Forexperf corporation vs llc
Although this study provides novel and interesting findings, some limitations should be highlighted. Second, although we focus on a very relevant and heterogeneous sample, some findings may not be generalizable to other systems. Third, alternative proxies of environmental performance are required in order to offer convergent validity to our results.
Finally, even though we are able to identify an isomorphism related to sustainable institutional investors and environmental performance, we are not able to extract its origin. One factor that additionally influences this isomorphism is the strong influence of proxy advisors on the investment decisions of institutional investors McCahery et al. The relationship of proxy advisors and ESG performance has not yet been examined Copland et al. Furthermore, we do not differentiate between the individual monitoring efforts of UN PRI signatories because these are not observable.
This limitation provides a basis for future research and may be investigated in more detail by means of surveys or case studies in order to develop an even more differentiated understanding of the impact of sustainable institutional investors. In that regard, the evolving integration of ESG-contingent components in executive compensation may additionally be influenced by investors via their increased say-on-pay voting rights within the European member states.
The resulting dynamics in terms of institutional investor influence, top management compensation structure and ESG performance have not been sufficiently considered within research so far and may thus be a good starting point for future investigations Winschel and Stawinoga Hence, this paper investigates the effects of two specific aspects of sustainable institutional investors content-related, socially responsible investors and time-driven, long-term institutional investors on total environmental performance and related sub-pillars.
Sustainable institutional investors are expected to promote environmental investments and integrate sustainability. Prior studies do not include both time-driven and content-related aspects of sustainable institutional ownership in their research designs. Moreover, in view of its major international relevance, the US capital market has been mainly used in prior studies.
Due to recent regulatory changes and discussions on climate change policy e. In more detail, sustainable institutional ownership leads to increased total environmental performance, including its three sub-pillars, and to increased carbon awareness. This study has important implications not only for future research but also for business practice and regulatory bodies. Arguably, stricter regulations on green finance are necessary in order to reach the main goals of the Paris Agreement of and to realize a climate neutral economy by The results are robust using firm, industry or country-clustered standard errors.
SSRN Journal. J Econ Perspect — The influence of institutional investment horizon on corporate social responsibility. Dam L, Scholtens B Does ownership type matter for corporate social responsibility? Corp Gov — International evidence. Erhemjamts O, Huang K Institutional ownership horizon, corporate social responsibility and shareholder value. The mediating mechanism of CSR.
Account Res J — The carbon disclosure project. Kolk A, Levy D, Pinkse J Corporate responses in an emerging climate regime: the institutionalization and commensuration of carbon disclosure. Lamb NH, Butler FC The influence of family firms and institutional owners on corporate social responsibility performance. Laurel-Fois D Beyond appearances: the risk-reducing effects of responsible investment practices.
A meta-analysis of the relationship between corporate social and financial performance. Meng Y, Wang X Do institutional investors have homogeneous influence on corporate social responsibility? Manag Financ — Google Scholar. Neubaum DO, Zahra SA Institutional ownership and corporate social performance: the moderating effects of investment horizon, activism, and coordination.
A meta-analysis. Riedl A, Smeets P Why do investors hold socially responsible mutual funds? Strat Mgmt J — Identity as an antecedent of social activism by institutional shareholders. Bus Soc. Utz S Corporate scandals and the reliability of ESG assessments: evidence from an international sample.
Fam Bus Rev — Velte P Institutional ownership, environmental, social, and governance performance and disclosure—a review on empirical quantitative research. Probl Perspect Manag — Velte P, Stawinoga M, Lueg R Carbon performance and disclosure: a systematic review of governance-related determinants and financial consequences.
J Clean Prod. Account Perspect — Williams RJ Women on corporate boards of directors and their influence on corporate philanthropy. Winschel J, Stawinoga M Determinants and effects of sustainable CEO compensation: a structured literature review of empirical evidence. Manag Rev Q 69 3 — Download references. The authors received no funding for this research.
You can also search for this author in PubMed Google Scholar. All authors contributed to the study conception and design. All authors read and approved the final manuscript. Correspondence to Othar Kordsachia. Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder.
