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Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Many laypersons (and CPAs and attorneys, for that matter) argue that federal tax statutes and regulations are complex, ambiguous, and vague. However, successfully challenging tax law as unconstitutionally vague has generally not been a successful strategy for taxpayers. In this article, we discuss the void for vagueness doctrine as it has been developed and applied in other areas of the law and review over 40 federal tax cases litigated over the last 20-plus years, in which taxpayers claim that a provision is unconstitutionally vague. Although taxpayer wins are rare, some tax cases find that a statute can be declared overly vague before clarifying regulations or other administrative guidance are issued. Regardless, vague tax laws run afoul of principles of good tax policy. We also provide suggestions for taxpayers and their advisors, who may argue in the future that a federal tax provision is unconstitutionally vague. [ABSTRACT FROM AUTHOR]

The corporate alternative minimum tax, enacted as part of the 2022 Inflation Reduction Act, intends to impose a minimum level of taxation on profitable large corporations using financial statement income as a tax base. Although both alternative tax bases and the usage of financial statement income in taxes have a long history in the United States, the tax represents a substantial change in the current corporate tax law. Although the corporate alternative minimum tax is predicted to raise billions of dollars from a small subset of the largest corporations, its design raises concerns about long-term efficacy. In this article, we summarize the development of the corporate alternative minimum tax in light of its historical predecessors and compare its design against accepted standards of good tax policy, ultimately identifying multiple inadequacies in its construction and implementation. We conclude by making policy recommendations. JEL Classifications: H21; H25; K34. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Puerto Rico is a lush archipelago located between the Caribbean Sea and the North Atlantic Ocean. More than three million U.S. citizens with diverse racial and ethnic histories and cultures live on the islands. But life for Puerto Ricans has been challenging with high rates of impoverishment, disability, unemployment, and devastating natural disasters. In addition to these challenges, Puerto Rico has a complicated relationship with the United States. Indeed, residents, 99 percent of whom identify as Hispanic, are treated "separately and unequally" in many aspects by the federal government compared to their state counterparts. One significant difference is the federal tax treatment of Puerto Rican residents. This article details the past and present federal taxation of Puerto Rico residents. The article also presents and exposes detailed economic data to demonstrate explicitly that Puerto Ricans are not reaping federal benefits (including tax benefits) as a "welfare island." In fact, Puerto Rico suffers federal fiscal shortfalls that have been justified by misguided and racist U.S. Supreme Court Insular Cases and their progeny. This analysis establishes that the failure to include most Puerto Rico residents in the federal income tax system has burdened rather than benefited them and their local economy. The benefit versus burden tax analysis is framed using the U.S. Supreme Court's and lower court's opinions in the matter of United States v. Mr. Jose Luis Vaello Madero. Mr. Vaello Madero is a disabled, elderly Puerto Rican, who is representative of many residents. In its 8-1 majority opinion, the U.S. Supreme Court reaffirms the disparate treatment of Puerto Rican residents by arguing, among other claims, that "not taxing" Puerto Ricans is a benefit. This article demonstrates that this argument is not only incorrect, but it whitewashes the racist history upon which it is justified. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Objective: The aim of the study is to present the typology of tax policies in the field of real estate tax, their application on the example of communes in the Kujawsko-Pomorskie Voivodeship, and then to indicate on this basis the directions in which tax policies are evolving. Research method: Literature analysis, analysis of legal acts, comparative analysis. Conclusions: Based on the presented typology of tax policies and empirical data collected in the territory of the Kujawsko-Pomorskie Voivodeship, it can be concluded that in the examined period communes changed their policies towards a passive policy. This happens both in the sphere related to residents and in the sphere related to economic activities. The change most often drifted towards a typically fiscal policy. Limitations and challenges: In the process of calculating the indicators of commune activity in individual spheres proposed by the author, the fiscal importance of individual subjects of taxation was not taken into account. What is more, the proposed activity indicators do not take into account additional tax reliefs and exemptions introduced by communes. In subsequent works, extension of the analysis to include these elements may be considered. Practical implications: The article proposes instruments for assessing the tax policies of communes and presents the basic trends in changes to these policies in recent years. The study has shown that communes have been limiting their activity in this field. It may constitute the basis for further research to explain the indicated trends, and in itself may be an impulse to change the system of local levies or the system of financing communes to such that would give communes greater freedom in creating their own tax policies. Social implications: In essence, the tax policies of communes are to influence the inhabitants of a given territory as well as local entrepreneurs conducting business activity in this territory through the local taxation system. The study, which focuses on tools for assessing communes from the perspective of their tax policies, provides society with instruments to assess local government units and increase the transparency of policies in this area. Originality: The article is a new, operationalized look at the classification of tax policies pursued by Polish communes. At the same time, on the basis of empirical data, the directions of changes in the local tax policies were indicated. [ABSTRACT FROM AUTHOR]

