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A higher tax burden in individual countries need not always deter investors from investing profitably. Countries use tax burden levels in the form of changes in tax rates to attract foreign investment. The main objective of this study is to examine the tax competitiveness of the Slovak Republic compared to European Union (EU) countries (EU-27) and to evaluate the origin, extent, and form of investments from foreign investors in tangible and intangible assets in the Slovak Republic. To meet this objective, we first calculate the average tax rate for specific crossborder investments coming to Slovakia from all EU countries. To determine tax competitiveness, we compare the calculated effective average tax rate (EATR) with the EATR in individual EU countries. Finally, we perform an analysis of EATR and foreign direct investment (FDI) using cluster analysis, which categorises EU countries and evaluates their tax competitiveness. The analysis and comparison of values are conducted for the year 2019, while the countries are divided into old (EU-15) and new (EU-12) EU member countries. The article concludes that the calculated Slovak EART for cross-border investment is more profitable for old EU member countries and is, thus, more tax-competitive versus investors’ countries of origin. We can further state that the tax burden is among the most important indicators for investors and, thus, a lower EATR value than that in an investor’s country of origin contributes to the inflow of equity participation of FDI in Slovakia.

Purpose – The purpose of this paper is to develop and apply an ontology-supported asset information integrator system (AIIS) in the domain of infrastructure management. The two objectives are: first, to describe how different ontologies developed as part of this research support the design of message templates (MTs) that were implemented in the AIIS; and second, to explain the development and application of the prototype system for tangible capital asset (TCA) reporting. Design/methodology/approach – The proposed system was developed in the MS SharePoint platform using a four-step methodology: create a web site and library; review and modify MTs; design and configure workflows; and add functionalities. Findings – First, the architecture, methodology, and evaluation of the two ontologies: Transaction Domain Ontology and Tangible Capital Asset Ontology, developed as part of this research work were briefly introduced to describe how both the ontologies supported the design of MTs that were implemented in the AIIS. Second, the AIIS was successfully developed and applied in the domain of infrastructure management for the Asset Inventory and Condition Assessment Reporting. Practical implications – The development of the AIIS would enable industry experts to exchange the tangible capital information. The built-in search engine and history services would help the experts to search a transaction and track the transaction history. The real-time visualisation of the data would help in decision making. Originality/value – Infrastructure agencies use diversified information systems to manage infrastructure systems. Due to propriety nature of the information systems, the TCA data generated is heterogeneous and inconsistent, which make it difficult to exchange with other organisations. Also, the existing applications focus on processing and managing the TCA data for a variety of tasks; however, lack to support data exchange with other organisations. This emphasises the gap that requires the development of an ontology-supported collaboration system in the domain of infrastructure asset management.

We characterize the relation between asset structure and capital structure by exploiting variation in the salability of corporate assets. To establish this link, we distinguish across different assets in firms’ balance sheets (machinery, land, and buildings) and use an instrumental approach that incorporates market conditions for those assets. We also use a natural experiment driving differential increases in the supply of real estate assets across the United States: The Defense Base Closure and Realignment Act of 1990. Consistent with a supply-side view of capital structure, we find that asset redeployability is a main driver of leverage when credit frictions are high.

Marketing assets are a source of competitive advantage for hospitality and tourism companies and an essential driver of their performance. The concept of marketing assets is conceptualized as intellectual assets, physical or tangible assets, and cultural or intangible assets. Using six studies, we illustrate the reliability and validity of the data used. Constructed on a resource-based view, we identify the key communication aspect of marketing capability and its components (i.e. market sensing, customer relationship, corporate/brand identity management, design/innovation management, performance management, as well as communication/social media capability). Marketing assets and competences affect marketing capability; however, gender and age also impact the research constructs.

Rural tourism has developed in the recent years due to the desire of people to return to their roots and to connect more to nature, away from the crowdedness of the city. Moreover, the fact that a lot of entrepreneurs tend to develop their business in the rural area has led to an extension of rural services and products. The growth of tourists' interest for visiting rural areas encouraged the residents of inland villages to the new development and new entrepreneurial orientation-tourism. Regardless of the rural area or the country where the rural tourism is practiced, the rural tourist profile tends to have a series of common elements. These include the desire to escape from the city and to integrate into the rural life from the village, the desire to relax, the desire to spend free time with family or any other person in a natural setting and not least, the desire to know the culture of the rural space, with all that it entails. In Romania the rural tourist bases its consumption decision on the intangible and tangible assets that can represent a heritage to be explored, mainly in the perspective of untouched and well-preserved traditions at which one can assist. As a result, the tourist who visits these places is supposed to be eager to know the Romanian traditions, to participate in an active way in the life of the village, as it is lived by the members of the community and to enjoy beautiful scenery. So, the purpose of the paper is to analyze the rural consumption decision, the factors that can influence it and to recognize some general tourism models that can be applied in rural area.

