@article{4743, abstract = {{Restrukturierungen werden sowohl durch die Digitalisierung, aber auch durch klassische Themen – beispielsweise die Notwendigkeit von Umsatz- und Kostensynergien in kompetitiven Märkten – verstärkt vorangetrieben. Dieser Beitrag beleuchtet vor allem die Motive und Folgen aus wissenschaftlicher Perspektive, indem großzahlige empirische Befunde zu den Themen Beschäftigung, Finanzkennzahlen und Kapitalerhöhungen sowie steuerliche Motive prägnant zusammengefasst und im Kontext des geplanten Joint Ventures von thyssenkrupp und Tata Steel diskutiert werden.}}, author = {{Sievers, Sönke and Sureth-Sloane, Caren and Uhde, André}}, journal = {{Die Wirtschaftsprüfung}}, number = {{9}}, pages = {{569--575}}, title = {{{Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp}}}, volume = {{71}}, year = {{2018}}, } @article{2241, abstract = {{Die Komplexität des Steuersystems stellt auch in Deutschland ein großes Problem dar. Entgegen bisherigen Betrachtungen weist die vorliegende Befragungsstudie darauf hin, dass die Treiber für steuerliche Komplexität deutlich vielfältiger und nicht nur im Gesetz, sondern auch in den steuerlichen Rahmenbedingungen zu verorten sind. Einerseits tragen übermäßig viele Details und häufige oder umfangreiche Änderungen in erheblichem Maße dazu bei, dass Regelungen – wie solche zu Verrechnungspreisen – als komplex beurteilt werden. Andererseits erweisen sich auch inkonsistente Entscheidungen im Rahmen von Betriebsprüfungen und mangelhafte Gesetzesentwürfe als wesentliche Komplexitätstreiber. Statt einer permanenten Ausweitung von Regulierung sollte künftig der Abbau der im Beitrag identifizierten Probleme gezielt in den Fokus von Wissenschaft, Politik und Praxis rücken.}}, author = {{Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}}, journal = {{Die Wirtschaftsprüfung}}, keywords = {{Steuersystem, Komplexität, Steuergesetz, Steuerliche Rahmenbedingungen, BEPS}}, number = {{17}}, pages = {{1026--1033}}, publisher = {{IDW}}, title = {{{Warum ist unser Steuersystem so komplex? Eine befragungsbasierte Analyse}}}, volume = {{70}}, year = {{2017}}, } @techreport{2247, author = {{Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}}, pages = {{27}}, title = {{{2016 Global MNC Tax Complexity Survey - Executive Summary}}}, doi = {{10.13140/RG.2.2.23707.46881}}, year = {{2017}}, } @techreport{2250, abstract = {{All over the world, firms and governments are increasingly concerned about the rise in tax complexity. To manage it and develop effective simplification measures, detailed information on the current drivers of complexity is required. However, research on this topic is scarce. This is surprising as the latest developments—for example, triggered by the BEPS project—give rise to the conjecture that complexity drivers may have changed, thus questioning the findings of prior studies. In this paper, we shed light on this issue and provide a global picture of the current drivers of tax complexity that multinational corporations face based on a survey of 221 highly experienced tax practitioners from 108 countries. Our results show that prior complexity drivers of the tax code are still relevant, with details and changes of tax regulations being the two most influential complexity drivers. We also find evidence for new relevant complexity drivers emerging from different areas of the tax framework, such as inconsistent decisions among tax officers (tax audits) or retroactively applied tax law amendments (tax enactment). Based on the responses of the practitioners, we develop a concept of tax complexity that distinguishes two pillars, tax code and tax framework complexity, and illustrates the various aspects that should be considered when assessing the complexity of a country’s tax system.}}, author = {{Hoppe, Thomas and Schanz, Deborah and Sturm, Susann and Sureth-Sloane, Caren}}, issn = {{1556-5068}}, keywords = {{Complexity Drivers, International Comparison, Survey, Tax Complexity, Tax Practitioners}}, pages = {{28}}, title = {{{What are the Drivers of Tax Complexity for Multinational Corporations? Evidence from 108 Countries}}}, doi = {{10.2139/ssrn.3046546}}, year = {{2017}}, } @techreport{4702, author = {{Flagmeier, Vanessa and Müller, Jens and Sureth-Sloane, Caren}}, title = {{{When Do Managers Highlight Their Effective Tax Rate?