Emotional Intelligence Academic Achievement Motivation Among Adolescents Education Essay

Passionate Intelligence Academic Achievement Motivation Among Adolescents Education Essay The current paper is an endeavor to look at connection between passionate knowledge and scholarly accomplishment inspiration. It likewise examines the enthusiastic insight of understudies with high, normal and low scholastic accomplishment inspiration. Test for the examination incorporates 105 understudies (48 young men and 57 young ladies) of class XII of Patna. The information were dissected with the assistance of item second coefficients of connection. The discoveries of the examination uncover positive connection between enthusiastic knowledge and scholastic accomplishment inspiration. The examination additionally uncovers that understudies with high, normal and low scholastic accomplishment inspiration vary from each other on enthusiastic insight. Catchphrases: Emotional insight, Academic accomplishment inspiration. ______________________________________________________________________________ Presentation The quick advancement of the time is moving the youths to confront the influx of globalization. Along these lines, the capacity to control the feelings has gotten significant for not diverted by the progression of negative and insidiousness components. A high passionate knowledge assists with keeping up a condition of concordance in oneself lastly be progressively self-assured in managing the difficulties of making the most of every opportunity in instructive organizations. Enthusiastic Intelligence is a cross-segment of interrelated passionate and social capabilities, abilities and facilitators that decide how successfully we comprehend and communicate, get others and relate with them, and adapt to every day requests and weights (Bar-On, 2006). It is that piece of the human soul which spurs us to perform, which gives us vitality to exhibit practices, for example, deliberateness, perseverance, inventiveness, motivation control, social deftness, empathy, instinct and trustworthiness ( Kapp, 2002). Lam and Kirby (2002) are of the assessment that passionate knowledge includes seeing, comprehension, and directing feelings. High passionate knowledge can add to an understudy in the learning procedure (Goleman, 1996; Elias, Ubriaco, Reese et al., 1992, Svetlana, 2007). Understudies low on enthusiastic insight may discover disappointment progressively hard to manage, which sabotages their scholastic inspiration (Drago, 2004). Scholastic inspiration is characterized as eagerness for scholarly accomplishment which includes how much understudies have certain particular conduct attributes identified with inspiration (Hwang et al, 2002). It is the direction to the activities which is essential to urge with the ideal gauges. Goc (2010) has expressed the variables influencing students㠢㠢‚⠬㠢„â ¢ accomplishment inspiration as; viability of the instructor, companions, the people disposition towards school, understudies discernments about their own capacities, past encounters (constructive or antagonistic), the significance given to the understudies achievement, guardians approaches towards th eir youngsters and school. For a long time instructors, experts and the open the same have been concentrating on the scholarly accomplishment of people. Previously, saw psychological potential, more than some other factor has been viewed as an indicator of scholastic accomplishment. It has, be that as it may, been built up that in spite of an individual having the scholarly potential to prevail at organizations of advanced education, he/she may encounter trouble managing intense subject matters, have helpless connections, and be ineffectual in his/her dynamic (Goleman,1995). These perceptions, among others, have prompted the acknowledgment that people from changing populaces may require more than scholarly capacities to exist and flourish scholastically. All understudies experience dissatisfaction and inability to accomplish their objectives. They rely upon the quality of backbone to control their negative considerations and emotions. In the event that they can control feelings, they will accomplish the scholarly objectives also (Dweck, 1996). Finnegan (1998) contended that school should assist understudies with learning the capacities basic the enthusiastic insight. This he accepts could prompt accomplishment from formal instruction long stretches of the kid. In like manner, Abisamra (2000) announced that there is a positive connection between passionate insight and scholarly accomplishment. He in this manner campaigned for incorporation of passionate knowledge in the schools㠢㠢‚⠬㠢„â ¢ educational programs. Parker et al (2004) in their examination found that exceptionally effective understudies scored higher than the fruitless gathering on enthusiastic insight. In a similar vein, Low and Nelson (2004) reveale d that enthusiastic insight aptitudes are key variables in the scholastic accomplishment and test execution of secondary school and undergrads separately. An examination directed by Rode et al (2007) anticipated that passionate knowledge was identified with scholastic execution for two reasons. To start with, scholastic execution includes a lot of equivocalness. Second, lion's share