nep-acc New Economics Papers
on Accounting and Auditing
Issue of 2012‒09‒09
four papers chosen by
Alexander Harin
Modern University for the Humanities

  1. IFRS for SMEs: What will the implementation of IFRS for SME bring for timber industry? By Hana Bohusova; Patrik Svoboda; Petr Valouch
  2. Corporate taxation and exports By Federici, Daniela; Parisi, Valentino
  3. Una revisione dei conti nazionali dell'Italia (1951-1970) By Guido Maria Rey; Luisa Picozzi; Paolo Piselli; Sandro Clementi
  4. Self-Financing of Traditional and R&D Investments: Evidence from Italian SMEs By Paola Brighi; Roberto Patuelli; Giuseppe Torluccio

  1. By: Hana Bohusova (Department of Accounting and Taxes, Faculty of Business and Economics, Mendel University in Brno); Patrik Svoboda (Department of Accounting and Taxes, Faculty of Business and Economics, Mendel University in Brno); Petr Valouch (Faculty of Economics and Administration, Masaryk University)
    Abstract: At vero Agricultural activity and forestry are largely different from other activities that the entities perform in order to achieve profit. Unlike other business entities, agricultural produce is significantly dependent on natural climatic conditions, and therefore a particular specialization of agricultural produce depends on geographic location. Agricultural and forest producers use every form of business organization, from small farms to large publicly held corporations. Although most entrepreneurs working in agriculture and forestry are small and medium enterprises, the specifics of agriculture are significantly reflected in the financial reporting intended primarily for large corporations traded on the capital markets. There are designed specific procedures of recording in relation to the nature of biological assets and agricultural produce and ways of measurement in this paper. The nature of biological assets is considered as distinguishing criterion (consumable assets, bearer assets and consumable assets with long production cycle).
    Keywords: agricultural activity, IFRS for SMEs, biological assets, agricultural produce
    JEL: M4
    Date: 2012–09
  2. By: Federici, Daniela; Parisi, Valentino
    Abstract: The paper analyses the relationship between corporate taxes and exports at firm level. We use an integrated dataset that combines, for the period 2004-2006, survey data(Indagine sulle Imprese Manifatturiere) and company accounts for the manufacturing sector to estimate a Probit and a Tobit model. Our results suggest that export participation as well as export intensity increase with corporate taxation. Consistently with recent developments of the corporate tax incidence theory, this finding can be traced out to the greater ability of exporting firms to shift the tax burden on international markets, compared to domestic firms. Calculation of the average and marginal corporate tax rates uses the methodology recently developed by Egger et al. (2009) which allows deriving firm-specific effective corporate tax rates.
    Keywords: Corporate taxation; exports; effective tax rates
    JEL: H25 F14 H32
    Date: 2012–09–03
  3. By: Guido Maria Rey (Scuola Superiore Sant’Anna di Pisa); Luisa Picozzi (ISTAT); Paolo Piselli (Bank of Italy); Sandro Clementi (DigitPA)
    Abstract: The research presented here is part of a wider project of revision of historical national accounts in Italy between 1891 and 1970. The reconstruction for 1951-1970 relies on a previous estimate of inter-sectoral (input-output) matrix for 1951 and on a new estimate of inter-sectoral matrix for 1970. For that year, the last "pillar" on which this reconstruction is based, the reconstruction of level of national accounts aggregates is carried out, while keeping consistency with the figures estimated in the previous "pillar years", both in terms of classification of economic activities and with reference to the accounting scheme (ISTAT 65). Starting from values pinned down in the pillar years, value added for 15 branches and GDP uses are computed for each year under the constraint of two other inter-sectoral matrices in 1959 and 1965. Annual data between pillars are estimated with Denton's interpolation method, using as reference series the growth rates of original series from ISTAT.
    Keywords: Italy, National Accounts, Historical Data Reconstruction
    JEL: C82 N13 N14
    Date: 2012–07
  4. By: Paola Brighi (Department of Management, University of Bologna, Italy; Centro Studi Banca e Finanza (CEFIN), Italy; The Rimini Centre for Economic Analysis (RCEA), Italy); Roberto Patuelli (Department of Economics, University of Bologna, Italy; The Rimini Centre for Economic Analysis (RCEA), Italy); Giuseppe Torluccio (Department of Management, University of Bologna, Italy; Centro Studi Banca e Finanza (CEFIN), Italy)
    Abstract: Self-financing has often been seen as an important source for research-and-development (R&D) funding. However, an in-depth comparison between the determinants of self-financing in the case of traditional investments versus those in R&D has not been provided yet. We use a comprehensive data set of Italian manufacturing firms to investigate this issue. We analyse the role of a wide number of financial variables in driving the rate of self-financing of firms, in both traditional and R&D investments, and we focus on public subsidies and firm size as critical factors explaining heterogeneity. First, we perform logit and logistic regressions separately for traditional and R&D self-financing, finding that they are positively correlated, and that the availability of public subsidies reduces self-financing. Subsequent poolability tests show that public subsidies and firm size are crucial discriminating factors for self-financing behaviour. Our main finding is that, in the absence of public subsidies, no internal or external market variable is able to explain the firms’ financing decisions. Furthermore, our analyses generally show that credit constraints and banking relationship variables are relevant in determining traditional investment self-financing, while no clear statistical evidence is found in the R&D case. Credit rationing is not significant for R&D self-financing, which may be explained by rationed firms being left out of our sample.
    Keywords: SMEs; R&D investments; Corporate structure; Poolability test
    JEL: D45 D82 E51 G21 G32 O32
    Date: 2012–08

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