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A
Study of Individual Taxpayer's Perception of Tax Practitioners
in Malaysia
--Chee-Keong
Choong,
Chue-Qun Tong and Kok-Eng Tan
The
paper examines Malaysian taxpayers' perceptions of their
current tax practitioner as well as the attributes of the
ideal tax practitioners that they are looking for. The study
shows that gender, age and education level are significantly
correlated with the attributes of their ideal tax practitioners.
Majority of females, in the age group over 31 years and
with higher education level, tend to have high priority
for `low risk with no fuss' as compared to males, with lower
education level and age group below 31 years who display
priority for `creative accounting, aggressive tax planning'.
Besides, the most welcome kind of tax practitioner is one
with `low risk with no fuss' and whom taxpayers categorize
as an honest person. This is followed by `creative accounting,
aggressive tax planning', where taxpayers seek for a tax
practitioner who is familiar with the grey area, clever
in tax minimizing and aware of the major areas that Inland
Revenue Board (IRB) check on. The last is the `cautions
minimization of tax', which is the least popular. Here,
the taxpayers want the tax practitioner to help them minimize
the tax, but at the same time also warn them against getting
involved in tax planning schemes. The findings also indicate
that most of the taxpayers are able to engage tax practitioners
who have the attributes that they rate as the most important
ones.
©
2008 IUP . All Rights Reserved.
Growth
and Development of Human and Social Capital vis-à-vis
Venture Capital Financing in India: A Comparative Study
of Assam and Karnataka
--Chimun
Kumar Nath and Ashit Saha
The
paper emphasizes the growth and development of human and
social capital in the regions taken up for this study. The
diffusion of human and social capital is the basis of venture
capital financing in any part of the world. Firstly, the
paper makes an investigation into the growth, development
and status of venture capital financing in the state of
Karnataka, along with the state of development of human
and social capital there. Secondly, the paper attempts to
investigate the level of growth and development of the human
and social capital in the state of Assam, with special emphasis
on the reason behind its poor development. It also highlights
the potential of venture capital financing in certain specific
areas, subject to change in the mindset of the venture capitalist
in the state of Assam. Thirdly, a comparison has been made
between both the states under study with perceived diffusion
of human and social capital. Finally, a synthesization of
the entire study has been pursued. The author concludes
that there were a lot of factors which had an adverse impact
on venture capital financing in Assam.
©
2008 IUP . All Rights Reserved.
Economic
Value Added Reporting and Corporate Performance: A Study
of Satyam Computer Services Ltd.
--Mandeep
Kaur and Sweety Narang
EVA
(Economic Value Added) better measures the wealth created
by a firm during a period, than does traditional accounting
earnings, by explicitly assigning a cost of equity capital
and removing the distortions of accounting conventions.
The fundamental premise of capitalism is that companies
are expected to take financial capital from shareholders
and make it worth more. `Maximizing shareholder value' is
a popular refrain in the corporate world today. In India,
only a few companies like HLL, Infosys Tech. Ltd., Satyam
Computers Ltd., Hero Honda etc., go about measuring their
shareholder value, although they don't calculate it scientifically.
Satyam Computer Services Ltd., is among the best in the
world in terms of market value added (wealth creation) per
unit of capital employed, as per third BT-Stern Stewart
study. The present study is an attempt to analyze and compare
the EVA statement as disclosed by Satyam Computer Services
Ltd., and the actual EVA created by it after considering
all the adjustments given by Stern Stewart & Company,
the founder of EVA concept. In addition, the study also
compares the financial performance of Satyam as depicted
by the traditional performance parameters like ROCE, RONW,
EPS, Growth in EPS, with the new value-based performance
measure called EVA. The study concludes that traditional
measures do not reflect the real value of shareholders wealth
and thus EVA has to be measured scientifically to have a
real idea about shareholders value.
©
2008 IUP . All Rights Reserved.
Inventory
and Working Capital Management: An Empirical Analysis
--Pradeep
Singh
The
working capital management refers to the management of working
capital, or precisely to the management of current assets.
A firm's working capital consists of its investments in
current assets, which includes short-term assetscash and
bank balance, inventories, receivable and marketable securities.
Therefore, the working capital management refers to the
management of the levels of all these individual current
assets. On the other hand, inventory, which is one of the
important elements of current assets, reflects the investment
of a firm's fund. Hence, it is necessary to efficiently
manage inventories in order to avoid unnecessary investments.
A firm, which neglects the management of inventories, will
have to face serious problems relating to long-term profitability
and may fail to survive. With the help of better inventory
management, a firm can reduce the levels of inventories
to a considerable degree e.g., 10 to 20% without any adverse
effect on production and sales. Thus, inventory is a vital
factor in business operations. This paper tries to evaluate
the effect of the size of inventory and the impact on working
capital through inventory ratios, working capital ratios,
trends, computation of inventory and working capital, and
liquidity ranking. Finally, it was found that the size of
inventory directly affects working capital and it's management.
Size of the inventory and working capital of Indian Farmers
Fertilizer Cooperative Limited (IFFCO) is properly managed
and controlled compared to National Fertilizer Ltd. (NFL).
©
2008 IUP . All Rights Reserved.
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