This paper examines the relationship between the total shareholder return （TSR） and performance of Australian banks over the period 2001-2010. In particular, it investigates whether returns of banks in the stock mar...This paper examines the relationship between the total shareholder return （TSR） and performance of Australian banks over the period 2001-2010. In particular, it investigates whether returns of banks in the stock market can be explained by changes in their performance. First, we use a weighted financial ratio-based Data Envelopment Analysis （DEA） model to estimate the performance of banks. We then regress changes in performance against the total shareholder returns to investigate their relationship. The results indicate that changes in performance are reflected in TSR. That is, well-performed banks tend to generate more return for their stockholders.展开更多
This study aims to contribute to the growing literature on issues of tax incentives for small and medium-sized enterprises （SMEs）. Through comprehensive exploration of data, the study investigates factors leading to...This study aims to contribute to the growing literature on issues of tax incentives for small and medium-sized enterprises （SMEs）. Through comprehensive exploration of data, the study investigates factors leading to successful and unsuccessful utilization of tax incentives among SMEs. Financial ratios were calculated based on the information retrieved from the companies＇ annual financial statement. Apparently, these financial ratios are evidence of how successful the companies are in utilizing the tax incentives. In this study, 129 small companies and 71 medium-sized companies were selected as samples for the period of 2003-2007. The result indicates that financial structure such as retained earnings, tax burden, cash flow, and inventory level determined the ability of companies to utilize tax incentives; hence leading to higher earnings generated from the business operation. The age of the companies affects the utilization of tax incentives and this denotes that older companies are more capable of generating higher earnings. Hence, a thorough analysis of the data allows us not only to determine the success of the company in utilizing tax incentives but also to identify the determinants that impact their performance.展开更多
文摘This paper examines the relationship between the total shareholder return （TSR） and performance of Australian banks over the period 2001-2010. In particular, it investigates whether returns of banks in the stock market can be explained by changes in their performance. First, we use a weighted financial ratio-based Data Envelopment Analysis （DEA） model to estimate the performance of banks. We then regress changes in performance against the total shareholder returns to investigate their relationship. The results indicate that changes in performance are reflected in TSR. That is, well-performed banks tend to generate more return for their stockholders.
文摘This study aims to contribute to the growing literature on issues of tax incentives for small and medium-sized enterprises （SMEs）. Through comprehensive exploration of data, the study investigates factors leading to successful and unsuccessful utilization of tax incentives among SMEs. Financial ratios were calculated based on the information retrieved from the companies＇ annual financial statement. Apparently, these financial ratios are evidence of how successful the companies are in utilizing the tax incentives. In this study, 129 small companies and 71 medium-sized companies were selected as samples for the period of 2003-2007. The result indicates that financial structure such as retained earnings, tax burden, cash flow, and inventory level determined the ability of companies to utilize tax incentives; hence leading to higher earnings generated from the business operation. The age of the companies affects the utilization of tax incentives and this denotes that older companies are more capable of generating higher earnings. Hence, a thorough analysis of the data allows us not only to determine the success of the company in utilizing tax incentives but also to identify the determinants that impact their performance.
