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The distribution of the capital companies profits - Comprarasion of the Czech Republic, the USA and the Russian Federation legal systems
Řezníčková, Denisa ; Bažantová, Ilona (advisor) ; Dupáková, Lenka (referee)
Profit Distribution in Capital Companies - A Comparison of Legal Systems in the Czech Republic, the United States of America, and the Russian Federation Abstract In the modern business world, the distribution of a company's profits is a complex decision- making process that considers not only legal, tax, and economic aspects but also political and cultural contexts. Therefore, this thesis is divided into five chapters, the first of which is a theoretical section discussing the nature and implications of corporate economic behavior, including the motivations for profit distribution. The core of the thesis consists of three analytical chapters on the distribution of profits in capital companies in the Czech Republic, the State of Delaware in the United States of America, and the Russian Federation. This selection allows for a cross-sectional examination of the different approaches to this topic against diverse legal cultures and political climates. The fifth and concluding chapter offers a comparative analysis of the commonalities and differences in profit distribution in capital companies within these jurisdictions. Among the sub-areas that the thesis compares are selected institutions related to the distribution of profit shares, such as the non-cash form of payment, the option of not distributing profits,...
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Dividendová politika ve vybraném podniku
Tejček, Martin
An optimal dividend strategy for joint stock companies is crucial for their long-term efficient earnings management. The choice of an adequate dividend strategy depends on several aspects such as: the life stage of the company, the value of re-tained earnings, the company's investment plan and, last but not least, the forecast of future earnings. Through financial analysis, it was found that the ROE of Lesy Beskydy, a.s. is decreasing year by year, despite relatively stable sales, which is one of the main indicators of of company´s inefficient profit management. The proposed dividend strategy envisages an increased one-off dividend pay-out of 30 % of retained earnings and a stable pro-dividend policy with an annual dividend pay-out of 40 % of EAT. The main objective of this strategy is to optimize the use of free capital in the company and to guarantee stable returns for shareholders in the form of return on equity at an average ROE = 16.28 % over the 2021-2025 fore-cast period. The strategy also allows shareholders to efficiently appreciate the cap-ital acquired from the company on the financial markets with a potential return of CZK 5,334,000 per year (by 2025) at an average financial market return of 5,5 % p.a.
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Fundamental analysis of the selected stock
FAFÍLKOVÁ, Petra
The bachelor thesis is focused on processing data collected from the fundamental analysis of the selected stock. The inner value of stock is set by the analysis in which the shares of ČEZ were examined and compared with a market price. Dividend discount models, cash flow models and historical models are used to determine the intrinsic value of the share and the comparison showed whether the shares were correctly valued, overvalued or undervalued. It was necessary for the calculation of these models to rely on the share prices obtained from the Prague Stock Exchange, Kurzy.cz and from the annual reports of ČEZ. The work contains qualitative research results and after comparing models with the theory there was made a recommendation for investors regarding investments in shares.
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Taxation of income of business companies and their members (comparison of legal regulation in the Czech Republic and selected EU countries)
Nováková, Karolina ; Novotný, Petr (advisor) ; Vondráčková, Pavlína (referee)
1 Summary The topic of this diploma thesis is taxation of companies' income. The aim of the thesis is to describe and introduce question following from the application of income tax act to the companies. The accent is put on the taxation of dividends. Taxation of companies' income plays a vital role in decision making process of domestic as well as foreign investors where to invest their finances. The thesis is focused on the analysis of Czech tax legislation made through a comparison with the Slovak basic tax legislation. The first chapter deals with the delimitation of core concepts related to the taxation of incomes. It focuses on the income tax act, aspect of natural person's taxation and artificial person's taxation. The second chapter is concerned of characteristic related to taxation of personal companies and stock corporations. The third chapter presents basic terms of dividend's taxation on the domestic as well as on the international level such as the core concept of dividend or tax domicile. The fourth chapter examine the European tax legislation and harmonization of tax legislation within the European Union. The fifth chapter illustrates taxation of domestic payment of dividends and its characteristics related to the natural and artificial person as recipients of dividends. The sixth chapter...
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International Taxation of Dividends
Nedomová, Martina ; Pěta, Jan (referee) ; Brychta, Karel (advisor)
This diploma thesis deals with the issue of taxation of dividends from the point of view of legal entities. Taking into account the breadth of the topic, the work is focused on the taxation of dividends, which are due to a legal entity having its registered office or place of management in the territory of the Czech Republic. It specifies the legal provisions on the issue, both international, EU and national. The findings are applied to a complex model example that sets out the accounting view of the issue beyond the process of dividend taxation.
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Taxation of Dividends of Czech Republic Tax Non-residents
Krčmová, Michaela ; Svirák, Pavel (referee) ; Brychta, Karel (advisor)
This bachelor thesis is concerned about taxation of dividends which are payed out from Czech Republic sources to tax non-residents – natural persons. Describes, analyzes and systematized domestic legislation and international agreements related to the focus of thesis. In the practical section the methodical procedure for the payment of profit shares, or advances on them, and their taxation, is determined on model cases. Emphasis is placed on the definition of differences depending on the state in which the owner of the income is tax resident.
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Investment into Dividend Stocks Traded on European Exchange Markets
Křižka, Adam ; Ulman, Martin (referee) ; Rejnuš, Oldřich (advisor)
The bachelor thesis is focused on an investment into dividend shares traded on european exchange markets, for expansion of an investment portfolio of a mutual fund. Theoretical part of thesis explains financial markets and their functions in economy, basic of colective investment funds. Fundamental, technical and psychological analysis methods for securities trading are also explained. The practical part is focused on comparison of selected dividend shares. The resulting comparison will be verified using a creditworthiness model. Final part is focused on a recommendation for an investment to update the portfolio of the selected dividend mutual fund.
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