The article explores the strategic advantages, challenges, and recommendations for utilizing discretionary trusts within consolidated groups in the dynamic landscape of Australian taxation. Topics include mitigating dividend traps, enhanced asset protection, flexibility in distributions, and tax-efficient income accumulation within consolidated groups, shedding light on the complexities and pitfalls associated with discretionary trusts in this context.

Purpose: This paper aims to understand what green tax measures Portuguese corporate tax law foresees and whether the measures observe the polluter pays tax principle. Design/methodology/approach: The legal research method is applied to achieve the goals. Specifically, the research analyzes the most relevant corporate tax legislation to identify legal provisions influencing taxpayers' behavior in sustainability decisions, particularly corporate income tax (CIT) and value-added tax (VAT) laws. Findings: The results show that the Portuguese Green Taxation Law introduces several environmentally friendly taxation measures by benefiting or increasing the tax burden. The influence on the CIT law results from instruments such as the autonomous taxation of expenses, depreciation, provisions and the local corporate tax. In the VAT, electric tourism vehicles' VAT deduction is possible. These measures enforce the polluter pays tax principle, increasing the tax burden on less environmentally friendly options and decreasing the tax burden on more green economic choices. These measures directly influence the companies' choice because of the increase or decrease tax burden according to more or less polluting choices. Research limitations/implications: This study only studies the Portugal case. Originality/value: This study highlights the Portuguese experience reconciling taxation and environmental dimensions. [ABSTRACT FROM AUTHOR]

The paper explores the different aspects of corporate tax in India. Apart from discussing the historical background and reviewing the relevant literature, efforts have been made to analyze certain significant structural aspects of corporate tax in India. The study involves an extensive review of literature and analysis of secondary data obtained from government records. The findings indicate that corporate tax contributes a significant portion of the total direct tax revenue of the government and even exceeds the share of personal income taxes in recent years. In 2020-21, however, revenue generation from corporate tax was less than the revenue collected from personal income taxes due to the Covid-19 pandemic and reduced corporate tax rates for certain domestic companies. The buoyancy coefficients calculated for corporate tax and personal income tax (in response to changes in GDP) indicated that these coefficients were generally greater for personal income tax than for corporate tax. Therefore, there is ample scope for enhancing corporate tax revenue through further simplification of tax laws and procedures, rationalization of rates and effective check on evasion. [ABSTRACT FROM AUTHOR]

