scholarly journals A LESSON IN VALUATION FROM ESTONIA: THE DIFFERENCE BETWEEN THE FUNDAMENTAL VALUE OF EQUITY UNDER DISTRIBUTED AND TRADITIONAL PROFIT TAXATION SYSTEMS

2018 ◽  
Vol 19 (0) ◽  
pp. 146-156 ◽  
Author(s):  
Mark Kantšukov ◽  
Priit Sander
Keyword(s):  
Value Creation ◽  
Income Tax ◽  
Corporate Value ◽  
Equity Value ◽  
Tax Regimes ◽  
Key Issues ◽  
Theoretical Paper ◽  
The Difference ◽  
Fundamental Value ◽  
The Relationship

Corporate value creation and management are one of the key issues for any business enterprise. A gap exists in research into the implications of the distributed profit taxation (DPT) system in Estonia for corporate value creation. Under the Estonian system of corporate taxation, companies need not pay income tax on undistributed earnings, allowing them to postpone income tax liability indeterminately. This theoretical paper compares the relationship between a company’s equity value and taxation of profits under traditional (or classical) (TPT) and DPT systems. A TPT system is a system where the amount of corporate income tax is determined by the profit the company earned during the taxation period. We show that fundamental equity value under a DPT system should be higher vis-à-vis equity value under a TPT system (ceteris paribus). To illustrate this, we use a dividend discount model and values from a hypothetical company. The equity value under DPT is also higher when financial leverage is considered. The results suggest that conventional valuation models and their inputs should be adjusted when valuing Estonian companies. Ignoring these adjustments runs the risk of undervaluing the equity of Estonian companies, as well as the equity of companies operating under similar tax regimes.

scholarly journals Corporate reputation

2018 ◽  
Vol 25 (1) ◽  
pp. 47-64 ◽  
Author(s):  
Vanessa Pires ◽  
Guilherme Trez
Keyword(s):  
Organizational Performance ◽  
Corporate Reputation ◽  
Research Field ◽  
Social Implication ◽  
Public Companies ◽  
Content Type ◽  
Theoretical Paper ◽  
The Difference ◽  
And Performance ◽  
The Relationship

Purpose The purpose of this paper is to discuss the different approaches to the corporate reputation construct, in order to identify a comprehensive definition that can be used for measurement purposes, gaps identified by previous literature identified. Design/methodology/approach This is a theoretical essay. The authors analyzed studies that involve the relationship between corporate reputation and organizational performance, and the attributes of national and international corporate reputation ratings. Findings The authors identified a more comprehensive definition for the reputation construct, and indicated courses for the construct’s measurement, by considering: the judgment by the stakeholders (internal, suppliers, clients and the financial market); periodical evaluations under different organizational perspectives; attention to theoretical assumptions, among other aspects. Research limitations/implications The study is a theoretical paper that presents that the research field has many definitions that cannot be used interchangeably. It indicated how the reputation construct should be operationalized for measurement purposes. This study presented a reflection on the relationship between corporate reputation and performance, showing that it is not a settled topic in the academy. Practical implications The study advances the understanding of the reputation construct measurement, considering the adopted definition and the discussion of the attributes of the main ratings on corporate reputation. The adoption of a measurement method that takes into account the definition used in this study and the features of the methodologies discussed will improve the corporate reputation assessment. Social implications Literature indicates that a good corporate reputation can affect organizational performance and the inverse relationship is also true. As a social implication, it is extremely relevant to improve the understanding the definition and measurement methods of this construct. Originality/value This study discusses one of the most important intangible resources for organizations, contributing to the understanding of the difference between the market value and the book value of public companies. Besides it should be considered that there is one lack of a definition directly related to the measurement of the reputation construct in the literature, a gap in which this study contributes.

scholarly journals Value in the eye of the beholder: a survey of valuation practices of Estonian financial professionals

