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The objective of the research to analyze taxpayers who have received tax amnesty and accounting treatment of the tax amnesty assets and liabilities in the financial statements. Tax amnesty assets and liabilities are presented separately from the other assets and liabilities in the financial statements. The PSAK 70 is also applicable by non-publicily accountable entities that choose to adopt the SAK ETAP (Standar entity without accountability public). The implementation of PSAK 70 by PT. Z related to the recognition, measurement, presentation, and disclosures in accordance with SAK (financial accounting standar). The difference of tax amnesty assets and liabilities is PT. Z recognizes in addition to the retained earnings in the balance sheet. As we know PSAK 70 paragraph 12 which reads concerning net assets that should have from tax amnesty must be recognized in equity as additional paid in capital. That is what makes the difference between accounting and tax presentation Keywords : tax amnesty, tax amnesty assets and liabilities, retained earning, additional paid in capital

The insurance sector in Turkey has an important place in thefinancial systems. As in all sectors, efficiency is very important in theinsurance sector. The aim of this study is to measure the activities of 23non-life insurance companies as of 2014-2017. In the study, CCR model andMalmquist total factor productivity ındex were used according to dataenvelopment analysis which is one of the nonparametric methods. In theanalysis, where four inputs and output were discussed, a fixed-income andinput-oriented model was created according to the scale. In the analysis, cashand cash equivalents, payables due to main operations, technical reserves andprovisions (net) and paid in capital are used as input; and receivables from isused as output. According to the analysis, while the average activity scores ofthe companies were highest in 2015, the lowest year has been 2016. In terms ofMalmquist total factor productivity index, 12 copmpanies in 2015, 8 companiesin 2016 and 13 companies in 2017 showed positive development compared to theprevious year., Türkiye’de sigortacılık sektörü finansal sistemlerde önemli biryere sahiptir. Tüm sektörlerde olduğu gibi sigortacılık sektöründe de etkinlikçok önemlidir. Çalışmanın amacı 2014-2017 yılları itibariyle 23 tane hayat dışısigorta şirketinin etkinliklerini ölçmektir. Çalışmada parametrik olmayanyöntemlerden biri olan veri zarflama analizine göre CCR modeli ve Malmquisttoplam faktör verimlilik endeksi kullanılmıştır. Dört girdi ve bir çıktının elealındığı analizde ölçeğe göre sabit getirili ve girdi odaklı modeloluşturulmuştur. Analizde girdi olarak nakit ve nakit benzerleri, esasfaaliyetten borçlar, sigortacılık teknik karşılıkları ve ödenmiş sermaye; çıktıolarak esas faaliyetten alacaklar kullanılmıştır. Analize göre firmalarınortalama etkinlik skorlarının en yüksek olduğu yıl 2015 iken, en düşük olduğuyıl ise 2016 yılı olmuştur. Malmquist toplam faktör verimliliği endeksisonuçları açısından ise bir önceki yıla göre 2015 yılında 12 firma, 2016yılında 8 firma ve 2017 yılında ise 13 firma pozitif gelişme göstermişlerdir.

The initial return on initial public offering (IPO) in Indonesian Stock Exchange (ISX) was stated to be under-pricing. However, the underpricing of initial return was still inconclusive. Some of the previous findings showed that the initial return on IPO tended to be under-priced and the expectation of the initial return to being over-pricing still could not be achieved. This study state that the initial listing price has not been related to initial return to achieve the expecting price in the long run. The influence of age of listed companies and the excess of paid in capital on an initial return of the IPO were significant, this is because the underwriter’s pressure on listed companies to put their listing price below the expecting price. Keywords: initial public offering, stock market

We assess the market valuation of an unusual form of stock dividends, referred to as bonus distributions, which are carried out by transferring the accumulated equity reserves, mainly the inflation revaluation equity reserves, to paid-in capital leaving the total equity unchanged. In the absence of cash substitution and transaction cost effects, we find positive excess returns on the announcement dates, particularly for the financially weak firms, such as the non-cash-dividend-paying firms. We relate our results to the ‘paid-in capital hypothesis’ under which firms opt for bonus distributions to mitigate the impact of inflation on their eroding paid-in capital, to reduce their leverage defined as debt-to-paid-in-capital ratio, and to increase their credibility and borrowing capacity in a market of limited access to external equity financing. Although our results are also consistent with the retained earnings and signaling hypotheses, we find no support for the attention-getting, and a weak support for the liquidity enhancement hypotheses observed in other markets.

The authors test for emerging economies, the hypothesis - previously verified only for the Group of 10 (G-10) countries - that enforcing bank capital asset requirements, exerts a negative effect on the supply of credit. Their econometric analysis of data on individual banks, suggests three main results: 1) Enforcement of capital asset requirements - according to the 1998 Basel standard - significantly curtailed credit supply, particularly at less-well-capitalized banks. 2) This negative effect is not limited to countries enforcing capital asset requirements in the aftermath of a currency, or financial crises. 3) The adverse impact of capital requirements on the credit supply was somewhat smaller for foreign-owned banks, suggesting that opening up to foreign investors, may be an effective way to partly shield the domestic banking sector from negative shocks. Overall, by inducing banks to reduce their lending, enforcement of capital asset requirements may well have induced an aggregate slowdown, or contraction in credit in the emerging economies examined. The results have relevance for the ongoing debate on the impact of the revision of bank capital asset requirements, contemplated by the 1999 Basel proposal. They suggest that in several emerging economies, the phasing in of higher capital requirements needs to be carefully managed, to avoid a credit supply retrenchment, which should not be underestimated.