}}}, doi = {{arqus Working Paper No. 214}}, volume = {{214}}, year = {{2017}}, } @techreport{4712, author = {{Mehrmann, Annika and Sureth-Sloane, Caren}}, title = {{{Tax Loss Offset Restrictions and Biased Perception of Risky Investments}}}, doi = {{arqus Working Paper No. 222}}, volume = {{222}}, year = {{2017}}, } @article{4774, author = {{Ebert, Michael and Simons, Dirk and Stecher, Jack D}}, journal = {{The Accounting Review}}, number = {{1}}, pages = {{73----91}}, title = {{{Discretionary aggregation}}}, volume = {{92}}, year = {{2017}}, } @article{4703, abstract = {{Investments with exit flexibility require decisions regarding both the investment and holding period. Because selling an investment often leads to taxable capital gains, which crucially depend on the duration of an investment, we investigate the impact of capital gains taxation on exit timing under different tax systems. We observed that capital gains taxation delays exit decisions but loses its decision relevance for very long holdings. Often the optimal exit time, which indicates the maximal present value of future cashflows, cannot be determined analytically. However, we identify the breakeven exit time that guarantees present values exceeding those of an immediate sale. While, after-taxes, an immediate sale is often optimal, long holding periods might also be attractive for investors depending on the degree of income and corporate tax integration. A classic corporate tax system often indicates holdings over more than 100 periods. By contrast, a shareholder relief system indicates the earliest breakeven exit time and thus the highest level of exit timing flexibility. Surprisingly, high retention rates are likely to accelerate sales under a classic corporate system. Additionally, the worst exit time, which should be avoided by investors, differs tremendously across tax systems. For an integrated tax system with full imputation, the worst time is reached earlier than under partial or non-integrated systems. These results could help to predict investors’ behavior regarding changes in capital gains taxation and thus are of interest for both investors and tax policymakers. Furthermore, the results emphasize the need to control for the underlying tax system in cross-country empirical studies.}}, author = {{Hegemann, Annika and Kunoth, Angela and Rupp, Kristina and Sureth-Sloane, Caren}}, journal = {{Review of Managerial Science}}, number = {{3}}, pages = {{571--603}}, title = {{{Hold or Sell? How Capital Gains Taxation Affects Holding Decisions}}}, doi = {{10.1007/s11846-016-0197-9 }}, volume = {{11}}, year = {{2017}}, } @article{3542, abstract = {{We study the historical development of Slovenian Accounting Standards (SAS) and their association with accounting quality (AQ). We focus on private firms where the financial reporting process is characterised by low demand for high-quality reporting. We investigate three distinct editions of SAS since 1994 and test how their development towards international standards is related to AQ. Aggregate earnings management measures indicate that the use of accounting discretion decreases with less earnings smoothing over time. The main features of AQ have been consistent throughout historical development. Asymmetric timeliness of earnings, the ability of earnings to predict future cash flows, and the ability of accruals to mitigate mismatching are all present throughout. We also document typical departures from properties of high AQ. For example, accruals do not (always) facilitate timely recognition of losses. However, these can be attributed to the overwhelming influence of reporting incentives (e.g. taxation, debt, size) rather than to the (lower) quality of accounting standards.  