The fourth industrial revolution has arrived; however, this industrial revolution is unlike those witnessed in the past. Equal opportunity and growth have been replaced by the 21st century trend of rising inequality, in which advancement through digitisation and automation brings fortune to the few and hardship to the many, as income and property stratification grows. As a result, current tax systems are under pressure with displaced workers requiring support, and the fiscal purse, which has historically been funded by income taxes, being eroded due to a decreasing number of workers to tax. Conceivably, it is up to governments to address this ‘double negative effect’, but it is unclear how this could be achieved and what theoretical basis should be leveraged to do so. This article provides a discussion of three important normative philosophies of distributive justice, utilitarianism, libertarianism and John Rawls’ theory of justice, to determine a theoretical basis on which the redistribution of income via a tax on automation is justified. The pertinent theory is then operationalised with the proposal of three alternate models of taxation: a Pigouvian tax, a tax on economic rents and an appreciation tax. Each of these models is evaluated alongside a discussion on the shift in global tax policy from taxing income to taxing capital. This article argues that this shift is necessary to reduce income inequality and to ensure even the lowest common denominator is provided for, for we are the 99%. JEL Classification: H23, H25, K34, O23
Unlike US and Continental European jurisdictions, Australian monetary policy announcements are not followed promptly by projections materials or comprehensive summaries that explain the decision process. This information is disclosed two weeks later when the explanatory minutes of the Reserve Bank board meeting are released. This paper is the first study to exploit the features of the Australian monetary policy environment in order to examine the differential impact of monetary policy announcements and explanatory statements on the Australian interest rate futures market. We find that both monetary policy announcements and explanatory minute releases have a significant impact on the implied yield and volatility of Australian interest rate futures contracts. When the differential impact of these announcements is examined using the full sample, no statistically significant difference is found. However, when the sample is partitioned based on stable periods and the Global Financial Crisis, a differential impact is evident. Further, contrary to the findings of Kim and Nguyen (2008), Lu et al. (2009), and Smales (2012a), the response along the yield curve, is found to be indifferent between the short and medium terms.
Purpose The purpose of this paper is to empirically test whether corporates, via publicly disclosed sentiment and in response to government initiatives such as domestic corporate tax reform measures that address transparency, are beginning to view tax as a fourth dimension of corporate social responsibility (CSR). Design/methodology/approach To determine whether corporate attitudes towards tax are changing, representations about the corporate entity by a variety of stakeholders and through numerous channels were analysed using Leximancer software. These representations were in response to four distinct Australian domestic tax reform measures instituted during and subsequent to the Australian Government Senate Inquiry into corporate tax avoidance. The use of Leximancer, a data-analysis and mapping software that automates the coding of document text, delineates concepts and identifies themes, is well suited to the nature and size of the data used (Lodhia and Martin, 2011) and ensures the validity and reliability of the results (Dumay, 2014). Findings This paper provides evidence on the efficacy of global and domestic tax-reform measures that target tax avoidance through transparency. This is demonstrated by a progressive change in corporate attitudes towards tax and suggests a transition, albeit nascent, from the aggregate view to the real entity view of a corporation. As such, this study provides evidence of the inception of a corporate conscience when it comes to tax, whereby tax is instituted as a fourth dimension of CSR. Research limitations/implications Using a theoretical framework which adopts the historically accepted views of the firm, the authors argue that a shift from the aggregate view to the real entity view of a corporation will have the following implications: an expansion of the dimensional factors of CSR (economic, social, environmental and tax); a new standard or definition of corporate responsibility which encompasses both legal and moral considerations and has transparency at its core (Narotzki, 2016); and a new outlook where consumers realise that they have the power to influence and demand action from corporates. Originality/value This paper uses state-of-the-art software to empirically test the efficacy of global and domestic tax reform measures that target transparency, ultimately providing evidence supporting the adoption of these measures and the recognition of a new dimension of CSR, tax.
This paper represents the intersection of three spheres of influence, highly relevant to the global research community interested in a more reliable understanding of capital market phenomena. First, as a timely context, we celebrate the 50-year legacy of an iconic paper on event studies, Ball and Brown (1968). Second, we add our voice to the growing call for researchers to follow principles of "responsible science". Third, using the Ball and Brown paper as their inspiration, we report on an experiment in which several teams of researchers follow a registration-based editorial process, which illustrates one fruitful avenue on how more responsible research can be fostered in the future.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.