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  • 1
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    Dar es Salaam: University of Dar es Salaam
    Publication Date: 2015-11-26
    Description: This paper reconciles the Cournot and Bertrand Models of oligopolistic competition, highlighting its weaknesses and giving an opinion thereafter. The pertinent question in this paper is why Cournot (1838) ignored the price and Bertrand (1883) ignored the quantity? From the review, the main conclusion of this paper is that oligopoly competition is guided in the long run by production capacity competition, as advocated by Cournot, equilibrated through price competition in the short run, as advocated by Bertrand.
    Keywords: D43 ; L13 ; ddc:330 ; Cournot Competition ; Bertrand Competition ; Oligopoly ; equilibrium ; Cournot competition ; Bertrand competition ; Equilibrium Theory ; Oligopoly
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:preprint
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  • 2
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    Pretoria: African Tax Research Network/African Tax Administration Forum
    Publication Date: 2020-04-09
    Description: Tax practitioners alongside taxpayers and tax authorities are the major actors in a tax compliance system. They assist the government to enforce tax law when it is unambiguous but exploit tax law to the detriment of compliance when the tax rules are ambiguous. Using a sample of 13 listed manufacturing firms over the period 2000 to 2013, we exploit the introduction of transfer pricing rule to investigate how tax laws and tax practitioners have influenced corporate tax compliance in Kenya. The introduction of transfer pricing rule reduced corporate tax avoidance; however, the reduction in tax avoidance was partly offset by the action of the tax practitioners. Audit firms capacity, as measured by size, seems to matter in helping clients in tax planning. To tame tax practitioners, tax advisory services should be licensed and regulated. Furthermore, mechanism to identify and seal any possible loopholes should be instituted in the legislation process.
    Keywords: H2 ; H26 ; ddc:330 ; tax compliance ; tax avoidance ; transfer pricing ; practitioners ; Kenya
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    North York: Canadian Center of Science and Education
    Publication Date: 2020-04-24
    Description: Empirical evidence suggests that capital structure varies across firms facing different levels of information asymmetry, however, this evidence contradict the prediction of pecking order hypothesis. Although debt capacity constraints offer some explanation for this discrepancy, it fails to explain the behavior of small high growth firms who do not issue debt even with no debt capacity constraints. Against this backdrop, this study investigated the effects of financial constraints on firm capital structure in Kenya. This was implemented by interacting a financial constraints dummy with the right-hand side variables of pecking order test equation to allow for any variation of capital structure across financial constraints regimes. The results show that constrained firms use less internal funds and have less cash than unconstrained firms. Pecking order theory was not supported. However, allowing financial constraints regimes in pecking order equation improved the fit of the model and produced results that are consistent with pecking order prediction. Financing behavior varies with financial constraints status. The wider the wedge between the cost of debt and the opportunity cost of internal funds, the higher the value transferred to debt-holders and the lower the debt utilization. To improve firm access to capital, policies should be geared towards reducing the wedge between the cost of external and internal funds.
    Keywords: D82 ; D92 ; E22 ; G31 ; G32 ; G33 ; L60 ; ddc:330 ; financial constraints ; manufacturing ; investment ; capital structure ; Kenya
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:article
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