Full Article  Figures & data References  Citations Metrics  Reprints & Permissions  PDF Abstract We study the historical development of Slovenian Accounting Standards (SAS) and their association with accounting quality (AQ). We focus on private firms where the financial reporting process is characterised by low demand for high-quality reporting. We investigate three distinct editions of SAS since 1994 and test how their development towards international standards is related to AQ. Aggregate earnings management measures indicate that the use of accounting discretion decreases with less earnings smoothing over time. The main features of AQ have been consistent throughout historical development. Asymmetric timeliness of earnings, the ability of earnings to predict future cash flows, and the ability of accruals to mitigate mismatching are all present throughout. We also document typical departures from properties of high AQ. For example, accruals do not (always) facilitate timely recognition of losses. However, these can be attributed to the overwhelming influence of reporting incentives (e.g. taxation, debt, size) rather than to the (lower) quality of accounting standards.}}, author = {{Valentincic, Aljosa and Novak, Ales and Kosi, Urska}}, journal = {{Accounting in Europe}}, keywords = {{private firms, accounting quality, development of accounting standards, IFRS-like standards, Slovenia}}, number = {{3}}, pages = {{358--387}}, title = {{{Accounting quality in private firms during the transition towards international standards}}}, doi = {{10.1080/17449480.2017.1378821}}, volume = {{14}}, year = {{2017}}, } @article{4685, abstract = {{Politicians and tax practitioners often claim that tax uncertainty negatively affects investment. In many countries, firms can request fee-based advance tax rulings (ATRs) to mitigate tax uncertainty. We analyse theoretically the circumstances under which investors request ATRs, how tax authorities should price them and how they can affect investment. We assume that tax authorities integrate investors’ reasoning into their decisions. We find that in special cases the optimal fee tax authorities should charge is prohibitively high, thus firms will refrain from requesting ATRs. However, we find that revenue-maximising tax authorities offer ATRs if the ruling enables them either to significantly reduce their tax audit costs or to increase the probability of detecting ambiguous tax issues. Under certain circumstances, ATRs may effectively foster investment and potentially benefit both the tax authorities and taxpayers. Our results provide new explanations for why taxpayers that face high levels of tax uncertainty often do not request ATRs, even when the fee is rather low. Our results also hold when the tax authority maximises social wealth instead of its revenues. Regulatory changes in ATR requirements might serve as a natural quasi-experiment for an empirical study of our predictions regarding investment decisions.}}, author = {{Diller, Markus and Kortebusch, Pia and Schneider, Georg and Sureth-Sloane, Caren}}, journal = {{European Accounting Review}}, number = {{3}}, pages = {{441--468}}, title = {{{Boon or Bane? Advance Tax Rulings as a Measure to Mitigate Tax Uncertainty and Foster Investment}}}, doi = {{10.1080/09638180.2016.1169939}}, volume = {{26}}, year = {{2017}}, } @article{5014, abstract = {{This paper studies the impact of personal and corporate income taxation on capital charge rates in a delegation setting with a risk-averse manager. If the investment level influences the riskiness of the investment project, the capital charge rate deviates from the firm's cost of capital and depends crucially on the manager's personal income tax rate. Contradicting conventional wisdom, we find that a higher personal income tax rate induces higher investment expenditures and, surprisingly, increases the capital charge rate. The countervailing effect that a higher capital charge rate induces higher and not lower investment expenditures persists for pre-tax and after-tax performance measures as well as when the tax deductibility of managerial compensation is limited. Corporate income tax causes a similar effect only in the case of limited tax deductibility of compensation. Our insights remain valid regardless of the financing structure and the risk attitude of the investors.