TAX RATE AND NON-DEBT TAX SHIELD

2019 ◽  
Vol 4 (2) ◽  
pp. 257-268
Author(s):  
Adrian Teja

Firm can minimize their tax obligation by debt tax shield and non-debt tax shield (NDTS). However, research findings on how firm treat debt tax shield and NDTS, as a substitute or as a complement, remain inconclusive. This paper objective is to provide evidence on how firm usage of NDTSchange when tax rates change in Indonesia. Multivariate regression analysis performed with NDTSas dependent variable and tax rates change and debt level as independent variable. Multivariate regression analysis covering 73 Indonesia firms with 146 observations for the period of year 2008 to year 2010. Within this period, Indonesia corporate tax rate being reduce twice from 30% in 2008 to 28% in 2009 and 25% in 2010. This research find when tax rates is decrease, public firm increase their usage of NDTSwith a lag of one year and debt financing remain increased alongside with non-debt tax shield. This finding provide support to debt tax shield and NDTSas a complement.

2017 ◽  
Vol 12 (2) ◽  
pp. 227
Author(s):  
Sapari Sapari

This  research  examines the  connection between non debt tax shield and the change of leverage, between level of effective company tax and the change of leverage, and between operation income before depreciation and the change of leverage.This research takes 17 samples of  food and beverages companies listed in Jakarta Stock Exchange from 1st  January 1994 till 31st  December 1999. And this research uses data from 1994 – 1999 for the regression analysis. Multiple regression analysis is used to test hyphothesis 1 (H1), hyphothesis 2 (H2) and hyphothesis 3 (H3). Independent variables in the regression are level of effective company tax, non debt tax shield and operation income before depreciation, whilst independent variable in the regression is leverage.The result of this research proves that (1) non debt tax shield after the amendment of 1994 tax regulation (1995 – 1999) brings positive influence to the leverage change, (2) level of effective company tax after the amendment of 1994 tax regulation (1995 – 1999) brings negative influence to the leverage change, and (3) operation income before  depreciation  after the amendment of 1994 tax regulation (1995 – 1999) brings positive influence to the leverage change.


2019 ◽  
Vol 4 (1) ◽  
Author(s):  
Jin Xian Huang ◽  
Ho Yin Chung ◽  
Eva Tze Fung Chui ◽  
Kam Ho Lee ◽  
Shirley Chiu Wai Chan ◽  
...  

Abstract Objective The aim was to investigate the relationship between the intensity of spinal inflammation using the apparent diffusion coefficient (ADC) and radiographic progression in axial SpA. Methods This is a cross-sectional study of participants with axial SpA and back pain. Clinical, biochemical and radiological parameters were collected. The ankylosing spondylitis disease activity score (ASDAS)-CRP was determined. Radiographic progression was represented by the modified Stoke ankylosing spondylitis spine score (mSASSS). MRI with short tau inversion recovery (STIR) and diffusion-weighted imaging sequences were performed simultaneously. Inflammatory lesions on STIR were used for the Spondyloarthritis Research Consortium of Canada (SPARCC) MRI indexes and as references in outlining regions of interest in ADC maps to produce mean (ADCmean) and maximal (ADCmax) ADC values. Univariate and multivariate linear regression analyses were used to determine independent associations between ADC and radiographic progression. Results The 84 participants with identifiable lesions on spinal ADC maps recruited were characterized by a mean (s.d.) age of 45.01 (13.68) years, long disease duration [13.40 (11.01) years] and moderate clinical disease activity [ASDAS-CRP 2.07 (0.83)]. Multivariate regression analysis using ADCmean as the independent variable showed that age (regression coefficient [B] = 0.34; P = 0.01), male sex (B = 0.25; P = 0.04) and ADCmean (B = 0.30; P = 0.01) were positively associated with mSASSS. Multivariate regression analysis using ADCmax as the independent variable showed a tendency for ADCmax to be associated with mSASSS (B = 0.21; P = 0.07). Conclusion The intensity of spinal inflammation as determined by ADC is associated with radiographic progression in participants with active axial SpA.