of scholarly work is self-coordinated, requiring elevated levels of self-administration. In this manner, people with high passionate knowledge would perform better scholastically. Correspondingly, an examination led on kids matured 4 years found that controlling the driving forces of activity have demonstrated their capacity in accomplishing great scholarly and great social aptitudes when they are in their youthfulness (Shoda, Mischel, and Peake, 1990). Commitment of enthusiastic administration to scholastic execution was likewise bolstered by research done by MacCann et al (2011). The outcomes propose t hat better instructive results may be accomplished by focusing on abilities identifying with feeling the executives and issue centered adapting. Svetlana (2007) recommends the need to consolidate passionate knowledge preparing into optional training educational plans, because of a huge connection between enthusiastic insight and scholastic accomplishment. The goal of this examination was to inspect the connection between enthusiastic insight (EI) and scholastic accomplishment inspiration among youths. Meager examination exists on the relationship of enthusiastic knowledge and scholarly accomplishment inspiration in India. There are two significant purposes behind this. To begin with, the passionate knowledge [EI] build is moderately new (Mayer Salovey, 1990). Second, an era of exploration on general insight and psychological execution has eclipsed the job of non-subjective EI factors that may impact scholarly accomplishment. This has prompted an agreement among instructors that subjective variables, similar to high scores on insight tests, anticipate understudy execution in school (Jensen, 1998). However, numerous understudies despite everything neglect to satisfy their actual potential notwithstanding their IQ or past scholarly execution. On the other hand, some understudies with fair evaluations have figured out how to finish a scho ol or college training. Both of these models recommend that different variables, explicitly non-subjective EI factors, might be grinding away. Fundamentally, the significance of enthusiastic insight on scholastic accomplishment inspiration has been seen as noteworthy. In any case, and despite the examinations looked into, there is as yet a need to additionally explore the relationship of enthusiastic knowledge to scholastic accomplishment inspiration most particularly in nation like India, where most scientists are yet to show enthusiasm for the develop. Examinations that address the interrelatedness of passionate insight and components of scholarly accomplishment at foundations of advanced education will fortify the connections between these builds. The examination discoveries may likewise bolster the need to join passionate knowledge educational plan into school scholastic projects. Targets: The destinations of the investigation were- 1. To examine the connection between enthusiastic insight and scholastic accomplishment motivation.* 2. To examine enthusiastic insight of understudies with high, normal and low scholarly accomplishment motivation.* System: The example for the current investigation comprised of 105 class XII understudies. Out of which 48 were young men and 57 were young ladies. Basic irregular testing procedure was received to choose the example. Scholarly Achievement Motivation Test of Dr. T. R. Sharma and Emotional Intelligence Inventory by Dr. S. K. Mangal and Mrs. Shubra Mangal were utilized as instruments for the examination. High, normal and low gatherings of scholarly accomplishment inspiration were defined based on the standards set by the Academic Achievement Motivation Test of Dr. T. R. Sharma. Item second coefficients of relationship were figured for the examination of the information. RESULTS AND DISCUSSION TABLE 1 Estimations OF COEFFICIENTS OF CORRELATION BETWEEN EMOTIONAL INTELLIGENCE AND ACADEMIC ACHIEVEMENT MOTIVATION Gatherings Test Size (N) Relationship Coefficient (r) Complete 105 0.275 Young men 48 0.225 Young ladies 57 0.344 Scrutiny of Table 1 shows that the estimations of coefficient of connection between's passionate knowledge and scholastic accomplishment inspiration for all out example, young men and young ladies are .275, .225 and .344 individually. It implies that there is low positive connection between's passionate knowledge and scholarly accomplishment inspiration among absolute example and the two young men and young ladies. It might be because of the explanation that as they are better roused to deal with, oversee and control their feelings, their scholarly accomplishment inspiration likewise increments. The above discovering draws support from the discoveries of Mahyuddin, Elias and Noordin (2009). They likewise discovered huge relationship among's EQ and scholarly accomplishment inspiration. In any case, Bissessar (2008) and Drago (2004) found no connection between passionate insight and characteristic inspiration and accomplishment inspiration separately. * This goal was accomplished regarding all out example, young men and young ladies independently. TABLE 2 LEVEL WISE VALUES OF COEFFICIENTS OF CORRELATION BETWEEN EMOTIONAL INTELLIGENCE AND ACADEMIC ACHIEVEMENT MOTIVATION Gatherings Level of Academic Achievement Motivation Test Size (N) Relationship C

