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International Journal of Economics and Accounting (4 papers in press)
PUBLIC UTILITIES by Tony Tinker Abstract: How are the prices of utility charges for its services determined? Utility's rates are set on a cost-plus-profit basis. The profit is decided by using the regulated profit % to the amount that a firm invested in assets that produce the services; this investment is termed led the rate base). The regulated profit percentage is usually set at a level that will give the company at return on its investment that is termed the rate base. There are extensive differences between states in how each defines the rate base and in what constitute an allowable expense for rate setting purposes, although the general procedure des Keywords: Public utilities; companies; economic theory; income; tax.
Luxembourg Tax Agreements: Did the companies involved in tax agreements with the Luxembourg Government do any better than others? by Firuz Shukurov Abstract: The Luxembourg Tax Agreements (LTA, Agreements initiated by the Government of Luxembourg to boost investments) are a financial scandal leaked for the first time to newspapers in November of 2014 by a group of journalists from the International Consortium of Investigative Journalists. The EU authorities (State Aid) have concerns that the companies involved in the LTA were able to reduce their taxes, and that these agreements were signed by multinationals only for tax avoidance purposes thereby avoiding the taxes to be paid in the EU. At the same time, multinationals claim that the LTA were used by them to pursue other management goals, such as expansion of their presence in the EU market and for investment decisions. This paper evaluates whether US multinational companies from the S&P 500, which had been involved in the LTA of 2005-2008, were able to reduce their worldwide tax obligations. By comparing results from various difference-in-difference regressions: traditional, quantile, and semiparametric, I have found that these companies may have saved more on taxes than other US multinationals on the S&P list, which indirectly confirms the arguments of EU authorities about the tax aggressiveness of those companies involved in the LTA. Keywords: Tax Avoidance; Transfer Pricing; Tax Haven; Base Erosion and Profit Shifting.
Prehistorical attempts of accounting in the Magura Cave, present day Bulgaria by Rossen Petkov Abstract: The history of accounting can be traced back to thousands of years B.C. Some of the early uses of accounting date back to early settlers of Mesopotamia, ancient Egyptians and the Roman Empire. However, in this paper we argue that recently found drawings in an ancient cave called Magura near the city of Vidin in Bulgaria, could also be included as part of the prehistorical uses of accounting. In the past, this cave has been subject to many explorations and some of the ancient drawings found there have been dated back to almost 40 thousand years B.C. Based on our analysis, we believe with a certain level of confidence that some of the drawings found in the cave Magura are depiction economic events and subsequently a stock owned by people at a certain time. As a result of these findings, we assert that prehistorical attempts of accounting existed at the time of the drawings were made and therefore these findings should have significant inclusion into the history of accounting. However, we argue that drawings are not sufficient. We need to have also numerical depiction of the number of the stock to make the argument more reasonable. That is, in this paper, we analyze whether this prehistorical cave not only contained drawings or depiction of stock but also a measure of its quantity. Keywords: Magura; history of accounting; sun calendar; hunting scene.
How does minimum wage affect employment? Evidence from selected African countries by Mawussé Komlagan Nézan OKEY, Dope Madeleine ADJOR, Yawo Elinam KETOR Abstract: How minimum wage legislation affects employment dynamics in Africa? This article examines the relationship between the minimum wage and the employment in selected African countries over the period 1990-2015 using fixed effects estimation and dynamic panel data for selected African countries. Beside the analysis of the effect of minimum wage, the paper also evaluates the determinants of employment in Africa. The results show a negative relationship between minimum wage and employment confirming the neoclassic view that as the price of labor increases, employers will demand less labor. In addition, the previous employment rate has a positive effect on the current employment. Estimates also show that the level of income and education positively affect employment rates. Furthermore, the results show that low level of democracy negatively impacts the employment rates. The effect of minimum wage on employment will help policymakers to correct the labor market imperfections through the manipulation of minimum wages and provide a living wage for the poorest quintile of workers Keywords: Employment dynamics; Minimum wage; Minimum wage legislations; Africa.