The analysis of introduction of ICS in Russia
Analysis of the internal control system as a system that includes internal control measures in the company, ensuring the reliability of financial statements. The influence of ICS on the indicator of the company's value in the form of Tobin coefficient.
| Рубрика | Экономика и экономическая теория |
| Вид | курсовая работа |
| Язык | английский |
| Дата добавления | 28.11.2019 |
| Размер файла | 875,6 K |
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Nevertheless, I need to recognize that there can be an overestimation of significance due to possible autocorrelation problems. Besides, as the regime of Tax Monitoring was introduced only in 2013, the sample for the companies is still small enough, that is, some fixed-effect variables (as industry type or years passed) are omitted; yet no similar studies were made for Russian companies. What is more, the study of Farrell and Gallagher (2015) assumed dummy of engagement in ERM to be also the instrument, valuated as a probit model and dependent from the maturity of subcomponents. The problem is that now it is impossible to make a research of subcomponents maturity due to the confidentiality of this information. However, it may become possible after some period of time. For example, after ten years, the analogical research will be able to consist of a big sample applied to a more robust model. According to the Federal Tax Services of Russia, in the year 2020 48 companies will enter Tax Monitoring regime .
References
1. Chen, Yi-Wei Chuanh, Hong-Gia Huang, Jhuan-Yu Shin. The value of implementing enterprise risk management: Evidence from Taiwan's financial industry. The North American Journal of Economics and Finance, Feb. 2019
2. Kee H. Chung and Stephen W. Pruitt. Financial Management.Vol. 23, No. 3, Venture Capital Special Issue (Autumn, 1994), pp. 70-74
3. Mark Farrell and Ronan Gallagher (2014). The Journal of Risk and Insurance. 82, No. 3, 625-657 (2015)
4. Robert E. Hoyt and Andre P. Liebenberg (2011). The Journal of Risk and Insurance, Vol. 78, No. 4 (December 2011), pp. 795-822
5. Sarah C. Rice and David P. Weber (2010). Journal of Accounting Research, Vol. 50, No. 3 (JUNE 2012), pp. 811-843
6. Stephen Owusu-Ansah and Gouranga Ganguli (2010). Journal of Managerial Issues, Vol. 22, No. 3 (Fall 2010), pp. 383-408
7. Yilin Wang and Lei Ruan(2016). Filomat, Vol. 30, No. 15, Quantitative Economics and Its Development (2016), pp. 4223-4234
8. COSO 2017 Internal Control - Integrated Framework
9. Capital IQ terminal
10. Bloomberg terminal
11. Order dated 21.04.2017 №MMV-7-15/323@ “About the Requirements relating to the organization of the Internal Control System”
12. Order dated 16.06.2017 №MMV-7-15/509@ “About the Requirements relating to the organization of the Internal Control System”
13. Public financial reports of the companies
14. https://www.cfo.com/article.cfm/5598405?f=archives
15. https://www.nalog.ru/rn77/news/activities_fts/7259013/
16. https://www.nalog.ru/rn77/news/activities_fts/8785782/
17. https://www.rbc.ru/economics/19/12/2018/5c1a40ab9a794792c6baec3d
Appendix
All the tests were made by myself.
Stationarity tests
Table 7
Table 8
Table 9
Table 10
Table 11
Table 12
Table 13
Hausman tests
Table 14
Table 15
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