Financial strategies for minimizing corporate income taxes under Brazil's new global tax system

In 1996, Brazil adopted a worldwide income tax system for corporations. This system represents a fundamental change in how the Brazílian government treats multinational transactions and the tax minimizing strategies relevant to businesses. In this article, we describe the conceptual basis for worldwide tax systems and the problem of double taxation that they create. Responses to double taxation by both the governments and the priva te sector are considered. Namely, the imperfect mechanisms developed by Brazil and other countries for mitigating double taxation are analyzed. We ultimately focus on the strategies that companies utilize in order not only to avoid double texetion, but also to take advantage of tax havens.

International transfer pricing restrictions: impact on corporate financial policy

Transfer pricing is a pervasive issue that presents significant tax savings potential concerning international enterprises. The authors discuss company incentives to manage transfer prices in an article appearing in the preceding issue of this journal. In response to these incentives, governments have increasingly enacted and enforced domestic restrictions on transfer prices. In this article, contemporary norms restricting transfer pricing are analyzed. The OEGO and US pricing standards are assessed and Brazil's recent application of these standards is considered. Transfer pricing methods are described and evidence of their use is presented. We conclude by describing an intercompany transfer pricing policy intended to facilitate internaI financiaI management and minimize externaI tax threats.

Fundos de pensão, mercados de capitais e Corporate Governance: lições para os mercados ermegentes

Nos seus vinte anos de existência, o sistema brasileiro de previdência complementar acumulou ativos de mais de 70 bilhões de reais. Existe um crescente debate sobre o papel que os fundos de pensão podem desempenhar na economia brasileira. Alimenta-se uma esperança de que eles possam contribuir em três áreas fundamentais: (a) financiamento do desenvolvimento, (b) expansão dos mercados de capitais e (c) democratização do capital (desconcentração da estrutura de propriedade corporativa). Este trabalho procura extrair da experiência dos países industrializados algumas perspectivas que possam contribuir para o debate em torno do crescimento e atuação de fundos de pensão nos mercados emergentes.

Gifted: the monolingualism of corporate social responsibility

Acts of Corporate Social Responsibility are more often than not portrayed as success-story narratives. A quasi-ethnographic study in Senegal shatters the underlying assumptions of these accounts. First a computer donation from a Northern country is described with all the usual incidents and related vocabulary. Later, during a visit to a Senegalese rubbish dump, the story starts to falter, as countless questions arise about what is actually going on there, and how we can know and represent it (both as a portrayal and as a voice). A tipping point in an interview serves to reveal the ambiguities of the position adopted and the difficulties of expressing oneself in a different language. The CSR language is described as a kind of monolingualism, which employs a particular vocabulary and grammar for what is said or thought. This is the monolingualism of the other. Some of the implications of this monolingualism are examined, and this leads to the conclusion that there is a need to take measures with regard to the CSR language and that more than one language is needed to speak about CSR.

Corporate social responsibility practices at brazilian firms

Corporate Social Responsibility practices have been on the rise in recent years in firms all over the world. Brazil, as one of the most important countries emerging on the international scene, is no exception to this, with more and more firms taking up these practices. The present study focuses on analyzing the corporate social responsibility practices that Brazilian companies engage into. The sample used is comprised of 500 firms grouped by geographical area; the theoretical framework is based on stakeholder and institutional theories; and the technique used for the analysis is the biplot, more specifically the HJ Biplot and cluster analysis. From the results obtained it is possible to infer that the CSR variables corresponding to environmental practices are more closely linked to companies located in the northern areas of Brazil. Social and community practices are related to companies primarily in the southern and northeastern regions of the country.

A new approach for measuring corporate reputation

This study describes the concept of corporate reputation and reviews some of the major points that exist when it comes to measuring it. It thus suggests a new index for measurement and its advantages and disadvantages are pointed out. The consistency of the seven key variables for the collecting indicator is described by the results of a factor analysis and correlations. Finally, the indicator is put to test by gathering the perception of corporate reputation of 1500 individuals for 69 companies belonging to 15 different industrial sectors, in Peru. The results indicate that the proposed index variables are not necessarily of greatest interest to the study sample in which companies have a better performance. Also greater memorial companies aren't necessarily those that enjoy a greater corporate reputation. Managerial implications for the organizations in the process of managing and monitoring the dimensions involved of this key asset are also referenced.