popular mechanics essays

well known mechanics expositions Well known Mechanics: Why Less Allows More Typically a story starts with a composition, which presents the characters, setting and plot. In the short story Popular Mechanics by Raymond Carver, the work is barred. The story starts with a short ascent in real life, moves rapidly to the peak and absolutely precludes the goals. Carver utilizes third individual target portrayal to uncover the activities and the exchange between a man and a lady. The storyteller gives next to no graphic subtleties, never uncovering the characters considerations or their inspiration. This permits the peruser the opportunity to decipher and build up their own assessments of the setting, plot, and characters of the story. This likewise animates the peruser to be a functioning peruser to consider what is perused, to pose inquiries, and to react to the writers style of composing. Right off the bat, the storyteller gives little detail all through the entire story. The best measure of detail is given in the prima ry section where the storyteller depicts the climate. This portrayal establishes the pace and temperament of the occasions that follow. Giving the feeling that a cool, wet, hopeless night was in Keen 2 the creation. In any case, it was getting dull within as well (265), this hinting uncovers that not exclusively was the day reaching a conclusion, however something different was going to end. Carver departs further advancement of the setting to the creative mind of the peruser. It could happen at whatever century or in any city, state, or nation. There have been male-female connections since the get-go, in each side of the world. The story is all inclusive and immortal. This absence of detail permits perusers to build up a setting that fits with their way of life. Furthermore, there isn't a conspicuous piece to give the peruser careful data with respect to who, what, where, when or why. On the underlying perusing of the story the plot gives off an impression of being, essentially, ab out a man and lady in struggle over a... <!

