浅淡物流业纳税面临问题之探讨

物流业是一个新兴业态。在现行税收征管制度下,物流企业总揽分包运输和仓储等业务,存在着事实上的营业税重复纳税问题。物流公司纳税问题成了国家一大问题,为了使一个纳税物流公司了解和掌握物流公司纳税的形式以及政策、正确履行纳税义务,本文对物流公司纳税问题进行了归纳和深入探讨。     

Sustainability reporting in Norway – an assessment of performance in the context of legal demands and socio‐political drivers

This article explores the influence of societal, political and regulatory characteristics and developments on the quality of corporate sustainability disclosures in Norway. The paper presents an assessment both of mandatory reporting under the Norwegian Accounting Act, and of voluntary reporting in annual and separate non‐financial reports, by the 100 largest firms in Norway. Our results reveal that only 10% of the companies comply with the legal requirements on environmental reporting, while only half of the firms comply with the legal reporting provisions on working environment and gender equality. The vast majority of firms also report unsatisfactorily on non‐financial issues in the voluntary disclosures assessed. Analysing the causes of these results, we contend that the situation is characterized by (1) an apparent lack of political and social drivers for sustainability reporting in Norway and (2) an absence of sufficient monitoring and enforcement of the environmental reporting legislation on the part of Norwegian authorities. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.     

Biased valuations, damage assessments, and policy choices: The choice of measure matters

Damages from, for example, an oil spill can be measured by how much people are willing to pay to avoid them, or by the minimum compensation they demand to accept them; and decisions to clean up can be justified by the willingness to pay to do it or by the compensation necessary to forgo it. Contrary to the usual official and unofficial conventions that the choice of measure is of no matter, the empirical evidence and intuitions of most people strongly suggest otherwise. The appropriate choice of measure appears to turn, not on legal entitlements, but on the reference state people use to judge negative and positive changes — a criteria that is likely to call into question most estimates of the damages of increased health risks and the value of environmental mitigation efforts.     

Determinants of Swap Spreads in a Developing Financial Market: Evidence from Finland

This paper presents empirical evidence on the determinants of swap spreads in Finland using four years of data. Spreads exhibit a significant negative relationship with the amount of fixed rate deposits with banks, which reflects the importance of banks in the Finnish capital markets. Spreads are positively linked to business cycle and market risk factors such as the slope of the yield curve and the volatility of interest rates. The influence of hedging costs has become increasingly important over time, especially in longer dated swaps. A relationship is also observed between swap spreads and the external value of the currency.     

The processes of defining corporate responsibility: a study of Swedish garment retailers' responsibility

Despite extensive research on corporate responsibility, little research exists on how the inter‐organizational processes of defining corporate responsibility develop. In this paper, we present a framework based on actor‐network theory (ANT) for analysing these processes. The developed framework is illustrated in a study of the redefinition of Swedish garment retailers' responsibilities for workers' rights at suppliers' factories between 1996 and 2004. We show that definition processes can be characterized as battles for the right to interpretation, and that traditionally non‐dominant actors can, at least temporarily, win these battles and dictate the development of the processes for defining corporate responsibility. We also show that definition processes can take an exclusionary form prohibiting certain actors from participating. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.     

Business Ethics: Law As A Determinant of Business Conduct

The Principles of Corporate Governance require that business conduct conform to the law. In recent years, news reports of business misconduct have cast doubt on a conclusion that conformity is the prevalent practice. This article explores the influence of law on business conduct by comparing the law’s requirements and purposes with actual business conduct in the market. Specifically, it explores whether certain legal regimes are more effective than others in inducing greater commitment to legal compliance by corporate actors. The conclusion drawn is that the prevalent legal regime – a vague common law or legislative mandate – is typically associated with corporate conduct that evades or ignores the law’s mandate or its underlying purpose. Vincent Di Lorenzo is Professor of Law; Senior Fellow, Vincentian Center for Church and Society, St. John's University; J.D. Columbia University (Harlan Fiske Stone Scholar); Associate Articles Editor, Columbia Journal of Law and Social Problems. Before joining the faculty at St. John's University School of Law, Professor Di Lorenzo was a member of the faculty at The Wharton School, University of Pennsylvania, and was associated with a major Wall Street firm practicing in the real estate-banking department. He is a member of the American Bar Association and the New York State Bar Association. Professor Di Lorenzo has authored many articles and books in the banking, legislation and real estate areas.     

企业年金基金投资:基于理论模型和实践经验的研究

本文回顾了西方养老基金投资领域的研究文献。国际经验研究说明企业年金的投资组合和发起企业的经营活动现金收益率有密切关系。本文提出了一个考虑发起企业的经营活动现金回报率之后的年金组合理论模型,分析了当前我国三类企业年金的投资组合现实,提出了相应政策建议。     

An Adversarial Ethic for Business: or When Sun-Tzu Met the Stakeholder

In the economic literature on the firm, especially in the transaction–cost tradition, a sharp distinction is drawn between so-called “market transactions” and “administered transactions.” This distinction is of enormous importance for business ethics, since market transactions are governed by the competitive logic of the market, whereas administered transactions are subject to the cooperative norms that govern collective action in a bureaucracy. The widespread failure to distinguish between these two types of transactions, and thus to distinguish between adversarial and non-adversarial relations, has led many business ethicists to develop a “uniform” moral code. Yet in market transactions, the checks and balances built into the system of commercial exchange are such as to permit more instrumental forms of behavior. In administered transactions, by contrast, these checks and balances are absent, and thus the institutional context calls for much greater exercise of moral restraint. In this paper, I begin the task of developing an adversarial ethic for business. According to this view, the competitive environment licenses a greater range of “self-interested” behavior, but also imposes its own constraints on the strategies that firms may adopt in the pursuit of their interests. Joseph Heath is Associate Professor in the Department of Philosophy and the Centre for Ethics at the University of Toronto. He is the author of three books: Communicative Action and Rational Choice (MIT Press, 2001), The Efficient Society (Penguin, 2001), and with Andrew Potter. The Rebel Sell (HarperCollins, 2004). His research focuses on practical rationality, normative economics, and critical theory.     

Does the exchange rate regime matter for real shocks? Evidence from windstorms and earthquakes

Does the choice of exchange rate regime affect an economy's adjustment to real shocks? Exploiting the unpredictability and economic exogeniety of windstorms-hurricanes and typhoons-and earthquakes this paper assesses the often contrasting answers found in the theoretical literature. There is robust evidence that exchange rate flexibility helps an economy better adjust to real shocks. And consistent with the channels emphasized in the classic literature on exchange rates and shocks, differences in the behavior of the export sector help explain the different reactions between the two regimes.     

Corporate Raiders,Performance and Governance in Europe

I analyse 136 block purchases made by corporate raiders in Europe between 1990 and 2001. Contrary to the hypothesis that these investors expropriate the target companies, there is a positive market reaction to the first public announcement of these purchases. In the long‐run, raiders earn an abnormal profit when they sell their stakes. When they still held their positions at the end of the sample period, abnormal returns were insignificant. Raiders' activities do not improve operating performance. The findings are consistent with superior stock picking ability among these investors, but do not support the hypothesis that raiders are governance champions.