews and voted to dissolve. However, dissolution is not a cure-all and can transfer problems to the entity that absorbs the municipality. The article suggests that ongoing support and enabling communities to improve their viability is necessary. The fiscal challenges faced by smaller municipalities include tight budgets, limited revenue, rising costs, and pushback from taxpayers. Non-payment of taxes also contributes to revenue shortages. The article proposes that keeping tax revenues within the municipality to fund infrastructure maintenance could be a potential solution to prevent dissolution. The viability review process in Alberta is commended as an effective way to monitor and address the struggles of individual municipalities, but improvements are recommended for the post-dissolution process. The article concludes by discussing the challenges faced by smaller municipalities in various jurisdictions and the responses of higher-level governments, such as changes in powers/responsibilities, redistribution approaches, and reorganization of local government. The experiences of Manitoba and New Brunswick in Canada are highlighted as examples of dramatic changes to municipal systems. The article emphasizes the need for further discussion and recommendations for improvement in addressing the viability of smaller municipalities. [Extracted from the article]

Copyright of Central Asian Economic Review is the property of Narxoz University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The concept of 'human security' holds promise of capturing the strong connections between economic development and personal security that has ushered in the debate about the 'security−development nexus' in policy circles. Human security is understood as the ability of states to protect the security of their citizens and to cater to their basic socioeconomic needs. However, the literature on human security is fragmented, leaving applied researchers without a workable definition and a convincing measurement strategy. Part of this problem is due to the fuzziness of the concept and the ambition to associate an ever-increasing set of dimensions with the concept, which renders empirical analysis moot. Following a review of the related literature, we collect measures aligning with 'freedom from fear' and 'freedom from want', representing the varied discourse on the human security concept. Employing confirmatory factor analysis on 11 indicators, we demonstrate the existence of a single latent factor and extract their common variation to generate a new Human Security Index. We validate the index by comparison against known proxies and related measures. We then present a first empirical application examining the human security implications of IMF programmes, finding that IMF programmes undermine human security, accounting for non-random selection into IMF programmes. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Modern Science is the property of Alcide De Gasperi University of Euroregional Economy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper studies how linear tax and education policy should optimally respond to skill-biased technical change (SBTC). SBTC affects optimal taxes and subsidies by changing (1) direct distributional benefits of each policy instrument, (2) indirect, general-equilibrium effects on wages, and (3) education distortions. Analytically, the effect of SBTC on these three components is shown to be ambiguous. In simulations for the US economy, SBTC makes the optimal tax system more progressive and lowers optimal education subsidies. This is because for both income taxes and education subsidies; their direct distributional effects become more important, which more than offsets the larger general-equilibrium effects and increased education distortions. [ABSTRACT FROM AUTHOR]

Do revenue-neutral tax swaps boost growth? To answer this question, we use a panel data set of nine OECD countries for the period 1981-2017 and arrive at the following main results under revenue-neutral conditions: First, the most growth-damaging tax is the corporate income tax, followed by the personal income tax. Second, a shift from income taxes to consumption taxes is associated with higher growth, while a shift from social security contributions and property taxes to payroll & workforce taxes has significant negative effects on growth. Overall, our results confirm the view that revenue-neutral tax reforms focusing on a shift from income taxation to consumption and property taxation would promote growth. [ABSTRACT FROM AUTHOR]

As the startup ecosystem emerges, Cambodia requires a distinct set of legal frameworks to promote many regulatory aspects to boost national innovation and strengthen the connection of key players in the ecosystem. One of them is financial support for startups, 'Venture Capital Law'. Therefore, this paper studies the current existing legal framework of Venture Capital (VC) in Cambodia, key bottlenecks that VC encountered, comparative analysis with other countries such as the United States, Japan, and China, and then propose new regulatory frameworks which solve the key bottlenecks and aim to optimise the growth of a startup ecosystem. The finding is that different stages of VC present different bottlenecks such as fundraising (funding source), startup investment (investment readiness of the startup, and deal structure), and exit (immature the capital market for startup's IPO and lack of regulations for Merger and Acquisition (M&A)). The new regulatory frameworks should endorse the use of pension funds as a source of VC funds in the future, encourage private corporations to invest in startup causes, include regulations to promote the readiness of founders, encourage the use of convertible notes, and fasten the regulation governing M&A with the balance of antitrust law. [ABSTRACT FROM AUTHOR]

