Search results

The purpose of this paper is to investigate the influence of state shareholding and control versus institutional investors on tax aggressiveness of Chinese listed firms.

By exploring recently available tax reconciliation data required under 2006 Accounting Standards for Business Enterprises on a sample of Chinese A-share listed firms, the authors calculate a direct measure of tax aggressiveness and investigate the influence of firm ownership structure on their tax aggressiveness.

The authors find that state ownership and control are positively associated with corporate tax aggressiveness. A positive link between the collective shareholding by the top ten shareholders and firm tax aggressiveness is also found. In contrast, institutional share ownership is negatively associated with corporate tax aggressiveness.

The results indicate that political connections and ownership concentration empower firms to pursue aggressive tax planning, whereas institutional investors partially mitigate such influences.

This paper complements recent studies on tax aggressiveness in the USA by analyzing tax planning activities of Chinese listed firms. The authors highlight firm ownership and control factors that encourage aggressive tax planning in China. This paper has important implications for both public policy and corporate governance in emerging markets similar to China.

Research often neglects the full continuum of the STEM pipeline in terms of underserved and underrepresented populations. African American males, in particular, experience limited access, opportunity, and preparation along STEM trajectories preK-12. The purpose of this paper is to challenge this gap by presenting examples of preK-12 programs that nurture and promote STEM development and learner outcomes for underrepresented populations.

A culturally responsive, asset-based approach emphasizes the importance of leveraging out-of-school practices that shape African-American males learning experiences. From a practitioner standpoint, the need to understand the importance of developing a STEM identity as a conduit to better improve STEM outcomes for African-American males is discussed.

To respond to the full continuum of the pipeline, the authors highlight the role of families and STEM programs that support African-American male students’ STEM identity development generally with an emphasis on how particular out-of-school programs (e.g. The Children’s Museum of Memphis [CMOM], MathScience Innovation Center [MSiC]) cultivate STEM trajectories. The authors conclude with how preK-12 settings can collaborate with local museums and other agencies to create opportunities for greater access and improve the quality of African-American males’ STEM preparation.

The intellectual value of our work lies in the fact that few studies have focused on the importance of examining the full continuum of the STEM pipeline with a particular emphasis on STEM development in early childhood (preK-3). Similarly, few studies have examined the role of identity construction and meaning-making practices as a conduit to better STEM outcomes for African-American males prek-12.

The purpose of this paper is to explore how variations in management’s tone within management’s discussion and analysis (MD&A) sections of 10-K reports can serve as an indicator of tax avoidance and highlight the complex relationship between such linguistic shifts and the tax avoidance decisions within firms.

The paper uses a textual analysis approach to identify linguistic cues in MD&A sections of 10-K filings related to tax avoidance, going beyond traditional quantitative measures. The study uses differences in negative word occurrences in MD&A to measure management’s tone change and examines various measures of tax avoidance. The sample covers the period from 1993 to 2017 and comprises all firms with 10-K filings available on EDGAR, totaling over 30,000 firm-year observations.

The findings indicate a complementary relationship between tax avoidance and other drivers of firm performance. When firms have more negative management’s tone, they are less willing to engage in tax avoidance and vice versa. The study’s approach with management’s tone change provides a different and statistically significant improvement in model fit for detecting tax avoidance.

This paper provides actionable insights for detecting tax avoidance through the analysis of management’s tone in corporate disclosures, offering a new tool for researchers, investors and tax authorities. It highlights the importance of linguistic cues as indicators of tax avoidance behavior, complementing traditional financial metrics.

The paper contributes to the literature by using management’s tone change as a time-varying factor to explain tax avoidance behavior. It uncovers a larger set of linguistic cues in MD&A that can be used to detect tax avoidance. This research provides a complementary approach to traditional quantitative tax avoidance measures and offers insights into the overall relationship between tax avoidance and firm performance, going beyond one-dimensional measures typically used in prior literature.

This study aims to propose a new conforming tax measure based on the work of Badertscher et al. (2019).

This study divides total tax avoidance/management (TM) into nonconforming and conforming portions through a regression. The residual of the regression is treated as the conforming tax measure. In addition, the new conforming tax measure is validated via three approaches. Then, this study examines the moderating effect of nonconforming earnings management (EM) on the relationship between conforming TM and firm performance.