As a form of negative externality, a natural economic response to systemic risk is to look to taxation to correct it. However, we argue in this paper that the problem of systemic risk is not a standard externality problem. First, a 'polluter pays' approach is inapplicable because the polluter is insolvent in a systemic crisis and so cannot pay. Second, we show an equivalence between taxation and regulation under a set of strict assumptions: the same economic outcome arises if banks maintain higher capital ratios or prepay into a central fund that is used to bail them out in the case of a crisis. Third, we show that any levy that is not solely in the form of pure capital is a double-edged sword. The imposition of a levy increases the per-loan funding requirement of banks and potentially the total amount of debt in the system. The levy may thereby perversely exacerbate potential systemic crises unless paid in capital, in which case it returns full circle to capital regulation.

This paper analyzes the finances of Egypt's listed firms and the performance of the Egyptian stock exchange during the period 2003-07/08. Egyptian companies can be clearly divided into a top tier and a second tier. Egypt's top tier of listed firms tends to finance themselves mainly from operating cash flows, trade credits, and other short-term borrowing. This raises questions as to whether recent performance could have been even better had these firms done more in the way of long-term financing and long-term investment. This issue is even starker for a large second tier of much smaller firms. Regarding the stock market, the analysis finds that the Egyptian Exchange has experienced extraordinary market capitalization growth fueled by strong price increases. Market activity has been increasing as well, but reached expected levels only recently. Despite strong improvement, however, many companies remain illiquid. In its ability to raise capital, Egypt seems to do well, but privatizations and relatively low gross fixed capital formation might distort this picture.

A recent, comprehensive database is used to investigate the link between inward foreign direct investment (FDI) and innovation activity in China. The results of the analysis suggest that private and collectively owned firms with foreign capital participation and those with good access to domestic bank loans innovate more than other firms do. Among enterprises not owned by the state, inward FDI at the sectoral level is positively associated with domestic innovative activity only among firms that engage in their own research and development or that have good access to domestic finance. At the sector level the effect of inward FDI into technology transfer is distinguished from the effect on domestic credit opportunities. FDI affecting credit is of little significance for state-owned enterprises and is independent of their access to finance. In contrast, better access to credit is an important channel through which FDI affects the innovation of domestic private and collectively owned enterprises. Copyright The Author 2008. Published by Oxford University Press on behalf of the International Bank for Reconstruction and Development / the world bank . All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org, Oxford University Press.

In 1995-96, Mexico shifted to a multipillar approach to old-age security. The objective of the publicly managed first pillar is redistribution; a fully-funded second pillar provides for mandatory individual savings accounts and competitive but exclusive and specialized pension fund management; the third pillar is voluntary savings. The package could provide effective income security and protection against old-age poverty, in a manner compatible with goals of savings and economic growth. It offers Mexico's first real opportunity to shift to a defined-distribution model and to expand and deepen institutional investors - although in the short term its impact on capital markets will be limited by the need to focus on the security of pension fund investments. The reformed systems provides for a probably irreversibly shift toward private intermediation of most domestic investment funds. Further efforts to improve the pension system should encourage efficiency, confidence, and economies of scale. There are weaknesses in Mexico's pension design - especially the limited scope for workers in the private sector, the continued role of the housing-fund component, and the moral hazard implications of the lifetime-switch option. But Mexico achieved radical reform with its pension system within a difficult political and economic environment. And the timing of the reform was appropriate. The age structure in the existing system was very young, so coverage could increase. Also, reform took place after the inflationary 1980s and the recent financial crisis, which eroded the real value of old pensions, the acquired pension rights of the transition generation, and the minimum pension for minimum-wage retirees. If returns on invested contributions are high enough, much of the transition generation will choose the defined-contribution alternative over the old pay-as-you-go system. This will release the government from pension liabilities, except for the minimum pension guarantee for new affiliates. Ensuring the system's long-term success will require improved financial performance from INFONAVIT, the authorities' political will and regulations, and the system's flexibility in the face of changing circumstances.

This study conducts a comparative test of trade-off theory and pecking order theory using 131 publicly traded Turkish companies' firm-level data between 2008 and 2014. The study also tries to exploit the differences between the capital structure decisions for various degrees of free float rate and foreign paid in capital, and for those that have various market values. According to the empirical results, although pecking order theory seems to better describe the capital structure of the firms, some of the determinants are suitable for trade-off theory. The results of the study also reveal that companies that have a free float rate between % 50 and % 75 have lower degrees of leverage and the degree of leverage varies for different market values of companies. Publisher's Version WOS:000386630100010