Short Answers to Questions on providing nursing care for clients

Short Answers to Questions on giving nursing care to customers Treatment gave to oversee torment and ease enduring experienced by an individual passing on. Palliative consideration is an interesting second in life where accentuation is on the excursion not the predetermination. In receiving an all encompassing way to deal with care practice the medical attendant can bolster the pith of the person by guaranteeing their solace and needs are met inside a situation helpful for phases of end of life living. (Harris, Nagy Vardaxis 2006, p.1274). b) How does the act of palliative consideration vary from intense consideration for the nursing staff? In spite of the fact that passing happens in the two practices, desires for the customer by the nursing staff would be altogether diminished in palliative consideration as the body is in a dynamic degenerative state in opposition to the intense setting where increments in body capacities show recuperation and assist release (Harris, Nagy Vardaxis 2006, p.28 p.1274). c) What moral issues may staff face while working in a palliative setting? Logical inconsistencies of guiding principle, characterizing and isolating individual suspicions and expert improvement of nursing staff would be ceaselessly tested in a palliative setting. Legislative issues, worldwide financial matters and hierarchical limitations would likewise encroach on moral issues looked by staff (Johnstone 2006, pp. 130-134). d) What individual consideration procedures may medical caretakers need to utilize to assist them with managing the one of a kind stresses identified with working in palliative consideration? Systems to diminish pressure incorporate customary physical exercise, upkeep of a nourishing eating plan, individual cleanliness and routine rest designs yet move work is problematic. Recognize self-esteem either by enjoying a standard extravagance or individual break. Take part in lamenting, group de-instructions and despondency guiding. Understanding human quirks and keeping up a comical inclination can improve adapting aptitudes required to manage pressure (McMurray 2005, p.101). e) How can intelligent practice be good for medical attendants in the palliative consideration settings? Observational aptitudes are elevated when deliberately mindful of condition and subjectivity can expand the capacity to improve results by control. Reflection takes into consideration self and procedural assessment and advances strength. Involvement with the clinical consideration setting consolidates hypothesis with useful information which can expand methods for dealing with stress required by the medical caretaker to develop and adjust to ceaseless change (Usher Holmes 2006, pp. 100-105). Q 2 a) List three pathophysiological changes that you may watch while thinking about a customer in the last scarcely any weeks or long periods of life care? Three changes that might be seen in end life care incorporate; Anorexia-loss of hunger, Akinesia-nonappearance of development and Atrophy-decline in muscle and weight (Porth 2005, p.1501). b) How do palliative ailments, for example, malignancy influence a people capacity to perform ADLs? The nearness of sickness, maintenance of synthetic treatment, controlled prescription all intensify interminable exhaustion distancing mind from body expanding dissatisfaction borne from the failure to perform exercises of every day living. At all phases of malady the body is battling to repay sustaining weakness empowering foundational changes that can't be controlled to resound all through the framework. One model would be the powerlessness to swallow brought about by either check or medicine influencing breath and hunger, making synthetic awkward nature in the stomach and along the gastrointestinal tract with further confusions bringing about the entrail (Tollefson 2005, pp. 908-911) (Mott 2005, pp. 1379-1380.) c) What mediations as well as gear might be utilized to help palliative customers to perform ADLs? Gear may incorporate edges, walkers, lifters, trapeze bars, thickeners in liquids, pureed nourishment, prompts with ablutions and schedules. Empower progression in care by giving brief propensities in documentation and correspondence with all staff individuals. Nonstop appraisal to distinguish agony, side effects and recuperation times following effort will help the attendant in instructing and supporting customer misfortunes and make practical choices to oversee ADLs while empowering customer self-governance. (Mott 2005, pp. 1385-1396). d) How do palliative customers hydration and healthful needs contrast from intense customers especially during end of life care? Nourishment and hydration needs of the palliative customer change as the impacts of tension, melancholy and pointlessness of malady progress. Decrease in the bodys need and resistance for nourishment and hydration which eventuates to mouth swabs and ice chips is aggravated by persistent bed rest, prescription and stability, further impairing the bodys capacity to discharge hormones required to direct and adjust homeostasis and maintain a strategic distance from organ disappointment. By and large with intense consideration customers, the body is equipped for remunerating single organ disappointment by interceding with fitting reactions. Mediations by the body remember preparation of body safeguards and an expansion for digestion which requires an equalization of nourishment and hydration to advance recuperating (Tollefson 2005, pp. 1245-1252). Q 3 Case Study Mr Klamic a) What might be the advantages of offering a misery advocate to Mr. Klamic and his family? Specific advantages of offering misery directing is that it can permit all relatives to address uncertain issues of baffle and hatred related with misfortune. A pain advocate enables the family to comprehend the procedures required by investigating methods for dealing with stress, fortifying relational abilities, and framing loyalties (Griffiths Crookes 2006, pp. 185-189). b) What might be the advantages of talking about the profound and social parts of Mr. Klamics care with Mr. Klamic and his family. Acknowledgment and comprehension of explicit social needs by the medical attendant will energize a restorative relationship with the customer and his family which will encourage in fitting consideration for Mr. Klamic. Advancing consideration can engage the family to effectively take part in care. A case of advantages in regards to examining profound requirements would be ceremonies related with religion as in the organization of Holy Communion and Last Rites (Omeri 2006, pp. 277-280). c) Discuss the lamenting procedure and how it may vary for every one of the gatherings in question, Mr. Klamic, his better half and kids. Experience related with the progress of passing on and demise is one of a kind and the effect on the enduring relatives should be recognized and tended to. Despite the fact that Mr Klamics youngsters not, at this point live at home, the family structure is broken, elements inside the family will move, social changes may happen as view of job throughout everyday life, become uprooted (Mooney 2005, pp. 559-568). d) What critical others or network administrations could the attendant access for help in the lamenting procedure for Mr. Klamic and his family. Network bolster administrations could incorporate, a senior individual from the families strict alliance which would offer peaceful consideration, Polish affiliations additionally offer help with individuals chipping in their opportunity to kinship visits, rest for relatives, Centrelink money related help, Family Services can prompt on government helped burial service plans, Domicillary help with house, nursery and shopping (SA Community Connecting Up Australia 2009, site). e) Why is it essential to consider language hindrances when data should be talked about with a customer and their family? Customer secrecy requires medicinally prepared human services interpreters be named when there is a language hindrance. Educated assent depends on the comprehension of clinical data got by the customer and their family. Different obstructions that should be considered with language hindrances are friends and family ensuring customer or disavowal by customer, social and strict convictions, individual or potentially personal stakes by different gatherings (Dowd, Eckermann Jeffs 2005, pp. 131-137). f) How does torment the board in the palliative setting contrast from in the intense setting? The objective in palliative consideration is to comfort and ease while the spotlight in intense consideration is on restoration but torment the board is at last coordinated by the assessment of the Doctors will. Overseeing torment with the palliative customer requires organization earlier, to forestall increments in affliction. Timing of organization when directed properly may decrease measurement required for nonstop torment control. By and large in intense consideration beginning forceful torment the executives is required to animate the body, inciting mending forms. Expanded homeostasis empowers portability of the body which is helpful in lessening torment the board as the customers body benefits to methodologies actualized (Tollefson 2005, pp. 1188-1189). g) Other than Opioid use what different procedures might be utilized to oversee Mr. Klamics torment? All types of diversional treatment warrant examination and utilization of if customer is pleasing. Straightforward procedures of holding a hand, giving a delicate embrace, tuning in, support in a talk or discussion important to customer, empower journaling-composed or taped, stir enthusiasm for unexplored prospects. Start changes to condition so the customer can retain and appreciate the seasons or a trip outside in the components. Back rub, fragrance, representation and music treatment, are choices that might be offered to Mr. Klamic to build his solace. Rules for executing treatments will most likely change between associations, earlier reference to approaches and system is suggested (Taylor 2005, pp. 896-900). h) Other than understanding proclamations, what are a portion of the perceptions and evaluation medical attendants may use to measure a patients torment level? Normal evaluation of imperative signs, profound trouble watery eyes, paleness of the skin, granulating of teeth, recoiling and gripping of limits, inconsistencies in breathing , powerlessness to discover solace or comfort and fetal twisting. Tuning in to and enquiring with relatives of recognizable torment. Diminish outer aggravations and monito

