Template-Type: ReDIF-Article 1.0
Author-Name: Ladislav Šiška
Title: Impact of financial crisis on ROA differences among industries of the Czech economy
Abstract: The article presents answers to the basic question, whether American financial crisis hit Czech non-financial firms uniformly, and the subsequent question, whether there were significant differences in profitability among industries during pre- and post-crisis years. The answers were found by means of Spearman's rank correlation coefficient and k-means clustering method. The analysis drew from aggregated data published by the Czech Ministry of Industry and Trade covering years 2007 to 2015. The results show that the financial crisis lowered temporarily the ROA indicator in the more than half of industries forming the Czech economy. The reaction was uneven, plastic and rubber manufacturing reported the highest performance in all analyzed years, while industries such as coke manufacturing and oil refinery, electronic equipment manufacturing, accommodation activities incurred heavy losses during analyzed years.
Keywords: Financial crisis, Finanční krize, Rentabilita aktiv, Profitability, Return on assets, Industries, Ziskovost, Tržní odvětví
Classification-JEL: M21
Pages: 5-16
Volume: 2017
Issue: 1
Year: 2017
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=489.pdf
File-URL: http://www.vse.cz/cfuc/489
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2017:y:2017:i:1:id:489:p:5-16
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/489

Template-Type: ReDIF-Article 1.0
Author-Name: Jana Marková
Title: External Equilibrium from the Point of View of International Investment Position
Abstract: Our paper is a reaction to changes made in the structure and construction of balance of payments introduced by the sixth edition of International Monetary Fund´s (IMF) Balance of Payments and International Investment Position Manual (BMP6). The first part of our paper provides a brief historical account of the methodological development of individual IMF´s manuals. The main changes are analysed and compared with the preceding manual, the BPM5, which was released in 1993. The new manual emphasises both the stock as well as the flow variables. For this reason, a detailed analysis of evolution of the international investment position that records, at a point in time, the value and composition of financial assets and liabilities of residents of an economy to non-residents is provided. Various factors as well as the impact of BMP6 new methodology that influence the development of international investment position of the Czech Republic between 2008 to 2015 are discussed. The attention has also been drawn to the evolution of external debt in relation to GDP and particular sectors. We conclude our paper with a discussion of factors that affect the value of external debt.
Keywords: Balance of payments, Platební bilance, External debt, Zahraniční zadluženost, International investment position, Investiční pozice vůči zahraničí
Classification-JEL: E58, F21, F34
Pages: 17-40
Volume: 2017
Issue: 1
Year: 2017
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=490.pdf
File-URL: http://www.vse.cz/cfuc/490
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2017:y:2017:i:1:id:490:p:17-40
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/490

Template-Type: ReDIF-Article 1.0
Author-Name: Jana Janoušková
Author-Name: Šárka Sobotovičová
Title: Arrears on the tax on immovable property
Abstract: Immovable property tax is not a significant tax in terms of public finances in the Czech Republic. However, it completes tax system and ensures stable tax revenues which are income of municipalities on whose territory the property is located. In the context of theoretical approaches and empirical studies the importance of this tax is often discussed topic. The aim of this paper is to evaluate the development of immovable property tax arrears in the context of tax imposed in the Czech Republics and identification tax arrears impact on municipality budgets. Cumulative immovable property tax arrears are decreasing in the last years and amount less than one percent of collectable tax arrears. Immovable property tax arrears have negative impact on municipality revenue, particularly in relation with the share of immovable property tax revenues on the total municipality revenues.
Keywords: Immovable property tax, Tax arrears, Municipal budget, Daň z nemovitých věcí, Daňové nedoplatky, Obecní rozpočty
Classification-JEL: H71
Pages: 41-52
Volume: 2017
Issue: 1
Year: 2017
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=491.pdf
File-URL: http://www.vse.cz/cfuc/491
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2017:y:2017:i:1:id:491:p:41-52
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/491

Template-Type: ReDIF-Article 1.0
Author-Name: Alena Vančurová
Author-Name: Stanislav Klazar
Title: The impacts of reintroducing the concept of gross wages as a tax base of personal income tax in the Czech Republic
Abstract: Using analytical tool "safely untaxed tax base" we estimate redistributive impact of proposed changes in personal income taxation based on the plans of the Czech Social Democratic Party. We also compare impacts of other potential variants of changes in the basic elements of tax technique (reintroduction of the concept of gross wages, changes in the structure of nominal rates, adjustments in the basic personal tax credit). According to the legislation in 2017, 25 % of employees do not pay income tax due to the generous tax credit (and 72 % of all self-employed persons). Returning to the tax system of 2007 (which was based on the concept of "gross wage", lower tax credit and progressive tax rates) would lead to a significant reduction in the number of people with zero tax (as a result there would be only a few percent). By using the knowledge of behavioral economics, it can be deduced that this may lead to more significant efforts for more intense tax planning. Far-reaching and hardly predictable social or retirement consequences can be deduced.
Keywords: Tax base, Základ daně, Personal Income Tax, Daň z příjmu fyzických osob, Super-gross wage, Gross wage, Tax reform, Tax incidence, Incidence of Social security contribution, Safely untaxed tax base, Superhrubá mzda, Hrubá mzda, Daňová reforma, Incidence daně, Incidence pojistného, Bezpečně nezdaněný základ daně
Classification-JEL: H22, H23
Pages: 53-69
Volume: 2017
Issue: 1
Year: 2017
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=492.pdf
File-URL: http://www.vse.cz/cfuc/492
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2017:y:2017:i:1:id:492:p:53-69
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/492

Template-Type: ReDIF-Article 1.0
Author-Name: Iveta Plucarová
Author-Name: Jana Skálová
Title: Cross-border mergers on the rise - are they?
Abstract: The Transformation Act came into effect in 2008 as a consequence of transposition of the Directive 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on cross-border mergers of limited liability companies. The directive aims to secure conditions for cross-border mergers within the European Union. This paper focuses on presentation of results of a study whose aim was to identify the development of characteristics of the cross-border mergers with the participation of a Czech company within eight years after the effective date of the Transformation Act. The analysis is based on real life data of mergers. The research focuses on the development of quantity and type of cross-border mergers whose project was filed in the public register, quantity of finished mergers, number of participating companies and the country under whose legal system the participating companies operate, the position of Czech companies, ownership structure of participating companies, their legal form. The obtained data reveal the persistent differences in the national law of the member states which prevent the proliferation of cross-border mergers. According to the authors, this situation can be solved by the unification of the cross-border mergers legislation within the European Union as a whole.
Keywords: Přeshraniční fúze, Cross-border mergers, Rozhodný den, The decisive day, EU Directive, Směrnice EU
Classification-JEL: F36, G34, M41
Pages: 71-87
Volume: 2017
Issue: 1
Year: 2017
File-URL: http://www.vse.cz/cfuc/download.php?jnl=cfuc&pdf=493.pdf
File-URL: http://www.vse.cz/cfuc/493
File-Format: text/html
Handle: RePEc:prg:jnlcfu:v:2017:y:2017:i:1:id:493:p:71-87
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlcfu/references/493