Reprints and Permissions. Kordsachia, O. Empirical evidence from Europe. Rev Manag Sci Download citation. Received : 17 June Accepted : 15 July Published : 26 July Anyone you share the following link with will be able to read this content:. Sorry, a shareable link is not currently available for this article.
Provided by the Springer Nature SharedIt content-sharing initiative. Skip to main content. Search SpringerLink Search. Download PDF. Agency theory Principal agent theory represents the central theorem within prior institutional ownership research Bebchuk et al.
We therefore posit the following hypotheses: H1a Ownership of socially responsible investors is positively associated with corporate environmental performance. H1b Ownership of socially responsible investors is positively associated with all environmental category scores. We therefore posit the following hypotheses: H2a Institutional investors with long-term investment horizons are positively associated with corporate environmental performance. H2b Institutional investors with long-term investment horizons are positively associated with all environmental category scores.
Sustainable institutional investors and carbon awareness Based on the rationales we have presented regarding the influence of sustainable institutional investors on environmental performance, we further consider an aspect that is directly linked to this line of argumentation. Methodology Sample selection Our sample is constructed from a range of data sources.
Socially responsible investors Following Gibson et al. Institutional investors with long-term investment horizons Next to socially responsible investors, we construct a direct measure for the determination of long-term institutional investors.
Environmental performance There has been a long-standing debate about the link between ESG performance and financial performance. Research framework and main variables. Full size image. Table 1 Variable definitions Full size table. Table 2 Sample composition and summary statistics Full size table. Table 3 Correlation matrix Full size table. Discussion Synthesis of results Based on an agency-theoretical framework and relying on a European sample of firm-year observations between and , we hypothesized and find that our two proxies of sustainable institutional investors have a positive impact on both environmental performance and carbon awareness.
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S Corp vs LLC (Should you choose an S-Corp status?)LATEST FOREX NEWS AUD
Taxation An LLC is treated as a pass-through entity for tax purposes unless you elect another tax classification. Taxation rates vary based on where the LLC member lives and how much income they receive from all other sources in a taxable year. In contrast to corporations, LLCs do not face double taxation due to their pass-through structure. For example, you can elect to be taxed as an S-corp rather than a sole proprietor. The first page of Form Source: IRS. Taxation of corporations Corporations are taxed as separate legal entities at the corporate level.
The business income is taxed at a corporate tax rate established at both the federal and state level. In the U. Some states, such as South Dakota and Wyoming , apply no corporate tax rate on top, so only federal corporate tax rates apply. The payroll taxes are also withheld from any person receiving income throughout the year. Corporations pay half of social security and Medicare taxes of any employed persons.
LLCs are not required to do so. Separately corporate profits are often subject to double taxation — taxes on the income received and taxes on dividends issued to shareholders. S Corporations and taxation S Corporations, a federal tax classification used by the IRS, have different filing requirements for both the entity and the owners.
The IRS provides two helpful charts outlining these requirements: S Corporation tax liability requirements and forms. Profits and losses are reported on the individual tax returns for the owners, and not at the business level. As a result, filing taxes is often simpler for owners of an LLC.
Any losses or operating costs of the business can be deducted on personal tax returns, which can help offset other income. The rate at which an LLC is taxed depends on the total income of the owner, as it does when you file as a sole proprietor. Owners of an LLC may also be required to pay self-employment taxes. Some states require LLCs to pay a franchise tax. This is a tax issued by the state for the privilege of doing business in that state. Franchise taxes are usually paid annually and vary from state to state.
What happens if you do not pay your taxes? Failing to pay on time or at all could result in penalties and even the involuntary dissolution of your business. Luckily, incorporating as an LLC provides entrepreneurs with flexibility. While it is an uncommon choice, filing an LLC as a C Corp tax designation does make financial sense for some businesses. Corporation Taxes Corporations are taxed as a separate legal entity, which can earn its own income.
Corporations are responsible for paying tax on their profits, corporate tax , and tax on dividends the entity distributes to its shareholders. Since dividends are not tax deductible like salaries and bonuses , dividends are taxed twice. This is referred to as double taxation.