We examine the interaction between the relative inter‐industry pollution externality and resource stock externality of harvesting in deciding trade patterns and welfare gains from trade in a two‐country model (less‐developed countries) with renewable resources in the absence of resource management. This paper focuses on the impacts of trade policies on resource conservation and welfare outcomes in two countries with different environmental management regimes. Differences in pollution management standards between both countries determine the direction of trade flow and gains from trade in a diversified production case. The country with a lower pollution intensity parameter, an exporter of resource goods, certainly experiences welfare loss in the post‐trade steady‐state and may also suffer a decline in utility throughout the transition path. However, a country with higher pollution intensity and importers of resource goods tend to gain from trade. Under national open‐access resources, given that pollution is regulated up to a certain point in both countries, this study finds that implementing better restrictions on only one externality factor is not optimal from a post‐trade welfare perspective. Lastly, from the point of view of policy suggestion, this paper offers an optimal trade policy that the economic and environmental effects of enforcing import tax on resource goods are likely to be Pareto‐improving consequences compared to the implications of using an export tax. [ABSTRACT FROM AUTHOR]

Since the European Commission proposed in July 2021 to implement a Carbon Border Adjustment Mechanism (CBAM), the impact mechanism has received increasing attention worldwide. This study aims to analyze the impact of carbon border tariffs on China's carbon-intensive industries and simulate the risk transmission within China's industrial complex network based on the complex network modeling and cascading failure analysis. The results showed that the industries subject to carbon border tariffs played an essential role in China's entire industrial structure, which is closely related to industries including construction, metal, and manufacturing. If the carbon border tariffs are imposed on the steel industry, China's relevant industries will be reduced by 1.29%, followed by the fertilizer industry and non-ferrous metal industry with proportions of 1.11% and 0.95%, respectively. When the industrial transmission threshold reaches 0.8, the export shocks will affect the entire industrial network, leading to a rapid growth in the number of infected industries. By depicting the industrial linkage and impact mechanism of carbon border tariffs, this study is expected to provide practical suggestions and implications for carbon-intensive industries towards sustainable low-carbon transition under carbon border tariffs. [ABSTRACT FROM AUTHOR]

Many dimensions of urban sustainability are intricately intertwined; however, systematic assessment of those linkages is often missing. To explore the details of these interdisciplinary linkages, we employ an in-depth literature review technique coupled with a multidimensional assessment of sustainability for 1300+ cities and regions in Europe. The wealth of indicators affecting economic, smart, social and environmental dimensions are linked within a coherent framework illustrating systemic links in urban sustainability. The performance of cities is illustrated using the multidimensional framework highlighting the contributions of various factors. The spectacular performance of Stockholm, Paris, London, Gothenburg, Malmö, Munich and Hamburg are illustrated with examples. Policy recommendations are offered to make cities and regions around the world more sustainable. [ABSTRACT FROM AUTHOR]

Promoting green low-carbon development is an important task in the construction of ecological civilization of China. The leadership has proclaimed green low-carbon development as the top national priority for development. Green low-carbon economy has become the high point of global industrial competition. Green taxation, as a tool for environmental regulation, plays an important role in the construction of ecological civilization. Therefore, this paper investigates the impact of green taxation on green low-carbon development in the Yangtze River Delta (YRD) region of China, using data of 41 cities from 2011 to 2021 in the YRD region. We construct a green low-carbon development index with the combined weight CRITIC-entropy method, and employ a mediating effect model and a spatial Durbin model based on double fixed effects in this study, which intends to provide a theoretical basis for the establishment of a sound tax policy system that is conducive to the green low-carbon development. The results show that (1) there is an evident spatial dependence of green low-carbon development in the YRD region; (2) green taxation has a significant positive effect on green low-carbon development through rationalization of industrial structure and advance of industrial structure; and (3) the positive impact of green taxation on green low-carbon development in the region is characterized by spatial spillover and heterogeneity. Specifically, green taxation significantly promotes green low-carbon development in the core area, but such green taxation dividend has yet to be realized in the expansion area. [ABSTRACT FROM AUTHOR]