Tips on Writing a Personal Essay For College

<h1>Tips on Writing a Personal Essay For College</h1><p>You've gone through years building up your expositions, presently you are preparing to compose an individual article for school. How might you be certain that the exposition you will compose will be one that will hang out according to your instructor?</p><p></p><p>First, it's imperative to recollect that while composing a short article can be a simple method to make an incredible bit of composing, it despite everything should be painstakingly created to have the option to intrigue the class. Consequently, it's essential to plunk down and design your exposition. Work out precisely what your theme is, to what extent it will be, and why you need to compose it.</p><p></p><p>Now, in the event that you realize what your point will be, it will assist you with centering better when composing your article. That is on the grounds that you can see where you should cut around points that don't fit with the remainder of the essay.</p><p></p><p>Next, when you plunk down to compose your exposition, it's essential to design out its fundamentals. Go over what you're going to cover, what parts of the article you'll have to concentrate on, and what will be the style of the paper. Obviously, when you plunk down to compose an exposition you have to get the inclination that you are composing, however you would prefer not to go overboard.</p><p></p><p>Once you have a particular point at the top of the priority list, you have to get the entirety of your thoughts down. Consider how you will structure the paper, how you are going to separate it into littler areas, and how you are going to structure each segment. It's likewise essential to remember that each piece of the exposition ought to have the option to remain all alone and not be overwhelming.</p><p></p><p>Finally, you have to choose which kind of article you need to compose. You can utilize various kinds of articles, including research based, account, influential, and assessment. Utilize these various sorts of papers to figure out which one best accommodates your needs.</p><p></p><p>The last tip on composing an individual exposition for school is to ensure that your thought is one that you can be glad for. Try not to mislead yourself by saying 'I'll compose it since I need to.'</p><p></p><p>You don't have to abandon your composition in the event that you have a feeling that you probably won't be equipped for composing an individual article for school. With some training and cautious arranging, you can allow yourself to become famous as an extraordinary writer.</p>