RELATION BETWEEN BACKGROUND VARIABLES, VALUES AND CORPORATE SOCIAL RESPONSIBILITY

ABSTRACT Consumer perception of corporate social responsibility (CSR) can be directly influenced by individual value structures. This research aims to provide new knowledge regarding the relationship between basic human values and the public's perception of CSR. It focuses on the values of higher education students and their views regarding a particular corporate social initiative. The study reveals that social, educational, and economic circumstances influence human values. Those values in turn influence why different students perceive CSR differently. These findings are relevant to companies as they provide a more detailed understanding of why certain consumer groups perceive certain CSR initiatives the way that they do. They also suggest that universities should increase their awareness of the importance of integrating human values and CSR in the curricula of future business managers and social leaders.

CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE: THE SPANISH CASE

ABSTRACT The enormous interest aroused by corporate social responsibility both in the academic and the business worlds forms the background for this study. Its objective is to analyze the relationship between corporate social responsibility and financial performance in view of the debate in the literature on the subject. The study focuses on a sample of Spanish companies taken from the IBEX 35 stock market index, using panel data methodology, which offers advantages in comparison to methodologies used in other studies. We analyzed the period from 2003 to 2010. Our findings suggest that there is no obvious relationship between corporate social responsibility and financial results, at least in the case of Spain.

Vanamea GEN. NOV. FOR Livoneca symmetricaVAN NAME,1925, (CRUSTACEA, ISOPODA, CYMOTHOIDAE) AND A REDESCRIPTION OF THE SPECIES BASED ON SPECIMENS FROM BRAZILIAN PIRANHAS

Studies of the cymothoid isopod Livoneca symmetricaVan Name, 1925, showed that this species has characters that preclude its inclusion in LivonecaLeach, 1818, or in any other known genus. The species is redescribed on the basis of male and female specimens from the mouth cavities of Amazonian piranhas (Serrasalmus spilopleura(Kner) and S. elongatusKner) and Vanameagen. nov. is proposed for it. The new genus is defined as having: a cephalon that is not immersed in pereonite 1; mandibles that are "foot-shaped" and without incisors, pereopods that are long and unequal in size and shape; a pleon that is not immersed in the pereon; and a pleotelson that is inflated anteriorly and medially.

Treinamento resistido controla a pressão arterial de ratos hipertensos induzidos por l-NAME

FUNDAMENTO: A hipertensão arterial é uma síndrome multifatorial, crônica, causada tanto por fatores congênitos ou adquiridos. OBJETIVO: Avaliar os efeitos do treinamento físico resistido (TR) sobre pressão arterial, reatividade e morfologia vascular de ratos hipertensos induzidos por L-NAME. MÉTODOS: Ratos Wistar machos (200-250 g) foram divididos em 3 grupos: normotenso sedentário (NS), hipertenso sedentário (HS) e hipertenso treinado (HT). A hipertensão foi induzida pela administração de L-NAME (40 mg/kg) na água de beber por 4 semanas. A pressão arterial foi avaliada antes e após o TR. O TR foi realizado utilizando 50% de 1RM, em 3 séries de 10 repetições, 3 vezes por semana, durante quatro semanas. A reatividade vascular foi mensurada em artéria mesentérica superior por curvas concentração resposta ao nitroprussiato de sódio (NPS) e fenilefrina (FEN). Além disso, foram realizadas análises histológicas e estereológicas. RESULTADOS: O TR inibiu o aumento das pressões arteriais média e diastólica. Foi observada uma redução significativa na resposta máxima e na potência da FEN entre os grupos HS e HT. A análise histológica evidenciou aspecto normal para as túnicas íntima, média e adventícia em todos os grupos. Não houve diferença significativa nas áreas do lúmen, da túnica média e total das artérias dos grupos HS e HT em relação ao NS. A razão parede/lúmen arterial do grupo HS apresentou diferença significativa em relação ao NS (p < 0,05), mas esta não foi diferente do HT. CONCLUSÕES: O TR foi capaz de prevenir a elevação da pressão arterial sob as condições deste estudo. Este controle parece envolver a regulação de mecanismo vasoconstritor e a manutenção do diâmetro luminal de ratos hipertensos induzidos por L-NAME.