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Article
Publication date: 1 August 1997

Jeffrey A. Manzi and Richard J. Curcio

Pension theory suggests and empirical tests indicate that optimal funding levels for defined benefit plans are determined on the basis of risk, taxes, and capital availability…

132

Abstract

Pension theory suggests and empirical tests indicate that optimal funding levels for defined benefit plans are determined on the basis of risk, taxes, and capital availability. This study examines whether federal pension and tax legislation enacted in 1986 and 1987 significantly altered the role of risk, taxes, and capital availability as determinants of corporate pension funding policy. Regression tests relating funding levels to these variables were conducted on a sample of pension plans, separately, for each of the reporting years, 1985 (before enactment of the legislation) and 1989 (after enactment of the legislation). Pension risk and tax exposure variables, significant in explaining funding levels in 1985, were not significant in 1989. Pension risk and tax factors under this new regime play a significantly diminished role, if any, in determining funding level policy for defined benefit plans. Evidence is provided that current pension funding is dependent upon the variability of common equity returns, and thus indicate that the pension funding decision is made in the same context as any other capital allocation decision.

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Managerial Finance, vol. 23 no. 8
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 August 1997

Edward J. Zychowicz

This issue of Managerial Finance brings together five papers that explore the manifold dimensions of pension issues. The papers document and explain the dynamic changes occurring…

137

Abstract

This issue of Managerial Finance brings together five papers that explore the manifold dimensions of pension issues. The papers document and explain the dynamic changes occurring in the management and functioning of private pension plans within an evolving institutional and regulatory framework. Although the papers predominantly focus on the U.S. pension system, the issues addressed and the attendant implications are relevant to economies in the throes of developing or reforming pension security arrangements for market participants.

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Managerial Finance, vol. 23 no. 8
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 June 1997

Elaine M. Worzala, Richard D. Johnson and Colin M. Lizieri

Uses Monte Carlo simulation to demonstrate the benefits of employing a currency swap to hedge the exchange rate exposure in a single international real estate investment. The only…

3391

Abstract

Uses Monte Carlo simulation to demonstrate the benefits of employing a currency swap to hedge the exchange rate exposure in a single international real estate investment. The only cashflow exposed to the currency fluctuations is the appreciation associated with the investment. Shows that this hedging technique has some potential for protecting the investor from adverse currency fluctuations if an international real estate investment is made. However, promises to explore unresolved issues in future research. Demonstrates that some elements of exchange rate risk may be hedged, resulting in improved risk‐adjusted returns. Thus extends earlier research in international property investment and suggests that international real estate strategies based on diversification (as opposed to currency plays) may be more effective than has been argued in previous research.

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Journal of Property Finance, vol. 8 no. 2
Type: Research Article
ISSN: 0958-868X

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Article
Publication date: 11 November 2024

Mayank Gupta

The study investigates the influence of managerial discretion over accruals on banks' financial reporting quality. Furthermore, it examines the role of ownership in shaping…

132

Abstract

Purpose

The study investigates the influence of managerial discretion over accruals on banks' financial reporting quality. Furthermore, it examines the role of ownership in shaping managerial incentives to manipulate banks’ reporting quality in a developing economy.

Design/methodology/approach

The sample includes 37 Indian public- and private-sector banks from the fiscal year 2001–2022. The discretionary LLP (DLLP) is used to examine various managerial incentives and accounting quality. The models are estimated using panel fixed-effect regression and the system generalized method of moments. The results survive several sensitivity checks.

Findings

The results exhibit a low quality of financial reporting in public-sector banks, which is evident through the higher use of DLLP for income smoothing and signaling. In contrast, the low-capitalized private-sector banks employ DLLP to manage capital.

Research limitations/implications

The study’s sample size is relatively small and focuses on a single country. Future researchers can investigate other emerging economies to better generalize the findings of this study.

Practical implications

The study highlights the influential role of ownership in shaping managerial incentives in the banking industry. Moreover, the study is of utmost importance for governments, regulators and policymakers in devising policies that reduce agency conflicts and improve financial stability in emerging economies.

Originality/value

The study subscribes to the growing literature on the role of ownership in influencing the banks’ financial reporting quality. To the best of the author’s knowledge, this is one of the limited studies in the context of government-owned vs private-owned banks in an emerging economy.

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Journal of Applied Accounting Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0967-5426

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Article
Publication date: 1 January 1978

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act…

1509

Abstract

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides:

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Managerial Law, vol. 21 no. 1
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 27 February 2007

Enrico Viganò and Richard Mattessich

The purpose of this paper is to offer a concise survey and comparison of Italian accounting research and academic publications during the second half of the 20th century.

1015

Abstract

Purpose

The purpose of this paper is to offer a concise survey and comparison of Italian accounting research and academic publications during the second half of the 20th century.

Design/methodology/approach

The paper discusses the special relation between economia aziendale (business and public economics) and ragioneria (accounting) in Italy. The subsequent discussion on “financial accounting” includes a sub‐section on income‐orientation (vs capital‐orientation), especially important in Italy during this period, and the present crisis of economia aziendale as affecting ragioneria, contributions by major Italian accountants of the period (above all, Onida and Amaduzzi) are discussed. After a section on “cost and managerial accounting” (of less significance in Italy than financial accounting), and a look at “novel accounting trends”, the paper closes with a discussion of some representative historical studies of the period.

Findings

The paper reveals the changing international position of Italian accounting research.

Research limitations/implications

The paper is limited by selecting the most prominent and relevant contributions among a host of pertinent publications.

Originality/value

In contrast to previous research, the paper offers an integrated survey of major Italian accounting publications of the entire second half of the 20th century.

Details

Review of Accounting and Finance, vol. 6 no. 1
Type: Research Article
ISSN: 1475-7702

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