2016 ◽  
Vol 13 (2) ◽  
pp. 157-172 ◽  
Author(s):  
Mark Kantaukov ◽  
Priit Sander
Keyword(s):  
Income Tax ◽  
Positive Impact ◽  
Free Cash Flow ◽  
Corporate Income Taxation ◽  
Equity Value ◽  
Company Valuation ◽  
The Difference ◽  
Conventional Models ◽  
The Cost ◽  
Taxation System

This is the first empirical study related to the linkage between distributed profit taxation and company valuation. In this paper we present the results of a survey of Estonian valuation practitioners. The main purpose of this study is to clarify the valuation practices of Estonian analysts with emphasis on fundamental analysis-based valuation methods. We elucidate whether and how practitioners treat certain aspects of corporate income taxation when valuing Estonian companies, and how they adjust conventional models taking into account the peculiarities of the Estonian distributed profit taxation system. As distributed profit taxation allows Estonian companies to postpone their income tax liability, it should lead to a positive impact on the value of Estonian companies compared to non-Estonian ones. The survey also included hypothetical valuation cases seeking to determine the difference in analysts’ views on equity value in a simplified framework. Results show that free cash flow to the firm and EV/EBITDA multiples are the most popular valuation models among analysts, with the majority of analysts using these models together. Analysts adjust models primarily when calculating the cost of capital and forecasting corporate income tax liability. However, many respondents did not make any adjustments when valuing Estonian companies, but proceeded from the same grounds when valuing Estonian and non-Estonian businesses. The equity valuation of hypothetical companies revealed highly diverse estimates and an unawareness of the positive aspects of distributed profit taxation vis-à-vis traditional profit taxation on a company’s value

Corporate value creation, stock price synchronicity and firm value in China: implications for beyond

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Ruopiao Zhang ◽  
Teresa Chu ◽  
Carlos Noronha ◽  
Jieqi Guan
Keyword(s):  
Firm Performance ◽  
Value Creation ◽  
Voluntary Disclosure ◽  
Firm Value ◽  
Stock Price ◽  
Emerging Market ◽  
Specific Information ◽  
Corporate Value ◽  
Content Type ◽  
The Relationship

PurposeThis study introduces Social Contribution Value per Share (SCVPS), an indicator devised by the Shanghai Stock Exchange (SSE), as an easy-to-interpret Measurement of Corporate Social Performance (MCSP) to the international research arena. The authors first explore the informativeness role of voluntary disclosure of SCVPS in the stock market. The authors then go one step further to demonstrate the relationship between corporate value creation quantified by SCVPS and firm value.Design/methodology/approachThe study takes a new perspective – a quasi-natural experiment of SCVPS disclosure in 2008 and uses a Propensity Score Matched Difference in Difference model (PSM-DiD) to investigate the impact of SCVPS disclosure policy on stock price synchronization and firm value. Through manually recalculating all the values of SCVPS and its components, this study enables us to further investigate the relationship between corporate value creation for various stakeholders and firm value.FindingsThis study reveals that voluntary disclosure of SCVPS can signal firm-specific information to the market and reduce noise in returns, thus affecting stock price synchronization. The findings further demonstrate that such firm-specific information has value relevance to firm performance. Moreover, the authors demonstrate that corporate value creation for different stakeholders measured by SCVPS can significantly affect firm value. The moderating effects of ownership structures and industry types are also investigated, and an endogeneity test confirms the robustness of the findings.Practical implicationsThis study argues that SCVPS offers an economically viable way for firms, including small-and-medium-sized enterprises, in emerging economies to disclose corporate value creation and provide the public with a direct understanding and appreciation of the values created by corporations for stakeholders.Originality/valueThe result makes contributions to the MCSP literature and explores the informativeness of SCVPS disclosure. Besides, this paper demonstrates that SCVPS offers a good setting to explore the effect of corporate value creation on firm performance in an emerging market.