A Secret Weapon for Critical Reflection Example Essay

<h1> A Secret Weapon for Critical Reflection Example Essay </h1> <p>Now you have a thought of the best approach to compose this sort of article, underneath are some intelligent paper to give you thoughts. The paper isn't the most straightforward errand to ace. Self intelligent article don't request a lot of exploration, for example, other kind of examination. For the most part, composing an intelligent exposition doesn't vary from some other kind of paper. </p> <p>Write down all that you can use as the structure of your forthcoming paper. With the exception of the essential bits of your intelligent article, there are a couple of different fundamentals to take a gander at. Try not to be worried about the prologue to intelligent article pieces in the beginning. </p> <h2> The New Fuss About Critical Reflection Example Essay</h2> <p>A very elevated level depiction is that Reflection empowers you to get information about a particular class object, and furthermore allows you to control that data. Reflection is the capacity to look at and change the conduct and structure of a class powerfully. It is key for nursing experts not just in light of the fact that they will give the most ideal consideration yet additionally for the medical caretakers own significant serenity so they can have an incredible equalization in their home and work spaces. </p> <p>You probably won't realize how to make an awesome reflect ion paper since you have not had enough experience keeping in touch with them. It might be difficult to compose such an exposition for the absolute first time. Something which make an intelligent paper unique in relation to a few different types of article is that it's centered around your very own bits of knowledge or your opinion of something. You will be given a piece to peruse or view, or you'll be engaged with a field understanding, after which you be mentioned to think about it in an article or paper. </p> <p>Sometimes, you may be feeling the loss of some extraordinary recommendations for your intelligent exposition subjects. The assessments of others could be utilized to fortify the spot of the exposition yet shouldn't be depended on only. While choosing the title, the specific subject must be uncovered in detail. You ought to be capable in the theme, have a general thought regarding the picked issue and can get the best contentions to exhibit your proposition. </p> <h2> Critical Reflection Example Essay Ideas</h2> <p>You will be ready to gain the master howl you need as you build up your own abilities. As such a basic hypothesis, intelligent practice is among the most significant bits of contemporary social work and is the chief methods by which any social specialist can improve his general execution. You should be in a situation to reflect inside and endeavor to know the genuine premise of a thing or an article. Set forth plainly, it's the activity of w orking something out of your own point of view and impression of the things that you're generally mindful of. </p> <p>Along with that, also, there are a great deal of strategies on how one could communicate an assessment through composition. On the other side, it's named as irrelevant or insignificant. Regardless of whether you're using up all available time, you should verify that the model you will use as an establishment for your article is smarter to follow. Knowing the area where you can find an awesome model will drive you to really have a sense of security and certain. </p> <p>First off you need to manage the reflection viewpoint cautiously. Remember, that basic reflection is a progressing game-plan. It's basic to take note of that reflection explicitly applies to objects so you require an object of a class to obtain data for that particular class. A reflection is making up a picture that imparts qualities to the genuine article. </p> <p>Reflection is then the ability to make adjustments at runtime by exploiting reflection. It is a significant piece of learning. It is the normal methodology of famework. It is viewed as a propelled procedure, and can be very amazing when utilized effectively. </p> <h2>The Argument About Critical Reflection Example Essay </h2> <p>Therefore, utilizing reflection might be an extraordinary thought once your program's code is a helpful gracefully of data. The previously mentioned code models shows a little arrangement of capacities provided by Java reflection. Your code will get more earnestly to troubleshoot. It gets more earnestly to comprehend. </p>