The aim of this research was to assess the moderating role of the joint and several liability of company directors in the relationship between the cumulative value of tax infraction notices and the subsequent level of corporate tax avoidance. Based on agency theory, the literature suggests that penalizing managers is more effective in reducing tax avoidance than penalizing the firm itself. However, this proposition had not been tested in Brazil, where the legislation determines that infraction notices and the consequent penalization of companies are carried out with the joint and several liability of the directors who have acted in excess of their powers or in violation of the law, the articles of incorporation, or the bylaws. The research is relevant because it presents empirical findings on the determinants of tax avoidance in large companies, as well as demonstrating the importance of the establishment of tax liability in controlling tax avoidance. This research has implications for the public debate on the establishment of tax liability, particularly its role in deterring tax avoidance. As a practical implication, it is suggested that the tax authority prioritizes tax audits that provide evidence that could lead to the tax liability of directors. The research consisted of a multiple linear regression analysis using the ordinary least squares (OLS) method on 23,142 observations from 4,560 large companies, covering the period from 2014 to 2020, collected directly from the internal systems of the Brazilian Federal Revenue Office (RFB). The results suggest that the joint and several liability of directors attenuates (intensifies) the positive relationship between the cumulative value of tax infraction notices and tax avoidance, as measured by the book tax difference (BTD) [effective tax rate (ETR)], contributing to the literature by confirming, in relation to current taxes, the theoretical prediction that penalties applied to directors are more effective, from the point of view of the tax authority, in controlling tax avoidance. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

We use the unique nature of the director and officer liability protection law applicable to Nevada incorporated firms to study how liability protection is related to corporate tax avoidance. We find that firms incorporated in Nevada avoid 32% more federal corporate tax as a fraction of total assets than firms incorporated in Delaware, and 40% more than firms incorporated in other states. Nevada‐incorporated firms have a 15% lower cash effective tax rate and an 8% lower GAAP ETR. The results are robust to various specifications including instrumental variable and matching approaches. Greater tax avoidance is also associated with lower payouts to shareholders for Nevada‐incorporated firms. The findings are consistent with theories about the complementarity of managerial diversion and tax avoidance for firms with poor monitoring, and they demonstrate how increases in liability protection lead to the unintended consequence of greater firm tax avoidance. [ABSTRACT FROM AUTHOR]

The article discusses the exposure draft legislation proposed by the Treasury in March 2023 to introduce a new specific anti-avoidance rule regarding deductions for payments related to intangible assets in low corporate tax jurisdictions. It highlights three hypothetical examples to demonstrate the potential uncertainty and unexpected outcomes of a literal interpretation of the draft provision, highlighting the need for a balanced construction based on statutory context and overall purpose.

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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 asks whether legal uncertainty surrounding corporate income taxation can defer foreign direct investment (FDI) in developing economies. Legal risk or uncertainty can take many forms. We will focus on uncertainty circling around double tax agreements, differences in the type of legal systems, and corruption. We test the effect of legal uncertainty on foreign direct investment both directly or indirectly thru taxation in an extended gravity model. Our observation unit is country pairs (FDI sender and FDI receiver). We find that an increase in the ratio of the statutory corporate income tax rate of the destination relative to the source country negatively impact foreign direct investment. Interacting the statutory corporate income tax rate with measures of legal uncertainty, we observe a negative effect. This implies that legal uncertainty detracts foreign direct investment, and the more so the higher are corporate tax rates. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of Zeitschrift für Abgaben-, Finanz- und Steuerrecht is the property of Verlag Oesterreich GmbH 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.)

Copyright of Zeitschrift für Abgaben-, Finanz- und Steuerrecht is the property of Verlag Oesterreich GmbH 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of Zeitschrift für Abgaben-, Finanz- und Steuerrecht is the property of Verlag Oesterreich GmbH 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 study employs event study methodology to examine the impacts of China's Resource Tax Law on corporate firms, from the perspective of stock traders. Our results demonstrate that most sectors experience negative market reactions from 41 to 121 trading days around the announcement rather than immediately. Regarding the determinants of market reactions, we find that research and development (R&D) investments are positively related to cumulative abnormal returns. Moreover, our additional tests show that R&D investments have different impacts on various subsamples. Further, the empirical results remain robust when controlling for potential endogeneity issues. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter 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.)