The empirical results show that the model has stronger explanatory power than the model proposed by Badertscher et al. (2019). Additionally, the validation results show that the mean value of the conforming tax measure is lower in quasi-private corporations (financially constrained companies) than in matched public corporations (nonfinancially constrained companies), and firms under high market capital pressure are less motivated to engage in conforming tax practices. Furthermore, nonconforming EM positively moderates the conforming tax–ROA association, implying that nonconforming EM can reduce financial reporting costs resulting from conforming tax practices.

This study contributes to conforming tax research in the following ways. First, this study proposes a new conforming tax measure by substituting the cash book tax difference (BTD) for the BTD in the model of Badertscher et al. (2019) (“BKRW”). Second, this study demonstrates theoretically why the cash BTD should outperform the BTD in computing the BKRW conforming tax measure and confirm this empirically. Third, this study presents a three-way conceptual schema that divides corporations into two groups along each of three tax-relevant dimensions. The group of firms that use both conforming and nonconforming tax strategies have different characteristics compared to the other group. This study also validates the conforming tax measure across the two-group dichotomies.

The purpose of this paper is to analyze the relationship between supportive campus measures and student learning outcomes for first-generation students and non-first generation students to determine if variances are present. A lack of social capital of first generation when compare to non-first-generation students is theorized to be a contributing factor driving differences between the two groups.

Research survey design using penalized regression methods to quantify differences between groups. The analysis used 10 years of student engagement data.

Final analysis showed that first-generation student outcomes had little to no significant connection with the administrative focused aspects of the campus environment as compared to non-first-generation that represented highly significant relationships. This results supports the theory that first-generation students may simply be unaware of how to leverage these resources do to social capital disadvantages.

The result suggests that universities should reconsider first-generation programs to ensure that they have the capability to address first-generation students’ lack of social capital. The primary method by which social capital is generated is through networking or peer groups expansion. Consequently, first-generation students might benefit greatly from student mentors that are not first-generation students to help aid in the transition to college as compared to participating in programs that group and isolate first-generation students together.

Very few studies have attempted to use social capital as a theoretical framework to explain differences in how first-generation and non-first-generation student learning outcomes relate to campus engagement variables. Moreover, no studies have used both penalized regression and bootstrap validation in addressing this issue, making the study original in design and analysis.

This paper aims to explore the possible use of credit derivatives by corporate treasurers. Corporations have, in recent years, grown comfortable with the idea of using traditional derivative products to hedge their exposure to, for example, interest rate and foreign exchange risk. Credit risk, on the other hand, has proven a more difficult animal to tame. Whilst avenues for the management of credit risk do exist, for example, by the use of traditional insurance products and letters of credit, such means are not always convenient.

In this paper, both the academic and practitioner literature on credit derivatives and their application are reviewed. Then, by means of some simple numerical examples, the possible uses to which corporate treasurers might put credit default swaps and total return swaps are illustrated.

The credit derivatives market is, at present, dominated by large banks and insurance companies who trade credit exposure among themselves. As the credit derivatives market becomes more liquid and transparent, it is asked: “Should corporate treasurers consider using credit derivatives to manage their credit risk exposure?” A number of simple and practical ways in which corporations can use credit derivatives to manage risk are explored and the practical strengths and weaknesses of following such approaches are emphasised.

This paper is of particular value to corporate treasurers. This is one of the first academic papers to consider credit derivatives from a financial management perspective.

British Aircraft Corporation, Electronic & Space Systems have developed the world's first digitally controlled air intake system for passenger carrying aircraft. The Air Intake Control System (AICS) is in production for Concorde. It has recently completed 53 flights in the Concorde endurance flying programme for which the Aviation Authority have issued a special category certificate of airworthiness — a significant step towards full certification of Concorde for airline service.

BOSTOMATIC UK Ltd, a wholly‐owned subsidiary of Boston Digital Corporation — major US manufacturers of high‐precision CNC machining centres — announce the recent appointment of Dick Langley as UK sales manager. He joins them from George Kuikka, after working for some years in the northern part of the UK where he gained earlier experience whilst with Maho and Mikron.