Comparison of In-the-Ear and Over-the-Ear Hearing Aid Fittings

1986 ◽  
Vol 51 (4) ◽  
pp. 362-369 ◽  
Author(s):  
Donna M. Risberg ◽  
Robyn M. Cox
Keyword(s):  
Hearing Aids ◽  
High Frequency ◽  
Comparative Evaluation ◽  
Speech Intelligibility ◽  
Hearing Aid ◽  
Hearing Aid Fitting ◽  
The Difference ◽  
Functional Gain ◽  
The Relationship

A custom in-the-ear (ITE) hearing aid fitting was compared to two over-the-ear (OTE) hearing aid fittings for each of 9 subjects with mild to moderately severe hearing losses. Speech intelligibility via the three instruments was compared using the Speech Intelligibility Rating (SIR) test. The relationship between functional gain and coupler gain was compared for the ITE and the higher rated OTE instruments. The difference in input received at the microphone locations of the two types of hearing aids was measured for 10 different subjects and compared to the functional gain data. It was concluded that (a) for persons with mild to moderately severe hearing losses, appropriately adjusted custom ITE fittings typically yield speech intelligibility that is equal to the better OTE fitting identified in a comparative evaluation; and (b) gain prescriptions for ITE hearing aids should be adjusted to account for the high-frequency emphasis associated with in-the-concha microphone placement.

Relationship between total plasma homocysteine and the risk of aneurysms – a meta-analysis

VASA ◽  
2020 ◽  
pp. 1-6
Author(s):  
Hanji Zhang ◽  
Dexin Yin ◽  
Yue Zhao ◽  
Yezhou Li ◽  
Dejiang Yao ◽  
...  
Keyword(s):  
Large Scale ◽  
Meta Analysis ◽  
Single Species ◽  
Total Plasma ◽  
Control Groups ◽  
Randomized Controlled ◽  
Randomized Controlled Studies ◽  
The Difference ◽  
The Relationship ◽  
Healthy Participants

Summary: Our meta-analysis focused on the relationship between homocysteine (Hcy) level and the incidence of aneurysms and looked at the relationship between smoking, hypertension and aneurysms. A systematic literature search of Pubmed, Web of Science, and Embase databases (up to March 31, 2020) resulted in the identification of 19 studies, including 2,629 aneurysm patients and 6,497 healthy participants. Combined analysis of the included studies showed that number of smoking, hypertension and hyperhomocysteinemia (HHcy) in aneurysm patients was higher than that in the control groups, and the total plasma Hcy level in aneurysm patients was also higher. These findings suggest that smoking, hypertension and HHcy may be risk factors for the development and progression of aneurysms. Although the heterogeneity of meta-analysis was significant, it was found that the heterogeneity might come from the difference between race and disease species through subgroup analysis. Large-scale randomized controlled studies of single species and single disease species are needed in the future to supplement the accuracy of the results.

Designing a business unit and creating the first ever responsive kitchen

2019 ◽  
Vol 2 (1) ◽  
Author(s):  
Paolo FESTA ◽  
Tommaso CORA ◽  
Lucilla FAZIO
Keyword(s):  
Value Creation ◽  
Product Innovation ◽  
Research Laboratory ◽  
Direct Relationship ◽  
Multidisciplinary Approach ◽  
Design Thinking ◽  
Business Unit ◽  
Qualitative And Quantitative Analysis ◽  
Qualitative And Quantitative ◽  
The Relationship

Is it possible to transform stone into a technological and innovative device? The meeting with one of the main stone transformers in Europe produced the intention of a disruptive operation that could affect the strategy of the whole company. A contagious singularity. By intertwining LEAN methodologies and the human-centric approach of design thinking, we mapped the value creation in the company activating a dialogue with the workers and the management, listening to people, asking for ambitions, discovering problems and the potential of production. This qualitative and quantitative analysis conducted with a multidisciplinary approach by designers, architects and marketing strategists allowed us to define a new method. We used it to design a platform that could let all the players express their potential to the maximum. This is how the group's research laboratory was born, with the aim of promoting the relationship between humans and stone through product innovation. With this goal, we coordinated the new team, developing technologies that would allow creating a more direct relationship between man and surface, making the stone reactive. The result was the first responsive kitchen ever.