2018 ◽  
Vol 12 (2) ◽  
pp. 227-251
Author(s):  
Sapari Sapari

This  research  examines the  connection between non debt tax shield and the change of leverage, between level of effective company tax and the change of leverage, and between operation income before depreciation and the change of leverage. This research takes 17 samples of  food and beverages companies listed in Jakarta Stock Exchange from 1st  January 1994 till 31st  December 1999. And this research uses data from 1994 – 1999 for the regression analysis. Multiple regression analysis is used to test hyphothesis 1 (H1), hyphothesis 2 (H2) and hyphothesis 3 (H3). Independent variables in the regression are level of effective company tax, non debt tax shield and operation income before depreciation, whilst independent variable in the regression is leverage.The result of this research proves that (1) non debt tax shield after the amendment of 1994 tax regulation (1995 – 1999) brings positive influence to the leverage change, (2) level of effective company tax after the amendment of 1994 tax regulation (1995 – 1999) brings negative influence to the leverage change, and (3) operation income before  depreciation  after the amendment of 1994 tax regulation (1995 – 1999) brings positive influence to the leverage change.


2020 ◽  
Vol 30 (Supplement_5) ◽  
Author(s):  
A Terebessy ◽  
V Pongor ◽  
Z s Horváth ◽  
J-H Ivers ◽  
M Pénzes ◽  
...  

Abstract Objective There is limited amount of evidence concerning the effect of population-based interventions. Dry November campaign asks people to go booze-free for a month. The goal of our study was to assess whether success rate of participation in the 2017 Dry November campaign leads to long-term change in alcohol consumption of participants. Methods A longitudinal study was conducted in 2017-2018 in the form of an online survey. Alcohol consumption characteristics of respondents (N = 125) were measured by the short-form AUDIT test. Participants filled out the first survey at the end of October 2017 with a one-year follow-up questionnaire. We used the reliable change index to identify participants whose c-AUDIT scores changed significantly over time. We collated participants who exhibited no change or significant decrease in c-AUDIT scores into one group, which was used as reference in our logistic regression analyses. We first conducted a series of univariate regression analyses to identify significant confounders, which were then included in the subsequent multivariate regression analysis. Results Based on our results, success rates did not differ significantly between those who exhibited a significant increase in c-AUDIT scores and those whose c-AUDIT scores did not change or decreased significantly over a one-year time period. In our multivariate regression analysis, the occurrence of alcohol consumption in the same household (OR = 3.29, 95% CI: 1.17-10.01) was the only variable significantly associated to an increase in c-AUDIT scores. Conclusions Even though success rate of participation in the 2017 Dry November campaign did not influence c-AUDIT scores significantly at follow-up, we were able to identify the occurrence of alcohol consumption in household as a significant risk factor for those who exhibited a significant increase in c-AUDIT score. Key messages A one-month alcohol-free challenge might be an effective tool for reducing alcohol consumption but further analysis is needed. The inclusion of individuals in the same household in interventions aiming to decrease alcohol intake may lead to higher success rate.


2020 ◽  
Vol 7 (Supplement_1) ◽  
pp. S785-S786
Author(s):  
Robert Tipping ◽  
Jiejun Du ◽  
Maria C Losada ◽  
Michelle L Brown ◽  
Katherine Young ◽  
...  