This is not an issue for smaller corporations where only the owners work for the corporation. Instead, owners receive tax deductible salaries and bonuses. While double taxation is seen as a disadvantage for businesses choosing to file as a corporation, this additional tax responsibility can often be offset by federal deductions that are only available to corporations. For example, a corporation may deduct all its business expenses. These can include advertising costs and operating expenses as well as certain employee fringe benefits such as medical and retirement plans.
These deductions all add up to substantial savings over time for the business. This allows the owners of the corporation to save on taxes by investing some profits back into the business. Keep in mind if a corporation has fewer than shareholders, it can file an S Corporation election.
This is a tax status that allows a business to be treated as a pass-through entity much like an LLC. This may be a good option for businesses who want to be taxed like an LLC, but also want some of the additional formalities a corporation provides. The S Corporation designation does allow flow-through taxation no corporate tax , but there are certain requirements to qualify as an S Corp that may limit its utility to a business.
Keep in mind that an LLC's distribution of profits are subject to an employment tax, whereas an S Corp's dividends are not. For more information about how an S Corporation filing might help you save each year on taxes, check out our S Corporation Tax Calculator. With careful planning, a small business can avoid significant employment taxes by electing to become an S Corp. However, there can be drawbacks of an S Corp that may deter a small business from taking this advantage.
You can learn more about the differences between corporation and LLC taxes here in our learning center. Corporation: Business Ownership Ownership is another important aspect to keep in consideration when deciding between whether to form an LLC and a corporation.
The structure of ownership in each entity is very different, and each has a clear purpose which makes choosing the right entity for your business a bit easier. A corporation can issue shares of stock and sell percentages of the business to its owners, which are called shareholders. These shareholders can transfer shares, purchasing more stock to own a larger percentage of the company, or selling off stock to own less.
If your business is one that wants to attract outside investors, a corporation may be the best entity for it. A corporation also exists in perpetuity separate from the owners, meaning that a corporation remains in existence even when an owner leaves or divests from the company. Let's use the example where a member of the LLC may not have invested as much capital as another member. An LLC's operating agreement could specify that all members receive an equal share of the profits anyway.
This creates additional flexibility when establishing the ownership of the business. An LLC can also be owned by foreign individuals, other corporations, or any kind of trust. This may make it the right choice for businesses in certain circumstances where these factors are important.
An LLC's operating agreement also outlines the details about how membership interest can be transferred between its members, if at all, and what happens when a member leaves the LLC. By default, if not defined in the operating agreement, when a member leaves the LLC it must be dissolved. The entity can be managed by its members or a group of managers, and any member may act as the LLC's manager.
The LLC may also elect to have no distinction between an owner and a manager of the business. Due to its flexible nature, LLC management is less formal which may make it an ideal entity for some entrepreneurs. What is the difference between "manager-managed" and "member-managed" LLCs?
In a member-managed LLC, the owners themselves oversee running the day to day operations, while a manager-managed LLC generally has investors that sit on the side lines, and don't have any other active role in the business.
A corporation's management structure is much stricter. A corporation must have a formal structure with a Board of Directors handling the management responsibilities of generating profits for the shareholders. Corporate officers are assigned to handle the day-to-day operations of the business. The shareholders are considered owners of the corporation but remain separate from business decisions and daily operations of the corporation except for approval of major corporate decisions.
However, shareholders retain the power to elect directors, and individual shareholders can be elected as a director or appointed as an officer. The individual rules of any corporation are dictated by its corporate bylaws , which is a detailed set of rules adopted by the Board of Directors after the corporation is formed. This keeps the business in good standing and maintains the limited liability protection acquired by incorporation.
While every state has its own rules and regulations that govern both corporations and LLCs, corporations generally have more annual requirements than LLCs. Corporations are required to hold an annual shareholder meeting each year. These details are documented, along with any discussions, as notes called corporate minutes.
A corporation is generally required to file an annual report, too. This helps keep the business' information current with the Secretary of State.
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