European Financial and Accounting Journal, 2018 (vol. 13), issue 1

Articles

Measurement of Labour Taxation

Jan Tecl

European Financial and Accounting Journal 2018, 13(1):5-18 | DOI: 10.18267/j.efaj.203  

Measurement of taxation of individuals is currently an interesting topic, as there is a number of people who can perform their job from any place in the world and their net income is one of the most important criteria on the basis of which their final decision is being made. Level of labour taxation is also important for international companies, which consider the location of their business and one of their important criteria is labour taxation. Provided the companies want to pay their employees equal net wage in each country, high labour taxation increases their costs. This also means that the labour taxation is related to the country's competitiveness....

FDI and Macroeconomic Stability: The Turkish Case

İlyas Şiklar, Merve Kocaman

European Financial and Accounting Journal 2018, 13(1):19-40 | DOI: 10.18267/j.efaj.204  

This study investigates the relationship between foreign direct investment (FDI) and macroeconomic stability for Turkey. To represent the macroeconomic stability, two main variables are examined. The first of these is inflation rate that represents the economic stability in real sector and the second one is real exchange rate representing the stability in the financial sector. In addition to these variables, the market size, openness to trade and financial development variables are also used as control-transmission variables. Used data are monthly and cover the period from January 2003 to April 2015. Empirical methods used in the study are unit root...

Cross-Section of Asset Returns: Emerging Markets and Market Integration

Tamara Ajrapetova

European Financial and Accounting Journal 2018, 13(1):41-60 | DOI: 10.18267/j.efaj.205  

Asset pricing in its essence is a very controversial topic. Despite numerous research papers criticising traditional approaches, such as linear factor models, practitioners as well as academics repeatedly return to the milestone models such as the Capital Asset Pricing Model (CAPM), mainly due to their attractive simplicity. This article focuses on the risk-return relationship by comparing the power of traditional and alternative asset pricing models in explaining the cross-section of asset returns. The focus is on unconditional models, commonly used among investors and equity analysts. This paper is based on the research performed by Estrada in 2004...

Accounting in Cloud

Jana Singerová

European Financial and Accounting Journal 2018, 13(1):61-76 | DOI: 10.18267/j.efaj.206  

Cloud computing is a new technological trend that since the last decade brings challenges in computed accounting, such as a significant reduction of running cost, together with unrestricted access to data from anywhere and anytime. Cloud accounting software enables its users a real time access to business finances, easy set up and easy use, access to information from anywhere, work with sales force, to synchronize instantly with bank, make tax returns precise and effortless. Cloud computing offers a short implementation time and low initial costs and it is offered by ERP providers in the SaaS (Software as a Service) mode. As an essential condition...