Water resource asset (WRA) accounting holds great importance in ecological civilization construction. Existing WRA accounting methods heavily rely on statistical data, resulting in issues such as missing and inaccessible data. Moreover, they only consider the value brought by the physical resources, such as water quantity and quality, while neglecting the value brought by the ecological functions. Therefore, by fully exploiting the rapid, objective, and efficient advantages of remote sensing (RS) in monitoring surface objects, this article develops a surface WRA (SWRA) accounting method based on multi-source RS data. First, a representation model is innovatively proposed, with full consideration of the ecological service functions offered by water resources. Specifically, the SWRAs are represented by two parts: tangible and intangible assets. The tangible asset refers to the quantifiable stock of water resources. Surface water volume is adopted as the indicator for tangible assets in this article. The intangible asset, which primarily embodies the ecological service functions provided by water resources, encompasses five major categories: flood regulation, carbon fixation, oxygen release, water purification, and water conservation. Furthermore, due to different units, the total amounts cannot be summed or compared directly. Therefore, this article utilizes price tools to convert SWRAs into price value, ultimately achieving SWRA accounting. The established method was tested in Miyun, Beijing, China, from 2013 to 2023. The findings demonstrate that the SWRA value reached its peak in 2023, amounting to 56,9368.6 × 1 0 4 yuan, while it had its lowest point in 2014, standing at 14,7402.7 × 1 0 4 yuan. The experimental results indicate that the proposed method can quickly provide the SWRA values for many years, offering a methodological foundation for SWRA asset auditing and enhancing the timeliness of the auditing work.

This paper investigates how trading frictions vary with the thickness of the asset market by examining patterns of asset allocations and prices in commercial aircraft markets. The empirical analysis indicates that assets with a thinner market are less liquid—i.e., more difficult to sell. Thus, firms hold on longer to them amid profitability shocks. Hence, when markets for assets are thin, firms' average productivity and capacity utilization are lower, and the dispersions of productivity and of capacity utilization are higher. In turn, prices of assets with a thin market are lower and have a higher dispersion.

The realization of business activities is carried out by agricultural firms using available assets. Assets can be tangible and intangible. Theoretical and practical experiences show that these two types of assets affect firm value, create a competitive advantage, are a significant driver of productivity growth, and a key factor for the firm’s survival in crisis. The paper aims to analyze the contribution of visible intangible assets efficiency and tangible assets efficiency to the business performance of agricultural firms, monitored through labor productivity, profitability, and firm growth. The sample consists of 42 agricultural firms that operated in 2023 in Serbia. A regression model was used to test the hypotheses. The results prove the contribution of visible intangible assets efficiency and tangible assets efficiency to the productivity of agricultural firms. At the same time, the influence of these variables on firm growth and profitability was absent.

PurposeThe study aims to assess the relative impact of intellectual capital (IC) as opposed to tangible assets on profitability and employee performance in hotels in Serbia before and during the coronavirus disease 2019 (COVID-19) pandemic.Design/methodology/approachThe current study was undertaken in 2019, the year before COVID-19, and 2020, the year of COVID-19's major impact. This study utilizes the Value-Added Intellectual Coefficient (VAIC) as a measure of efficient use of IC. Financial data were collected from 163 hotels in Serbia. Structural equation modeling (SEM) was used to test the proposed hypotheses.FindingsThe results revealed that IC was a relevant factor for both profitability and employee performance before and during the COVID-19. However, the study reveals a negative moderating effect of tangible capital efficiency (TCE), meaning that with the increase of TCE, the relationship between IC and performance becomes weaker.Research limitations/implicationsThe main limitation of the study is rooted in VAIC's ability to fully incorporate all elements of IC, leaving the relational capital out.Practical implicationsTo achieve better performance, hotel management should direct resources more towards IC and less toward tangible assets, which implies doing more with less.Originality/valueThe results indicate the importance of IC in a period of crisis for the industry and economy that are not recognized as knowledge intensive. To the best of the authors' knowledge, no other study has attempted to assess the relative contribution of tangible assets and IC before and during the COVID-19 pandemic.

[Display omitted] Underlying mechanism between market-based assets and firm value (Srivastava, Shervani, and Fahey 1998). •Investors respond to franchisors’ ownership structure and investment emphasis.•We assess the impact of these two strategic decisions on stock returns and risks.•A higher proportion of franchised units has lower stock returns and risk.•The emphasis on intangible assets investment has higher stock returns and risk.•The interaction between two decisions exists when firms franchise internationally. Franchisors seek to maximize firm value by managing investments both in tangible and intangible assets and in the mix of company and franchised outlets, yet little is known about how investors respond to shifts in these strategic decisions. Our goal is to assess the impact of these decisions on shareholder value within franchise systems through panel-data models. Specifically, we provide evidence on how investors in publicly traded franchises evaluate both the ownership structure and the strategic investment emphasis between intangible assets (e.g., brand) and tangible assets (e.g., plant and property). We find that an increase in the proportion of franchised units is negatively associated both with stock returns and idiosyncratic risk. In contrast, an increase in the emphasis on strategic investments in intangible assets is positively associated both with stock returns and idiosyncratic risk. Moreover, strategic investment emphasis moderates the strength of the effect of franchise ownership structure when firms franchise internationally. Overall, this research provides a novel empirical examination of franchising economics and has managerial implications for franchised channel structure.