Der Einfluss der Zinsschranke auf unternehmerische Kapitalstrukturentscheidungen

In principle corporations are free to raise debt capital or equity capital. To protect tax revenues and to increase corporations?? equity ratio Germany has introduced an interest ceiling rule. From a tax planer??s point of view it is not clear whether debt or equity capital is advantageous. On the basis of Miller (J Finance 32:261?C275, 1977) we analyze whether this interest ceiling rule discriminates debt capital against equity capital. We find that investors can be indifferent towards the capital structure with and without considering the interest ceiling rule. This result does not depend on the investors?? percentage of participation or the corporation??s optimal dividend policy. The result depends significantly on the profit, the deductible fraction of EBITDA, the tax rates and when capital gains are realized. The advantage of debt capital normally decreases due to the introduction of this regulation but in some cases even increases. Nevertheless, many investors will prefer debt capital even when the interest ceiling rule applies. This result also arises in the case of external debt financing. Thus, it is an open question whether this regulation leads to higher equity ratios.     

Einfluss der Besteuerung auf die Bewertung ausländischer Kapitalgesellschaften

Zusammenfassung  Der vorliegende Beitrag integriert die Auswirkungen der Regelungen zur Besteuerung von Einkünften aus ausl?ndischen Kapitalgesellschaften in die Discounted Cashflow-Methodik. Bewertungsobjekt ist eine ausl?ndische Kapitalgesellschaft, der von einem inl?ndischen Anteilseigner oder von fremden Dritten Finanzmittel zugeführt werden. Da das Steuerrecht nicht entscheidungsneutral ist, sind die beiden Finanzierungsalternativen Eigen-oder Fremdfinanzierung nicht als gleichwertig zu beurteilen. Unterschiedliche steuerliche Effekte ergeben sich daraus, dass Zinsen bei der Tochterkapitalgesellschaft grunds?tzlich als Betriebsausgaben abzugsf?hig sind, wohingegen Dividenden aus dem bereits versteuerten Einkommen gezahlt werden (sog. Tax Shield). Im grenzüberschreitenden Fall wird mit der Entscheidung für eine Finanzierungsalternative gleichzeitig bestimmt, in welchem Umfang die mit der Finanzierung einhergehenden Kapitalertr?ge der deutschen oder der ausl?ndischen Besteuerung unterworfen werden. Die H?he des Tax Shield h?ngt damit nicht nur von den Abzugsm?glichkeiten der Fremdkapitalzinsen ab, sondern auch vom Steuerniveau im Ausland. Damit müssen in der Unternehmensbewertung die in- und ausl?ndischen Steuervorschriften, die Steuers?tze im In- und Ausland, sowie eventuell bestehende Doppelbesteuerungsabkommen berücksichtigt werden.

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Effects of the tax regulations on the taxation of income from foreign corporations

Summary  The present article integrates the effects of the tax regulations on the taxation of income from foreign corporations in the discounted cash flow method. The item to be assessed is foreign corporation that is allocated funds (equity capital or borrowed capital) by a domestic shareholder or an unaffiliated third party. In this cross-border case, the decision in favor of one financing alternative or the other will at the same time determine the extent to which the capital yields associated with the financing are liable to taxation in Germany or abroad. The amount of the tax shield therefore not only depends on the deductibility of interest payments on debt, it also depends on the rate of tax abroad. When assessing the company it will therefore be necessary to bear in mind both domestic and overseas tax regulations, domestic and overseas tax rates as well as any existing double taxation agreements.

     

Der Einfluss von Neuproduktvorankündigungen auf den Shareholder Value: Eine empirische Untersuchung

This paper analyses 220 preannouncements of new products and their effect on shareholder value on American and European stock markets. Overall, the results show a positive significant reaction of abnormal returns on preannouncements. Additionally, determinants of the strength of the shareholder value effect are analyzed. Whereas market-related (country and industry) and preannouncement-related factors (detailedness of preannouncement, mentioning a launch date, and the preannouncement of multiple products) do not have an influence on the size of the effect, company-related and product-related factors can explain the magnitude of the reaction. Our model extends prior empirical literature by showing a higher explained variance of the strength of the shareholder value effect. In particular, there exists a negative relationship between company size and abnormal returns and return on equity and abnormal returns, whereas the newness of the product for the market has a positive influence on abnormal returns.     

Digitalisierung und Konvergenz von Online- und Offline-Welt

The increasing diffusion of mobile phones with internet access (Smartphones) enables more and more consumers to use the mobile internet. In addition, there is a continuing integration of location-based services (LBS). By means of Global Positioning Systems or WiFi-triangulation LBS provide context-aware information to consumers. This leads to a convergence of online and offline worlds. The usage of LBS delivers additional information to consumers (e.g. alternative offers or detailed product information). Therefore LBS do have an influence on consumer behavior. Particularly during the search process, information about prices or geographic distances, that are relevant for the purchase, are of importance. This study analyzes the relevance of location-based internet search empirically. Search costs are estimated on an individual level in a choice-based conjoint analysis using two different products. As a result, location-based internet search is considered to be very relevant for search and influential on consumer behavior. The study shows different consumers preferences and different search costs depending on the product. To conclude the study, the implications are discussed. The major contribution of this study is that it shows that offline and online search do have a mutual impact on each other. Furthermore, search costs are measured in a mobile context.     

