European Financial and Accounting Journal, 2017 (vol. 12), issue 1

Articles

Personal Bankruptcy in the Czech Republic: Age and Gender of the Debtors and Structure of the Creditors

Jan Hospodka, Ondřej Buben, Monika Randáková, Jiřina Bokšová

European Financial and Accounting Journal 2017, 12(1):5-18 | DOI: 10.18267/j.efaj.174  

This paper analyses debtors who applied for debt relief in the period between 1/1/2012 and 31/12/2013. As there has already been a research related to Moravian and Silesian regions in this matter, it focuses mainly on the debtors from Bohemian regions. It is therefore an analysis of a problem which has not been thoroughly covered nor published yet. New way of declaring bankruptcy, in other words debt relief, for debtors who are unable to repay their debt has been in action since 2008. Since then the number of personal bankruptcies has been gradually rising every year. This paper constitutes only a narrow section of broader research; therefore, only...

A Simple Open Economy Model: A Non-Linear Dynamic Approach

Jan Kodera, Van Quang TRAN

European Financial and Accounting Journal 2017, 12(1):19-34 | DOI: 10.18267/j.efaj.175  

The objective of this article is to derive a simple dynamic macroeconomic model of an open economy to show how an economy as a dynamic system can work. The proposed model is resulted from the traditional Mundell-Fleming model. Unlike the Mundell-Fleming model, we introduce a continuous dynamic and non-linearity. Non-linearity in our model is represented by a non-linear investment function. The non-linear investment function is introduced as the propensity to invest function, which is assumed to be captured by the logistic function of production. After that, the stability of the model is analysed using Hurwitz stability theorem. The behaviour of our...

Compliance Costs of Transfer Pricing in Case of SMEs: Czech Case

Veronika Solilová, Danuše Nerudová, Hana Bohušová, Patrik Svoboda

European Financial and Accounting Journal 2017, 12(1):35-50 | DOI: 10.18267/j.efaj.176  

Small and medium sized enterprises account for over 99% of all companies in Eu-ropean Union and have very important position in the EU economy in the area of growth and employment. However, they face great deal of obstacles, such as com-pliance costs of taxation, 28 different tax systems in Europe, difficult transfer pric-ing rules and so on. Further, compliance costs of taxation are regressive with regard to firm size and significantly higher in case of enterprises with foreign branch or subsidiary in comparison with enterprises which are not internationalized. Moreo-ver, compliance costs are increasing through strict and difficult transfer pricing...

Factors Affecting Effective Corporate Income Tax Rate of the Czech and Russian "Blue Chips" in 2012 - 2015

Marina Purina

European Financial and Accounting Journal 2017, 12(1):51-69 | DOI: 10.18267/j.efaj.177  

Nowadays, influence of international business groups on the individual countries´ economic systems is still growing. Effective tax rate showing a real level of the tax burden is one of the most important parameters of each economy. This article analyses the factors affecting the effective corporate income tax rate of the "blue chips" in the Czech Republic and in the Russian Federation. The factors are divided into two groups: external and internal ones. The hypothesis states that the internal factors (assets, debt ratio and equity) are more correlated with the dependent variable than the external ones (Paying Taxes index and average oil price). The...