Template-Type: ReDIF-Article 1.0 Author-Name: Jan Svitlík Title: ETR Development and Analysis: Case from the Czech Republic Abstract: The paper investigates the effective corporate tax rate (ETR) in the Czech Republic from 2003 to 2013 from the point of both time-series and cross-sectional analysis. We exploit the access to Bureau van Dijk, Amadeus database to get broad data sample from financial statements. Thus, micro backward-looking approach was applied in the paper. We find clear downward trend in the ETR during the given period and statistically significant correlation between the ETR and statutory corporate tax rate (STR). We also undertake analysis of geographical regions using ZIP codes of the companies and analysis of economic sectors according to NACE of the sample firms. Main finding of the cross-sectional analysis is the highest ETR in the region of Prague (capital). Keywords: Effective corporate tax rate, Statutory corporate tax rate, the Czech Republic, Time-series analysis, Cross-sectional analysis Classification-JEL: H25, M41 Pages: 05-18 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=146.pdf File-URL: http://www.vse.cz/efaj/146 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2015:y:2015:i:4:id:146:p:05-18 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/146 Template-Type: ReDIF-Article 1.0 Author-Name: Anna Leszczyłowska Title: Deductibility of Provisions under the CCCTB Proposal and Its Effects on Companies: The Case of Poland Abstract: The aim of the paper is to empirically examine the scale and the distribution of the tax advantage which emerges when provisions for future liabilities are deductible from taxable earnings, as proposed in the CCCTB concept. The paper concentrates on Poland - a country for which the expected economic effects of this proposal are still controversial and ambiguous. The results are also relevant for other European countries in which provisions are currently treated in a different way for financial and for tax accounting purposes. The analysis is based on the information from financial statements of 250 companies from the period 2007 - 2012. The microsimulation method in a multi-period setting is implemented. The results show that in case provisions are deductible for tax purposes the tax due decreases by 5,6 % or and by 9,8 % on average, depending on the liquidity situation of companies. The tax advantage is distributed differently among companies. The majority of taxpayers is expected to gain from the reform. Only for single companies there is an increase in tax, induced by the existing, restricted tax loss carry forward rules. The median change in CIT amounts to -1 % and -2 %. Keywords: Provisions, Corporate income tax, CCCTB, Microsimulation, Poland Classification-JEL: H25, H32, K34 Pages: 19-32 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=147.pdf File-URL: http://www.vse.cz/efaj/147 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2015:y:2015:i:4:id:147:p:19-32 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/147 Template-Type: ReDIF-Article 1.0 Author-Name: Osabuohien-Irabor Osarumwense Title: Day-of-the-week effect in the Nigerian Stock Market Returns and Volatility: Does the Distributional Assumptions Influence Disappearance? Abstract: This study assesses the influence of error distributional assumption on appearance or disappearance of day-of-the-week effects in returns and volatility using the Nigerian stock exchange (NSE-30). The Gaussian, Student-t, and the Generalized error distribution were incorporated in the GARCH (2,1) and EGARCH (2,1) models. Result reveals that day-of-the-week effects are sensitive to error distribution. Our finding also shows that evidence of good or bad news in volatility does not only depend on the asymmetric model but also the choice of the error distribution. Thus, this study will provide adequate knowledge to policy makers, investors and researchers about day-of-the-week effect in stock markets. Keywords: Stock, GARCH, Disappearance, Day-of-the-week, Model Classification-JEL: C12, C22, G12 Pages: 33-44 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=148.pdf File-URL: http://www.vse.cz/efaj/148 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2015:y:2015:i:4:id:148:p:33-44 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/148 Template-Type: ReDIF-Article 1.0 Author-Name: Salau O. Abdulmalik Author-Name: Ayoib Che Ahmad Title: The Effect of 2011 Revised Code of Corporate Governance on Pricing Behaviour of Nigerian Auditors Abstract: The paper examines the extent which risk management committee and corporate governance committee predict audit fees in Nigeria. We employed random panel data (unbalance) regression analysis to establish whether risk management committee and corporate governance committee affect audit fees. We obtained the data used for this study from the annual reports of public listed companies on the Nigerian Stock Exchange for the periods 2008-2013. Our results indicate a positive relationship between establishment of risk management committee and audit fees while the establishment of corporate governance committee has an insignificant relationship with audit fees. The findings provide evidence to inform policy makers and corporation in Nigeria on how their governance structure affects audit fees. Firms with a strong governance structure have the incentive to improve the quality of their financial report. Therefore, such firms will increase the scope of auditor’s work. This result has implication for policy makers because it suggests that corporate governance mechanisms are important in ensuring a quality audit. The paper contributes to literature on audit pricing in the context of the Nigerian audit market that is currently under-researched. The study provides additional theoretical insights by investigating the impact of risk management committee and corporate governance committee on audit fees, which to the best of the researcher’s knowledge, have not been tested in the audit fees model. Keywords: Audit fees, Risk management committee, Corporate governance committee Classification-JEL: M42 Pages: 45-65 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=149.pdf File-URL: http://www.vse.cz/efaj/149 File-Format: text/html Handle: RePEc:prg:jnlefa:v:2015:y:2015:i:4:id:149:p:45-65 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/149