Crowdfunding tax incentives in Europe: a comparative analysis

ABSTRACT

Some European countries offer tax incentive schemes to investors and companies in crowdfunding. On one hand, they could be seen as a tool to reduce the system’s dependence on banks and increase the availability of credit for start-ups and Small and Medium Enterprises (SMEs). On the other hand, there is the counterweight of disadvantages that investors may face by investing in crowdfunding (i.e. complex and incomplete laws, and weak protection). This paper is primarily intended as a primer on the use of tax incentives for crowdfunding in Europe. In this study, we first examine the implementation of tax incentive schemes in the United Kingdom, France, Italy, Spain, and Belgium. Then, we analyse and compare the characteristics of such schemes along three dimensions: the incentives structure; the business characteristics; and the type of investor. We find that tax incentive schemes for crowdfunding vary widely in their form and other features of their design. Moreover, the most used forms of tax incentives are those that provide for an up-front tax credit on the amount invested in early-stage ventures. These incentives have an immediate effect on the annual income tax of the investor. A central implication is that the more tax incentive schemes are properly designed and tailored for crowdfunders, the more investors, start-ups and other firms with low liquidity could use crowdfunding as a source of funding.     

我国地方政府债务可持续性的综合分析框架

本文首先从地方政府的或有负债、债务安全性指标、资产负债表视角对当前我国地方政府的债务可持续性现状进行了静态分析,其次从跨期预算约束角度对政府债务可持续性进行了动态评估,最后根据地方政府债务性风险产生的原因,提出防范、化解和处置我国地方政府债务风险的建议.     

The influence of regulations on the efficiency of telecommunications operators: A meta-frontier analysis

The telecommunications industry has a great ripple effect on the overall national economy. However, there is no consensus about what is the optimal regulation policy for the telecommunications industry. Regulations on the telecommunications industry are different by region (i.e. United States, European Union and Asia). A number of studies have been conducted on comparative efficiency analysis for different policies that apply stochastic frontier analysis or data envelope analysis. However, these comparative studies are inappropriate because the production functions for each region are not identical. Thus, this paper addresses meta-frontier methodology, which can reflect differences in production functions. The results indicate that the United States has the highest meta-frontier efficiency in contrast to previous research findings.     

Knowledge and Technology Transfer Relationship between a Research Center and the Production Sector: CIMAT Case Study

This article presents a study of the adoption of a knowledge and technology transfer model at the Center for Research in Mathematics in Guanajuato state, Mexico, in order to define the model that would produce the best outcomes for establishing a transfer relationship with industry, the government, and academia. The transfer of organizational models and practices is a phenomenon that occurs frequently in dynamic globalized organizational contexts that underpin ongoing quests for greater and faster development, while also adapting and exchanging innovative products and services. This article presents theoretical input from specialized entities and authors focused on knowledge and technology transfers at universities and research centers. The methodological strategy used in these research projects adopts a qualitative approach, with the study of an explanatory case study being the methodological tool, together with document analyses and semi-structured interviews. After the results have been obtained, the mechanisms used by the Center were identified for relating to the production sector, noting that this relationship involves high-level direct transfers. Positive outcomes were found that benefitted the Center and the company studied, underscoring the importance of government research centers having a knowledge and technology transfer model allowing identification of the contextual, technical and structural conditions that shape underlying transfer relationship at this Center, as well as the surrounding regions.     

Foreign Exchange Intervention and Exchange Rate Volatility in Zambia

The study analyzes the impact of central bank intervention on the volatility of the exchange rate in Zambia during the period of 1996–2013 Bank of Zambia (BoZ). (1996–2013). Annual Reports . Lusaka , Zambia : Author. [Google Scholar]. The empirical findings reveal a statistically weak negative impact of intervention on exchange rate volatility, suggesting that other policy instruments are required to augment foreign exchange interventions in dampening volatility in the exchange rate.     

An environmental social marketing intervention among employees: assessing attitude and behaviour change

Abstract

The paper examines the impact of individual and organisational factors on two simultaneous environmental social marketing interventions (SmartPrint and heating/cooling) and types of behaviours (recycling, printing and heating/cooling), among employees of a British City Council. Using a quantitative methodology, in the form of a situated experiment, self-reported attitudes, perceptions of organisational support, self-reported behaviours and actual behaviours were measured before and after the interventions. The interventions generated significant changes in employees’ overall environmental behaviour, heating/cooling behaviour and in some perceptions of organisational support (support and incentives/rewards). Findings are used to detail recommendations for future campaigns aiming to improve organisations’ environmental performance and to drive enduring employee behavioural change.     

不完全契约理论视角下的政府失灵分析

市场经济既存在市场失灵,也存在政府失灵。如何有效规避政府失灵是全世界所有国家都亟待解决的难题。政府失灵与不完全契约之间具有较强的相关性,因而不完全契约理论能够对政府失灵现象提供较强的解释能力。通过对政府与人民之间失灵、政府部门之间失灵和国家之间失灵等不完全契约性的理论解析,将会对正处于转型关键时期的中国现代化崛起,不仅能够提供富有价值的发展启示,而且也具有非常显著的政策借鉴意义。     

Discussion of ‘Government ownership,corporate governance and tax aggressiveness: evidence from China’

In this article, I discuss several aspects of the paper by Chan et al. (2013). After a brief introduction, the next three sections discuss the hypothesized links between government ownership, corporate governance, institutional factors and tax avoidance in Chan et al. (2013). The fifth section investigates some possible extensions on tax research in the setting of China, while the sixth section concludes this discussion.