Free Essay Writing Tips

<h1>Free Essay Writing Tips</h1><p>Are you pondering where to get great article composing tips? You can locate a mess of them on the web. Some of them are free, while others you need to pay for.</p><p></p><p>If you're similar to me, you may not know precisely what you need to state in your exposition. Regardless of whether you do, you're likely not certain how to write it down. That is the reason I'm going to give you some free composing tips. Here they are:</p><p></p><p>o Good exposition composing tips are not just for understudies. You may not understand this yet you likewise need to think of one for yourself at any rate once in your life. All things considered, you have a story to advise or a statement to utilize or an article to compose. Along these lines, when you finish it, you'll certainly have gotten the hang of something significant and will be better outfitted to manage whatever comes your way.</p><p ></p><p>o Writing doesn't need to be recorded. While composing for individuals may seem like a decent thought, the main time you can truly have a fabulous time is the point at which you are communicating your emotions and you can communicate your considerations obviously without being compelled to compose something in dark and white.</p><p></p><p>o Remember, you may not get everything right, except you can never be excessively cautious. In some cases it assists with flopping quicker than you can get it right.</p><p></p><p>o The main thing to recollect is that you may not generally get things right. The best activity when something turns out badly is to attempt once more. In some cases a progressively point by point thought can have the effect among progress and failure.</p><p></p><p>After perusing this article, you may think you've discovered some simple paper composing tips. I wish you karma with composing your next paper.</p>

Sample Expository Essay About Students

<h1>Sample Expository Essay About Students</h1><p>Sample Expository Essay about Students gives understanding on the benefits of composing on test related themes, and gives tips and rules to understudies to compose and investigate powerful papers. The article examines the four fundamental strides to a successful paper; compose the primary passage, show thinking, exploration, and develop or form a contention, and afterward update and alter. This example shows instances of the best expositions to compose and can be used by understudies to help in the making of the best essays.</p><p></p><p>Second passage. The subsequent passage is the segment of the paper that traces the primary concerns of the contention and the individual message of the exposition. The paper can be composed basically or confused relying upon the crowd and the prerequisite of the article. A paper that can be written in a couple of sentences ought not be excessively long and oug ht to be consistent and composed to manage perusers in the right direction.</p><p></p><p>A single sentence is adequate to make a contention however the length of the exposition ought to be directed by the article objective. The substance of the article ought to have the option to investigate the general subject of the exposition and make the peruser effectively comprehend and grasp the essay.</p><p></p><p>Research - Consider your crowd and the subject of the paper and begin exploring. The exploration includes the means of examination on the subject, gathering the important data about the point, and investigating the references expected to help the contention of the essay.</p><p></p><p>In expansion to your examination, take an away from of the theme and give subtleties on the occasions or contentions you are composing on. This is the method of editing and ought to be well practiced.</p><p></p>&l t;p>Construct or form a contention - the third step of composing an exposition, is to make or make a contention that will bolster the central matter of the article. The goal of this progression is to express the central matters that you are supporting and show the validity of your sentiment. The contentions ought to be founded on research, accessible realities, and significant experience.</p><p></p><p>The diagram the focuses is a rundown of your contention and ought not be excessively long. The passage that follows the contention is the finish of the paper and the last segment that ought to be research on the data that bolsters the argument.</p>