Abstract Background In the RESTORE-IMI 2 trial, imipenem/cilastatin/relebactam (IMI/REL) was non-inferior to PIP/TAZ for treating hospital-acquired/ventilator-associated bacterial pneumonia (HABP/VABP) in the primary endpoint of Day 28 all-cause mortality (D28 ACM) and the key secondary endpoint of clinical response (CR) at early follow-up (EFU; 7-14 d after end of therapy). We performed a multivariate regression analysis to determine independent predictors of treatment outcomes in this trial. Methods Randomized, controlled, double-blind, phase 3, non-inferiority trial comparing IMI/REL 500 mg/250 mg vs PIP/TAZ 4 g/500 mg, every 6 h for 7-14 d, in adult patients (pts) with HABP/VABP. Stepwise-selection logistic regression modeling was used to determine independent predictors of D28 ACM and favorable CR at EFU, in the MITT population (randomized pts with ≥1 dose of study drug, except pts with only gram-positive cocci at baseline). Baseline variables (n=19) were pre-selected as candidates for inclusion (Table 1), based on clinical relevance. Variables were added to the model if significant (p < 0.05) and removed if their significance was reduced (p > 0.1) by addition of other variables. Results Baseline variables that met criteria for significant independent predictors of D28 ACM and CR at EFU in the final selected regression model are in Fig 1 and Fig 2, respectively. As expected, APACHE II score, renal impairment, elderly age, and mechanical ventilation were significant predictors for both outcomes. Bacteremia and P. aeruginosa as a causative pathogen were predictors of unfavorable CR, but not of D28 ACM. Geographic region and the hospital service unit a patient was admitted to were found to be significant predictors, likely explained by their collinearity with other variables. Treatment allocation (IMI/REL vs PIP/TAZ) was not a significant predictor for ACM or CR; this was not unexpected, since the trial showed non-inferiority of the two HABP/VABP therapies. No interactions between the significant predictors and treatment arm were observed. Conclusion This analysis validated known predictors for mortality and clinical outcomes in pts with HABP/VABP and supports the main study results by showing no interactions between predictors and treatment arm. Table 1. Candidate baseline variables pre-selected for inclusion Figure 1. Independent predictors of greater Day 28 all-cause mortality (MITT population; N=531) Figure 2. Independent predictors of favorable clinical response at EFU (MITT population; N=531) Disclosures Robert Tipping, MS, Merck & Co., Inc. (Employee, Shareholder) Jiejun Du, PhD, Merck & Co., Inc. (Employee, Shareholder) Maria C. Losada, BA, Merck & Co., Inc. (Employee, Shareholder) Michelle L. Brown, BS, Merck & Co., Inc. (Employee, Shareholder) Katherine Young, MS, Merck & Co., Inc. (Employee, Shareholder)Merck & Co., Inc. (Employee, Shareholder) Joan R. Butterton, MD, Merck & Co., Inc. (Employee, Shareholder) Amanda Paschke, MD MSCE, Merck & Co., Inc. (Employee, Shareholder) Luke F. Chen, MBBS MPH MBA FRACP FSHEA FIDSA, Merck & Co., Inc. (Employee, Shareholder)Merck & Co., Inc. (Employee, Shareholder)


2020 ◽  
Vol 41 (Supplement_2) ◽  
Author(s):  
T Kuznetsova ◽  
M Druzhilov

Abstract Objective Arterial hypertension (HTN) is one of the most common diseases associated with obesity. Visceral obesity (VO) with dysfunctional visceral adipose tissue plays the main role in obesity induced HTN. Direct criteria of VO including echocardiographic epicardial fat thickness (EFT) may become an additional predictor of HTN. Purpose The aim was to assess the role of echocardiographic EFT (EEFT) as a predictor of HTN in normotensive patients with abdominal obesity (AO). Methods 526 normotensive men (according to ambulatory blood pressure monitoring (ABPM) without therapy) with AO (waist circumference (WC) >94 cm) and SCORE <5%, without cardiovascular diseases and diabetes mellitus were examined (age 45.1±5.0 years). The lipid and glucose profiles, creatinine, uric acid and C-reactive protein blood levels, albuminuria evaluation, echocardiography, carotid ultrasound, bifunctional ABPM were performed. The values of EEFT ≥75 percentile for persons 35–45 years and 46–55 years were 4.8 mm and 5.8 mm respectively. These values used as epicardial VO criteria. Patients with subclinical carotid atherosclerosis due to the lipid-lowering therapy administration (n=98) were excluded from the follow-up. Re-examination with ABPM was conducted on average through 46.3±5.1 months. Data were summarized as mean ± standard error, statistical analysis conducted with paired two-tailed t-tests, Pearson χ2 criterion and multivariate regression analysis. Results Data of 406 persons were available for analysis. HTN as average daily blood pressure ≥130/80 mm Hg was detected in 157 (38.7%) patients. These patients were characterized by initially higher values of age (45.9±4.6 years vs 44.3±4.9 years, p<0.001), waist circumference (106.9±7.3 cm vs 104.2±7.3 cm, p<0.001), body mass index (BMI) (32.0±3.3 kg/m2 vs 30.9±3.2 kg/m2, p<0.001), average daily systolic and diastolic blood pressure (120.7/74.5±4.6/3.4 mm Hg vs 118.2/73.2±5.5/3.9 mm Hg, p<0.001), EEFT (5.2±0.7 mm vs 4.4±1.0 mm, p<0.001). The epicardial VO was initially detected in 95 (23.3%) patients. In patients with HTN the initial prevalence of epicardial VO was greater (58.0% vs 23.3%, p<0.001). As predictors for the multivariate regression analysis the clinical and laboratory examinations data and EEFT were evaluated. According to the results a mathematical model for estimating the probability HTN was obtained: 0.696*fasting blood glucose + 0.198*systolic BP + 2.844*EFT – 40.166 (constant). Among these predictors EEFT was characterized by the highest standardized regression coefficient (0.302, p<0.001) (0.295, p<0.01 for fasting blood glucose, 0.035, p<0.001 for systolic BP). The Hosmer-Lemeshow test value was 0.863, the total percentage of correct classifications was 86%, the area under the ROC-curve was 0.913. Conclusions EEFT (4.8 mm for persons 35–45 years and 5.8 mm for persons 46–55 years) may be an additional predictor of HTN in normotensive patients with AO. Funding Acknowledgement Type of funding source: None


