The importance of an accurate sales forecast to financial management in general is well documented. Although large firms' forecasting practices as they relate to financial management have been surveyed, this is the first such study on small (manufacturing) firms. Surprisingly, the two groups are...

This study reports results of a nationwide survey on overall working capital policy of small manufacturing firms. The survey instrument used was a modified version of the 1980 Smith and Sell study [18] on large firms. A detailed 36-question form queried firms on their overall working capital...

Although there is ample literature on the use of capital budgeting techniques by small firms, there is practically no research available on why small firms don’t use discounted cash flow methods. This paper looks at this rationale issue in die light of Brigham's 10 hypodieses (in Fundamentals...

This paper examines the size effects of volatility spillovers for firm performance and exchange rates with asymmetry in the Taiwan tourism industry. The analysis is based on two conditional multivariate models, BEKK–AGARCH and VARMA–AGARCH, in the volatility specification. Daily data from 1...

Am 1. Januar 2009 wurde in Deutschland die Abgeltungsteuer für Kapitalerträge eingeführt. Einkünfte aus Kapitalvermögen werden seitdem mit 25 Prozent Einkommensteuer zuzüglich Solidaritätszuschlag abgeltend besteuert. Der Steuerzahler kann weiterhin die Anwendung des alten Steuerrechts...

Die Zinsschranke ist ein Instrument der Unternehmenssteuerreform 2008. Sie soll verhindern, dass international agierende Unternehmen ihre Gewinne über Fremdfinanzierung ins Ausland verlagern. Die Ergebnisse der vorliegenden Untersuchung sprechen dafür, dass multinationale Unternehmen...

Deutschland besitzt seit 1994 eine Regelung, die der Gewinnverlagerung multinationaler Konzerne mittels interner Fremdfinanzierung einen Riegel vorschieben soll. Trotz Nachbesserungen in den Jahren 2001 und 2004 war diese nach den bisherigen empirischen Untersuchungen wenig effektiv und...

This paper investigates the stock returns and volatility size effects for firm performance in the Taiwan tourism industry, especially the impacts arising from the tourism policy reform that allowed mainland Chinese tourists to travel to Taiwan. Four conditional univariate GARCH models are used...

Tax competition for capital has led to a trend where many countries levy lower taxes on interest income, often introducing differential taxation between interest and business income. This study analyzes the effect on firm debt usage. We exploit Germany's 2009 tax reform, which introduced a final...

This study reports results of a nationwide survey on overall working capital policy of small manufacturing firms. The survey instrument used was a modified version of the 1980 Smith and Sell study [18] on large firms. A detailed 36-question form queried firms on their overall working capital...