}}, author = {{Bauer, Thomas and Kourouxous, Thomas}}, issn = {{0963-8180}}, journal = {{European Accounting Review}}, number = {{3}}, pages = {{419--440}}, publisher = {{Informa UK Limited}}, title = {{{Capital Charge Rates, Investment Incentives and Taxation}}}, doi = {{10.1080/09638180.2016.1169938}}, volume = {{26}}, year = {{2017}}, } @article{1771, abstract = {{Die (Wieder-)Einführung einer Vermögensteuer ist in den vergangenen Jahren erneut in den Fokus der politischen Diskussion gerückt. Der vorliegende Beitrag vermittelt einen Eindruck von den Belastungswirkungen, die aus der Umsetzung von aktuell vorliegenden Besteuerungskonzepten resultieren würden. Auf der Basis von realen Jahresabschlussdaten wird eine mehrperiodige Veranlagungssimulation durchgeführt, die insbesondere ermöglicht, den zu erwartenden Eigenkapitalverzehr sowie den Anstieg der Steuerbelastung für die betrachtete Stichprobe zu quantifizieren. Von besonderem Interesse sind hierbei Unternehmen, deren laufende Erträge nicht ausreichen, um die Belastungen durch die Vermögensteuer zu tragen und damit einem Substanzverzehr ausgesetzt sind. Es zeigt sich, dass etwa die Hälfte der Unternehmen im Untersuchungszeitraum von sechs Jahren in mindestens einem Jahr einen Substanzverzehr erfährt. Der Vermögensteuer kommt somit keinesfalls der vielfach postulierte Charakter einer eher mäßig belastenden und im Wesentlichen substanzverschonenden Steuer zu. Zusatzbelastungen von knapp 100 bis zu 300 % der Ertragsteuerlast sind keine Seltenheit und veranschaulichen das Gefährdungspotenzial dieser Steuer für den Wirtschaftsstandort Deutschland.}}, author = {{Hoppe, Thomas and Maiterth, Ralf and Sureth-Sloane, Caren}}, issn = {{0341-2687}}, journal = {{Schmalenbachs Zeitschrift für betriebswirtschaftliche Forschung}}, keywords = {{Steuerbelastung, Substanzbesteuerung, Ungleiche Vermögensverteilung, Veranlagungssimulation, Vermögensteuer}}, number = {{1}}, pages = {{3--45}}, publisher = {{Springer Nature}}, title = {{{Eigenkapitalverzehr und Substanzbesteuerung deutscher Unternehmen durch eine Vermögensteuer – eine empirische Analyse}}}, doi = {{10.1007/s41471-016-0005-x}}, volume = {{68}}, year = {{2016}}, } @book{4714, author = {{König, Rolf and Sureth-Sloane, Caren}}, publisher = {{Verlag Neue Wirtschafts-Briefe, Herne}}, title = {{{Besteuerung und Rechtsformwahl}}}, year = {{2016}}, } @techreport{5022, abstract = {{The Organisation for Economic Co-Operation and Development (OECD) recently proposed an interest barrier to fight tax base erosion and profit shifting (BEPS). We use the introduction of such an interest deductibility restriction in Germany as a quasi-experiment and find significant corporate capital structure responses. Using single entity financial statements and a detailed matching approach, we find evidence that companies that are affected by the interest barrier reduce their leverage by 4.7 percentage points more than non-affected companies. The effects are stronger among non-financially constrained firms. Our results imply that interest barrier effects on capital structure have so far been heavily underestimated.}}, author = {{Alberternst, Stephan and Sureth-Sloane, Caren}}, title = {{{Interest Barrier and Capital Structure Response}}}, volume = {{206}}, year = {{2016}}, } @article{4034, abstract = {{We examine whether the credit relevance of financial statements, defined as the ability of accounting numbers to explain credit ratings, is higher after firms are required to report under International Financial Reporting Standards (IFRS). We find an improvement in credit relevance for firms in 17 countries after mandatory IFRS reporting is introduced in 2005; this increase is higher than that reported for a matched sample of US firms. The increase in credit relevance is particularly pronounced for higher risk speculative-grade issuers, where accounting information is predicted to be more important; and for IFRS adopters with large first-time reconciliations, where the impact of IFRS is expected to be greater. These tests provide reassurance that the overall enhancement in estimated credit relevance is driven by accounting changes related to IFRS adoption. Our results suggest that credit rating analysts’ views of economic fundamentals are more closely aligned with IFRS numbers, and that analysts anticipate at least some of the effects of the IFRS transition.