2020 ◽  
Vol 41 (Supplement_2) ◽  
Author(s):  
S Murai ◽  
T Sugiura ◽  
Y Dohi ◽  
H Takase ◽  
T Mizoguchi ◽  
...  

Abstract Background Pulmonary function is known to decrease with age and reduced pulmonary function has been reported to be associated with all-cause mortality and cardiovascular death. The association between pulmonary impairment and atherosclerosis was reported previously but has not been investigated sufficiently in the general population. Purpose We hypothesized that arterial stiffness could reflect increase of cardiac load and reduced pulmonary function. The present study aimed to investigate whether increased cardiac load and reduced pulmonary function could affect arterial stiffness in the general population. Methods Subjects undergoing their health check-up were enrolled. Plasma B-type natriuretic peptide (BNP) levels and serum high-sensitivity cardiac troponin I (hs-cTnI) levels were measured to evaluate cardiac load and myocardial damage. Radial augmentation index (rAI) was measured to investigate arterial stiffness using HEM-9000AI device. Subjects with an ST-T segment abnormality on the electrocardiogram, renal insufficiency, cancer, active inflammatory disease, or a history of cardiovascular events and pulmonary disease were excluded. Pulmonary function was assessed using spirometry by calculating forced vital capacity (FVC) as a percentage of predicted value (FVC%-predicted), forced expiratory volume in 1 second (FEV1) as a percentage of predicted value (FEV1%-predicted), and the ratio of FEV1 to FVC (FEV1/FVC). Results A total of 1100 subjects aged 57 years were enrolled and their median values of BNP and hs-cTnI were 15.5 and 2.3 pg/ml. The levels of rAI were significantly associated with the levels of BNP after adjustment for possible confounders in multivariate regression analysis, but were not with the levels of hs-TnI. While the parameters of pulmonary function were inversely associated with the levels of rAI and hs-cTnI after adjustment for possible confounders in the multivariate regression analysis, but not with the levels of BNP. The other multivariate regression analyses where BNP, hs-cTnI, parameters of pulmonary function, and the other possible factors were simultaneously included as independent variables revealed that the BNP levels and the FVC%-predicted or FEV1%-predicted, besides age, gender, smoking status, body mass index, blood pressure, heart rate, creatinine, fasting plasma glucose, and triglyceride, were significantly associated with the levels of rAI. Conclusions The significant associations of rAI with BNP and pulmonary function were revealed in the general population. These findings support that arterial stiffness could reflect increased cardiac load and reduced pulmonary function, in apparently healthy individuals. Funding Acknowledgement Type of funding source: None


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