Pensionsverpflichtungen: Ansammlungs- und Gleichverteilungsverfahren und die Prognose von Residualgewinnen

Assuming an infinite forecast horizon, residual earnings valuations provide in theory identical results independent of the accounting methods used. In practice however there is used a detailed planning period, covering a few years, after which simple growth models are applied. How suitable residual earnings are for the use in such a simple growth model, is substantially dependent on the nature of the accounting. Thereby the accounting obtains an impact on the valuation and accordingly on the length of the detailed planning period, necessary for an accurate valuation. In this paper these contexts are analyzed using the example of pension obligations. The amount of the pension obligations and the resulting residual earnings are substantially affected by the distribution method used. Concerning the two most important distribution methods, the projected unit credit and the projected benefit valuation method, it is analyzed in which way these methods respond to changes of the value structure-i. e. a modification of the amount of the pension-and to changes of the quantity structure-i. e. a modification of the number of employees within the pension plan. In particular it is examined which period of time both methods need-after a surprising change of the value or quantity structure-to generate residual earnings, which allow a valuation of the pension obligations with a simple growth model.     

Funktionslogiken und Handlungsmuster des Organisierens und ihre ethischen Implikationen

In this article, organizing is understood as a playful enactment of working processes by the involved actors. These “games” are determined by four logics of function and emerge as three action patterns. The combination of these two parameters results in a typology of actors in organizing. Dramatological insights into processes of organizations are demonstrated in two examples. The text includes ethical implications how fair games can be played.     

Coaching und Mentoring

The program “Mentoring for female junior executives at schools” in Hamburg has the goal of recruiting more female executives for schools in Hamburg. As a headmaster of a high school the author has attended this program as a mentor. She discusses the following questions: What are the differences between mentoring and coaching? Where are the limits of mentoring? When is coaching the better method? The main result is, that the mentor has to be very attentively of his position as a member of the organization. He has to decide, if he can advise the mentee for example in conflicts with superiors or if a coach could do a better job. A missing link in the mentoring program is the analysis of the culture of organizations, because this is an important factor for a successful start into the new function.     

Arbeitszufriedenheit und Energie

Focussing on energy as a highly activated affective state offers new opportunities to promote well-being at work and job performance. In this paper, I will describe current research on recovery, affective work events and characteristics of work tasks linked to energy. The practical implications for promoting energy at work are discussed.     

Anreizsysteme und Unternehmensethik

The article analyses the structuring of incentive systems from a business ethics point of view. The focus is on examining the impact of different types of social preferences on wage compensation. Besides the structuring of incentive systems, especially the effects of different types of social preferences on firm profits are analyzed. The paper systematizes important determinants for the impact of social preferences on the structure of the incentive system as well as firm profitability and provides an overview over the literature employing formal models based on a possibly general modeling approach.     

Rendite und Kapitalkosten

Zusammenfassung  Zur Bewertung von Investitionsprojekten mit mehrperiodigen Zahlungen werden die erwarteten Zahlungen mit geeigneten Kapitalkosten diskontiert. In dieser Arbeit wird gezeigt, dass die erwarteten einperiodigen Renditen nur unter bestimmten Annahmen die geeigneten Kapitalkosten darstellen. Wenn zwischen den einperiodigen Renditen Autokorrelation auftritt, ist ein zus?tzlicher Korrekturterm bei der Ermittlung der Kapitalkosten zu berücksichtigen. Im Falle unkorrelierter Renditen entspricht der stochastische Prozess der Renditen dem Prozess der Risikoaufl?sung.

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Summary  In this paper it is argued that the discount rates used for the computation of the present values of an investment project with cash-flows to be realized over several years have to be adjusted when the one-period returns of the investment project are autocorrelated. The formula of the correct discount rate is deduced. In the case of uncorrelated returns of the investment, the stochastic process of the returns and of the cost of capital are closely related to the process of the arrival of information over time.

Ich danke zwei anonymen Gutachtern für wertvolle Verbesserungsvorschl?ge an einer früheren Version des Aufsatzes sowie dem Verein zur F?rderung der Zusammenarbeit zwischen Lehre und Praxis am Finanzplatz Hannover e.V. für seine Unterstützung.     

Hierarchie und Entlohnung

In this paper, we suggest a wage scheme that accounts for the hierarchical structure of an enterprise. We employ concepts of cooperative game theory and modify the van den Brink (2008) approach. Besides results on how the hierarchy affects wage differentials between levels of the hierarchy, we deal with the allocation of employees to the different levels.     

Feuer und Flamme

In times of high complexity and unpredictable future conditions, the Burnout phenomen increases dramatically. We show in our study “fire and flame” the high ambivalence of companies’ answers on this topic. 52 managers from the top and middle management level as well as HR experts were interviewed between May and August 2008. During our interviews we evaluated the leadership skills that are necessary to prevent Burnout from the beginning.