‘The Oral Versus The Written’

Moreana ◽  
2008 ◽  
Vol 45 (Number 175) (3) ◽  
pp. 14-50 ◽  
Author(s):  
Brian Cummings
Keyword(s):  
Religious Practice ◽  
Philosophical Argument ◽  
Key Issues ◽  
Confessional Identity ◽  
The Relationship

The relationship between scripture and tradition has always been recognised as central to the controversy between More and Tyndale in the late 1520s and early 1530s. It was already one of the key issues in the English campaign against Luther instigated in 1521, and in the 1540s became one of the lynchpins of confessional identity both among Catholic theologians at Trent and in the English reformed articles of 1553. This is often seen as a doctrinal issue, but beneath the surface it can also be seen as part of a profound philosophical argument about the authority of oral and written evidence, an argument which goes back to the origins of Jewish and Christian religious practice and which continues to haunt the ecumenical concerns of today.

Klein with Lacan: A Study on the Reception of Lacanian Ideas in Uruguay and Its Effects on Clinical Practices (1955–82)

2020 ◽  
Vol 22 (3) ◽  
pp. 341-361
Author(s):  
Gonzalo Grau-Pérez ◽  
J. Guillermo Milán
Keyword(s):  
Clinical Practice ◽  
Clinical Material ◽  
Clinical Practices ◽  
Before And After ◽  
The Difference ◽  
The 1960S ◽  
The Relationship ◽  
Discursive Approach ◽  
The Way ◽  
Clinical Cases

In Uruguay, Lacanian ideas arrived in the 1960s, into a context of Kleinian hegemony. Adopting a discursive approach, this study researched the initial reception of these ideas and its effects on clinical practices. We gathered a corpus of discursive data from clinical cases and theoretical-doctrinal articles (from the 1960s, 1970s and 1980s). In order to examine the effects of Lacanian ideas, we analysed the difference in the way of interpreting the clinical material before and after Lacan's reception. The results of this research illuminate some epistemological problems of psychoanalysis, especially the relationship between theory and clinical practice.

The End of the Word as We Know It

2012 ◽  
Vol 6 (1-3) ◽  
pp. 165-184
Author(s):  
Timothy Beal
Keyword(s):  
Cultural Meanings ◽  
Cultural Icon ◽  
The Bible ◽  
Material Objectivity ◽  
The Difference ◽  
The Relationship

This essay attends to a distinction that requires closer examination and theorization in our discourse on iconic books and other scriptures: the difference between iconic object and cultural icon. How do we conceive of relations between the particular, ritualized iconicities of particular scriptures in particular religious contexts and the cultural iconicities of scriptures in general, such as “the Bible” or “the Quran,” whose visual and material objectivity is highly ambiguous? How if at all are the iconic cultural meanings of the ideas of such books related to the particular iconic textual objects more or less instantiate them? These questions are explored through particular focus on the relationship between the particular iconicities of particular print Bibles, as iconic objects, and the general iconicity of the cultural icon of the Bible.

Learning Language Levels in Students Accurate with a History Academic Achievement History

2017 ◽  
Vol 1 (2) ◽  
pp. 137
Author(s):  
Noorlela Binti Noordin ◽  
Abdul Razaq Ahmad ◽  
Anuar Ahmad
Keyword(s):  
Academic Achievement ◽  
Statistical Inference ◽  
Quantitative Data ◽  
Quantitative Methods ◽  
Descriptive Statistics ◽  
Language Test ◽  
The Subject ◽  
The Difference ◽  
Learning Language ◽  
The Relationship

This study was aimed to evaluate the Malay proficiency among students in Form Two especially non-Malay students and its relationship to academic achievement History. To achieve the purpose of the study there are two objectives, the first is to look at the difference between mean of Malay Language test influences min of academic achievement of History subject among non-Malay students in Form Two and the second is the relationship between the level of Malay proficiency and their academic achievement for History. This study used quantitative methods, which involved 100 people of Form Two non-Malay students in one of the schools in Klang, Selangor. This study used quantitative data were analyzed using descriptive statistics and statistical inference with IBM SPSS Statistics v22 software. This study found that there was a relationship between the proficiency of Malay language among non-Malay students with achievements in the subject of History. The implications of this study are discussed in this article.

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