Interest and tax burden on corporations in the Czech industrial
and banking sector after 2008

J 2018

Interest and tax burden on corporations in the Czech industrial and banking sector after 2008

SEDLÁČEK, Jaroslav a Daniel NĚMEC

Základní údaje

Originální název

Interest and tax burden on corporations in the Czech industrial and banking sector after 2008

Autoři

SEDLÁČEK, Jaroslav (203 Česká republika, garant, domácí) a Daniel NĚMEC (203 Česká republika, domácí)

Vydání

Review of Economic Perspectives, Brno, Masaryk University, 2018, 1213-2446

Další údaje

Jazyk

angličtina

Typ výsledku

Článek v odborném periodiku

Obor

50206 Finance

Stát vydavatele

Česká republika

Utajení

není předmětem státního či obchodního tajemství

Odkazy

URL

Kód RIV

RIV/00216224:14560/18:00104435

Organizační jednotka

Ekonomicko-správní fakulta

DOI

http://dx.doi.org/10.2478/revecp-2018-0021

UT WoS

000452436400005

Klíčová slova anglicky

financial burden of corporations; tax burden; interest burden; accounting statements; financial analysis; performance and efficiency;

Příznaky

Mezinárodní význam, Recenzováno

Změněno: 30. 7. 2020 11:34, Mgr. Daniela Marcollová

Anotace

V originále

This paper is devoted to the interest and tax burden of corporations in the Czech industrial and banking sector, the identification of the differences between the two sectors, including the evaluation of their developmental trends in the period after the economic and financial crisis of 2008. The interest and tax burden on business entities is determined by negative cash flows that reduce the value of their assets and equity. The basis of the research is the analysis of both components of the financial burden on corporations in these sectors over the past eight years and the identification of factors influencing their capital structure and performance. According to DuPont's equation, the burden is expressed by interest and the tax reduction of corporation's earnings before interest and taxes. The amount of the financial burden depends on the macroeconomic environment where the corporations operate. Our analysis identified an asynchronous dependence between the real payments and changes in the interest and tax rates. The reduction of both rates has had a positive effect on the performance of Czech corporations and increased their capital resources. They became more attractive to foreign investors, and the return on invested capital improved. Based on the results of the analysis, we evaluated the differences in the performance of the average corporation in the banking and industrial sectors.

Návaznosti

MUNI/A/0823/2016, interní kód MU

Název: Behaviorální, znalostní a ekonomické aspekty oceňování a obchodování finančních a jiných aktiv (Akronym: BZEAO)

Investor: Masarykova univerzita, Behaviorální, znalostní a ekonomické aspekty oceňování a obchodování finančních a jiných aktiv, DO R. 2020_Kategorie A - Specifický výzkum - Studentské výzkumné projekty

Přiložené soubory

Interest_and_tax_burden_on_corporations_final_text.pdf

Požádat o autorskou verzi souboru

Citovat

SEDLÁČEK, Jaroslav a Daniel NĚMEC. Interest and tax burden on corporations in the Czech industrial and banking sector after 2008. Review of Economic Perspectives. Brno: Masaryk University, 2018, roč. 18, č. 4, s. 409-424. ISSN 1213-2446. Dostupné z: https://dx.doi.org/10.2478/revecp-2018-0021.

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   article_location = {Brno},
   article_number = {4},
   doi = {http://dx.doi.org/10.2478/revecp-2018-0021},
   keywords = {financial burden of corporations; tax burden; interest burden; accounting statements; financial analysis; performance and efficiency;},
   language = {eng},
   issn = {1213-2446},
   journal = {Review of Economic Perspectives},
   title = {Interest and tax burden on corporations in the Czech industrial and banking sector after 2008},
   url = {https://content.sciendo.com/view/journals/revecp/18/4/article-p409.xml?product=sciendo},
   volume = {18},
   year = {2018}
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N2  - This paper is devoted to the interest and tax burden of corporations in the Czech industrial and banking sector, the identification of the differences between the two sectors, including the evaluation of their developmental trends in the period after the economic and financial crisis of 2008. The interest and tax burden on business entities is determined by negative cash flows that reduce the value of their assets and equity. The basis of the research is the analysis of both components of the financial burden on corporations in these sectors over the past eight years and the identification of factors influencing their capital structure and performance. According to DuPont's equation, the burden is expressed by interest and the tax reduction of corporation's earnings before interest and taxes. The amount of the financial burden depends on the macroeconomic environment where the corporations operate. Our analysis identified an asynchronous dependence between the real payments and changes in the interest and tax rates. The reduction of both rates has had a positive effect on the performance of Czech corporations and increased their capital resources. They became more attractive to foreign investors, and the return on invested capital improved. Based on the results of the analysis, we evaluated the differences in the performance of the average corporation in the banking and industrial sectors.
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SEDLÁČEK, Jaroslav a Daniel NĚMEC. Interest and tax burden on corporations in the Czech industrial and banking sector after 2008. \textit{Review of Economic Perspectives}. Brno: Masaryk University, 2018, roč.~18, č.~4, s.~409-424. ISSN~1213-2446. Dostupné z: https://dx.doi.org/10.2478/revecp-2018-0021.

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