}}, author = {{Florou, Annita and Kosi, Urska and Pope, Peter F}}, journal = {{Accounting and Business Research}}, keywords = {{IFRS, debt markets, credit ratings, credit relevance}}, number = {{1}}, pages = {{1--29}}, title = {{{Are international accounting standards more credit relevant than domestic standards?}}}, doi = {{10.1080/00014788.2016.1224968}}, volume = {{47}}, year = {{2016}}, } @inproceedings{37098, author = {{Valentincic, Aljosa and Novak, Ales and Kosi, Urska}}, location = {{Siena, Italy}}, title = {{{Accounting quality in private firms during the transition to international standards}}}, year = {{2016}}, } @techreport{4745, abstract = {{Formulary apportionment is an intensively debated mechanism for allocating tax base within multinational groups. Systems under which the formula is identical in all jurisdictions and systems under which jurisdictions can determine the weights on the formula factors individually can be observed. The latter systems produce uncertainty about the overall tax-liable share of the future group tax base. Counter-intuitively, I identify scenarios under which increased uncertainty leads to higher expected future group income. My results provide helpful insights for firms and policy makers debating the specific design of a formulary apportionment system. }}, author = {{Ortmann, Regina}}, title = {{{Uncertainty in Weighting Formulary Apportionment Factors. How Does Weighting Uncertainty Impact After-Tax Income of Multinational Groups?,}}}, volume = {{2015 - 10}}, year = {{2015}}, } @techreport{4757, author = {{Niemann, Rainer and Sureth-Sloane, Caren}}, title = {{{Investment Effects of Wealth Taxes under Uncertainty and Irreversibility}}}, volume = {{209}}, year = {{2015}}, } @article{5047, author = {{Sureth, Caren}}, issn = {{0340-1650}}, journal = {{WiSt - Wirtschaftswissenschaftliches Studium}}, number = {{5}}, pages = {{257--260}}, publisher = {{C.H. Beck}}, title = {{{Mehr Theorie wagen: Eine neue Ausbildung für die Praxis?}}}, doi = {{10.15358/0340-1650_2013_5_257}}, volume = {{42}}, year = {{2015}}, } @techreport{2254, abstract = {{Die (Wieder-)Einführung einer Vermögensteuer ist in den vergangenen Jahren erneut in den Fokus der politischen Diskussion gerückt. Der vorliegende Beitrag vermittelt einen Eindruck von den Belastungswirkungen, die aus der Umsetzung von aktuell vorliegenden Besteuerungskonzepten resultieren würden. Auf der Basis von realen Jahresabschlussdaten wird eine mehrperiodige Veranlagungssimulation durchgeführt, die insbesondere ermöglicht, den zu erwartenden Eigenkapitalverzehr sowie den Anstieg der Steuerbelastung für die betrachtete Unternehmensgruppe zu quantifizieren. Von besonderem Interesse sind hierbei Unternehmen deren laufende Erträge nicht ausreichen, um die Belastungen durch die Vermögensteuer zu tragen und damit einem Substanzverzehr ausgesetzt sind. Es zeigt sich, dass etwa die Hälfte der Unternehmen im Untersuchungszeitraum von sechs Jahren in mindestens einem Jahr einen Substanzverzehr erfährt. Der Vermögensteuer kommt somit keinesfalls der vielfach postulierte Charakter einer eher mäßig belastenden und im Wesentlichen substanzverschonenden Steuer zu. Zusatzbelastungen von knapp 100 bis zu 300% der Ertragsteuerlast sind keine Seltenheit und veranschaulichen das Gefährdungspotenzial dieser Steuer für den Wirtschaftsstandort Deutschland.}}, author = {{Hoppe, Thomas and Maiterth, Ralf and Sureth-Sloane, Caren}}, issn = {{1556-5068}}, keywords = {{Steuerbelastung, Substanzbesteuerung, ungleiche Vermögensverteilung, Veranlagungssimulation, Vermögensteuer}}, pages = {{45}}, title = {{{Vermögensteuer und ihre Implikationen für den Wirtschaftsstandort Deutschland - eine betriebswirtschaftliche Analyse}}}, doi = {{10.2139/ssrn.2548398}}, year = {{2015}}, }