The contribution and continuing relevance of Kalecki's paper on 'Political aspects of full employment' on the 80th anniversary of its publication is the central topic. There are five sets of important and interrelated ideas in Kalecki's paper. Full employment was feasible under capitalism from the perspective of securing a high level of demand through government spending. There would be resistance, particularly from business and finance to prolonged full employment, and there are political and social constraints on long-term full employment. Fascism had secured full employment through its relationships with big business and reducing the political obstacles. A political business cycle with full employment achieved at best at the top of the cycle could be generated. The role of 'fundamental reforms' in sustaining full employment under capitalism, and the 'fate' of fundamental reforms is reviewed. [ABSTRACT FROM AUTHOR]

The purpose of this research is to present the results of qualitative analysis on the relationship between the determinants of tax evasion based on individual, social, economic, legal and departmental factors. This research synthesized 35 results from 25 individual articles from 2003 to 2022. For the convenience of policymakers, the maximum number of determinants of tax evasion are identified and further categorized into different groups. Only significant determinants of tax evasion are considered. The individual factors include the demographic as well as the ethical behaviour of taxpayers. The social factors include social behaviour, discrimination, corruption and political instability. These are some of the factors that lead to tax evasion. Level of unemployment and consumption expenditure are a few economic factors that trigger tax evasion as no amount is left, therefore taxpayer hide their actual income. Fear of punishment has a negative association with tax evasion, but this is dependent on the rule of law and legal enforcement. Poor governance and service quality are a few departmental factors that cause tax evasion. The results suggest, that there is a dire need for tax awareness campaigns, transparency in tax expenditure, mitigating corruption, simplification of the tax system, enhancement of economic quality, rule of law and its implementation, good governance and better service quality. These goals can be achieved by combining the efforts of the government and the tax department. [ABSTRACT FROM AUTHOR]

The relevance of the study is determined by the current absence of a clear mechanism for managing transnational companies in global doctrine, leading to various problems. Given this, the purpose of the paper is to identify the main problematic aspects of regulations. To achieve this, methods such as legal hermeneutics, logical analysis, formallegal, deduction, induction, synthesis, and others were used. The study established that transnational corporations are unique subjects of international economic relations with a complex structure, acting as a unified mechanism, complicating their legal regulation since they are not ordinary legal entities. It is disclosed that one of the key problems is that international legal norms regulating the activities of transnational corporations are recommendatory and not mandatory for implementation. Another issue is the need to strike a balance between the interests of transnational corporations and the countries in which they operate. Accordingly, the conclusion is drawn about the importance of introducing control over the activities of transnational corporations by the countries of origin, aimed at ensuring that transnational corporations adhere to international standards and do not harm the countries that host them. The paper identifies problematic aspects and prospects for the development of transnational corporations in Ukraine and Georgia, providing relevant recommendations. The practical value of the obtained results lies in the development of an international and national mechanism that enables the regulation of problematic aspects and enhances the effectiveness of legal regulation of the activities of transnational corporations. [ABSTRACT FROM AUTHOR]

Financial reporting decisions can be influenced by the distribution of executive decision-making power. We examine whether internal governance, the process through which the power to make decisions is distributed between CEOs and their subordinates, can influence the level of conservatism in such decisions. We show that firms with better internal governance are more conservative. We also find that the effect is more pronounced for firms with less powerful and older CEOs, those with subordinate executives who contribute more, and those who are more mature. We conduct various tests that confirm the robustness of our results. Unlike other studies that focus only on CEOs, we examine how the top management team as a group and the power distribution between CEOs and key subordinates shape financial reporting quality. Our study can inform various stakeholders, including firms aiming to appoint executives and strengthen their internal governance. JEL Classifications: G34; M12; M41; M50. [ABSTRACT FROM AUTHOR]