We examine whether public financial statement information is incrementally useful in forecasting confidential taxable income. More precise firm-level taxable income forecasts can improve policymakers' modeling of the tax system and the analysis of proposed changes in corporate tax law, while more accurate macro-level forecasts of corporate taxable income can improve estimates of corporate tax revenues, a significant component of the federal budget. We find the addition of financial statement information improves firm- and industry-level estimates of future taxable income by primarily providing more timely information, but also through accruals. Our results suggest that macroeconomic forecasts of taxable income may be further improved by the aggregation of firm-level forecasts that are generated using financial statement information. Importantly, our results are driven primarily by tax information in financial statements. We also contribute to the research on the information content of financial statement information for forecasting economic activity. JEL Classifications: M41; M48; H25. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter 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 article reports that the Treasury released exposure draft legislation intended to reduce compliance costs for employers finalizing their FBT returns by empowering the Commissioner to allow them where it is appropriate to do so to rely on adequate alternative records instead of obtaining statutory evidentiary documents, such as prescribed employee declarations.

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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 analyzes the different public sports entities and their taxation in the Spanish Corporate Tax. Specifically, the existence of these entities at the three levels of territorial administration, the important role played by the so-called institutional administration in this respect, and the majority application of a full tax exemption in Corporate Tax are verified. In addition, the effects and scope of this full tax exemption are studied in depth, as well as its technical articulation and the basis that inspire it. [ABSTRACT FROM AUTHOR]

The purpose of this study was to investigate the link between tax audits and tax compliance among Nigerian firms. Using a cluster sampling strategy, three hundred (300) questionnaires were sent to companies taxpayers in the South-West zone (comprising the states of Ekiti, Osun, Oyo, and Lagos). A total of one hundred (100) questionnaires were distributed in each state. Ordinary Least Squares was used to examine the hypotheses stated (OLS). Compliance with Nigeria's corporate income tax laws was shown to have a positive relationship with the independent variable (tax audit). Tax audits were shown to have a statistically and positively favorable association with corporate income tax compliance in Nigeria, suggesting that they are helpful in encouraging compliance. According to the findings, the best strategy to promote compliance with corporate income taxes is to use a mix of persuasive (tax justice and tax education) and deterrent (tax audit) tactics. [ABSTRACT FROM AUTHOR]

In order to deter aggressive tax planning, the Australian government mandated public disclosure of three line items from large corporations' tax returns. However, there is no evidence that the mandated disclosure led public firms to pay more taxes (Hoopes, Robinson, and Slemrod 2018). Instead, I find that firms strategically offset expected reputational costs by voluntarily issuing supplemental information. Specifically, when managers expect new reputational costs from the mandated tax return disclosure (wherein the disclosure reveals an unexpectedly low tax liability) and low proprietary costs from a supplemental voluntary disclosure (wherein the firm discloses its nonaggressive tax planning), firms are likely to voluntarily disclose information that both preempts and supplements the government's mandatory disclosure. Thus, when mandatory disclosures are incomplete, firms will voluntarily issue additional information to remain in control of their disclosure environments. [ABSTRACT FROM AUTHOR]

We provide large sample evidence of law firms facilitating U.S. publicly traded companies' tax planning, investigate when evidence of law firm involvement is strongest, and examine some tax planning mechanisms law firms facilitate. Because companies' tax planning relationships with law firms are not publicly observable, we use litigation filings and SEC comment letters to identify companies' observable law firm relationships. We find a positive association between companies' tax planning and the average tax planning of other companies that have a relationship with the same law firm. This association is stronger for companies that are smaller, younger, R&D-intensive, financially constrained, and facing less capital market pressure, but does not vary with auditor-provided tax services. We also find evidence consistent with law firms facilitating the use of tax havens, Double Irish structures, and special purpose entities. Our findings deepen our understanding of companies' tax planning ecosystems. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)

Copyright of FinanzRundschau is the property of De Gruyter 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.)