In the monograph, we investigate the response of corporate investment to changes in the components of the corporate income tax – especially investment tax allowances, and present the developement of a micro-simulation model for corporate income tax that could serve as a basis for decision-makers to simulate the effects of different scenarios of corporate income taxation.
F.23 Development of new system-wide, normative and programme solutions, and methods
COBISS.SI-ID: 266212864Assuming a new corporate governance paradigm that puts employees in the firms’ governance structures, as well as understanding their objective functions, we investigate the capital structure implications of having employees in control. We argue that employeegoverned firms face a limited supply of debt and that they have lower demand for debt compared to firms governed by shareholders. Examining the capital structure decisions of firms from 12 European countries, we provide strong empirical evidence that employeegoverned firms operate with lower leverage compared to firms governed by other stakeholders. Besides, we found that employeegoverned firms tend to be less levered at the same amount of earnings volatility than firms governed by other stakeholders, meanwhile the results do not support the hypothesis that employeegoverned firms rely on internal sources to a larger extent and have to pledge more collateral than firms governed by other stakeholders.
B.03 Paper at an international scientific conference
COBISS.SI-ID: 1612430In the monograph we present research activities on the development of the last version of the static microsimulation model, based on the sample of 40.000 households and 112.000 individuals, and data from the new base year 2007. A special attention has been devoted to the development of adequate graphic interface which enable the user simple use and preparation of different simulations of the predefined different scenarios of changes for particular social transfers and subsidies. The model was used in practice for the needs of the Ministry of labor, family and social affairs for the preparation of the estimates of the effects of the proposed changes in the area of the system of social transfers as well as for the estimation of the effects of the adopted reform of the system of social transfers.
F.23 Development of new system-wide, normative and programme solutions, and methods
COBISS.SI-ID: 257687808Practical use of the dynamic microsimulation model, which links together five independent models – demographic, personal income tax, economic, pension and generations accounts model - within friendly environment of the graphic interface. Developed simulation platform represents first such tool and incorporates first dynamic pension microsimulation model developed in Slovenia. With data warehouse added it represents effective simulation platform - scientific laboratory on the economic field - for scientific and professional work on many fields: domography, system of personal income tax and social security contributions, pension system, long term sustainability of public finances and the analysis of the effects of particular measures on different generations. The model was used for the preparation of the expert bases and estimation of the effects of the pension reform which came into force on 1. January 2013.
F.30 Professional assessment of the situation
COBISS.SI-ID: 263938560The paper presents the corporate investment decision process. It presents investment criteria used to evaluate the profitability of the investments; payback period, net present value, internal rate of return and modified internal rate of return and profitability index. It presents the assessment of relevant cash flows and risk analysis and the assessment of the cost of capital.
F.18 Transfer of new know-how to direct users (seminars, fora, conferences)
COBISS.SI-ID: 1641870