Check Out a List of Essay Topics For Hunter College High School Admissions Exam

<h1>Check Out a List of Essay Topics For Hunter College High School Admissions Exam</h1><p>The rundown of exposition subjects for Hunter College High School Admissions Exam is one of the most significant pieces of your article. Try not to go over the top when you take a gander at a rundown. There are approaches to trim it with the goal that the substance is intriguing and useful and yet they are anything but difficult to peruse. Let us discover what should be cut and how we can cut it without relinquishing its content.</p><p></p><p>The first thing that you have to take a gander at when you choose to take a gander at a rundown of paper subjects for Hunter College High School Admissions Exam is the means by which huge the rundown is. You ought to pick points that intrigue you and yet don't exhaust you. In any case, there are a few subjects that ought to be discussed significantly more than the others. Thusly, you have to have a rundown which ha s a greater assortment of points than the others.</p><p></p><p>The next thing you have to do is to check whether there are any subjects that you have to overlook when you pick Hunter College High School Admission Essay themes for your school application. In the event that you have a rundown with in excess of eight subjects, don't spare a moment to go for the rundown which has at any rate twelve subjects or less. In any case, ensure that you likewise have a rundown with less subjects on the off chance that you can't bear to skirt any topic.</p><p></p><p>Another thing that you have to check is in the event that you have to lessen your evaluation guide normal all together toward increment your odds of getting conceded. On the off chance that you do, at that point you need to consider whether it is the opportune time to do as such. In the event that you are uncertain about whether it is the opportune time to diminish your GPA, at that poin t go for the prior one. Notwithstanding, you likewise need to check in the event that you need to decrease your GPA by making changes in your scholarly life.</p><p></p><p>Finally, on the off chance that you have just done as such and have diminished your GPA by rolling out certain improvements in your scholastic life, you have to consider whether you have to bring it up in request to get conceded. If so, at that point ensure that you check your evaluation point normal against the evaluation point normal of different understudies who didn't roll out any improvements in their scholastic life. In the event that you have An in the past subject, at that point you have just made a decent start.</p><p></p><p>As you see, the rundown of paper themes for Hunter College High School Admissions Exam is one of the most significant pieces of your article. Try not to be in a rush to overcome it. So check the rundown first before you look at whether yo u truly need to trim it.</p><p></p><p>Remember that the rundown of article points for Hunter College High School Admissions Exam has an inseparable tie to getting a confirmation. In the event that you choose to let it all out, at that point you ought to pick subjects which are fascinating and useful and yet don't exhaust you.</p>

Good Tips For Writing Excellent Spanish Culture Essays

Good Tips For Writing Excellent Spanish Culture EssaysThere are many interesting and well-written Spanish culture essays, but you can't expect to write one on all of them. And writing about everything is just a waste of time. Some topics in Spanish culture essays are quite obvious or widely discussed. Other topics are more complex, which makes it even more important that you think through and get your point across correctly.You'll have a better understanding of what makes a good topic for a Spanish culture essay topics by reading some successful essays. As an example, try not to forget that even the words 'naturally'essentially' need to be qualified, because they can be used as nouns or adjectives. For example, 'Tenerife'Tenerife Island' is different.Some other good tips for Spanish culture essay topics include including specific facts, not generalizations. Think of your essay as the beginning of a conversation. The best ideas should start with something like this: 'In order to truly understand how we have come to be where we are now, we must first look back and see what has changed in our history.' This goes for the ancient Greeks, the Crusades, and everything else that shaped the world we live in today. Just because you're writing about these subjects, it doesn't mean you can't take a lesson from them.Religion is a very important subject to cover, so make sure you write about it well. First, though, you must understand why certain religions are important. Know their origin, and find out if you can explain why some people don't believe in the Catholic Church or some other religion, while others do.As a side note, Spanish culture essay topics aren't limited to 'culture.' They can include anything from 'truth,' to 'inspiration,' to 'life's meaning.' Don't be afraid to be a little controversial. I like to compare the American Dream to a Spanish sun, and then ask the reader to follow this idea.Sometimes Spanish culture essay topics just need to be about things tha t happened in our history. You should research Spanish, Latin American history, geography, literature, religion, and so on, to know the history behind them. Make sure you are well-versed in these subjects, because knowledge is powerful stuff.Try to avoid a topic that has been used to attack another country, but do not allow yourself to fall victim to that either. When I am asked to write a historical essay, I always try to find something different to say. At least, I try not to go there.In summary, Spanish culture essay topics are quite varied, depending on what you want to cover. But you must put in the effort, because you won't get far without doing your homework.

Research Paper Topics That Is Exciting

Research Paper Topics That Is ExcitingResearch papers that interest you should be of the most interesting research paper topics. It should tell something about yourself and your interests. These are some research paper topics to get you started on your journey to the most interesting research paper topics that you can write. While we are not going to tell you what you should write about, this list should provide you with a few ideas of things that you might want to investigate further.There are many online research paper topics that you can consider. Your goal is to select topics that you feel comfortable with. Once you find topics that you like, do a little research to find out if they are appropriate for you. There are also a few companies that offer this service.Writing an essay is not the same as writing a book. You may find it helpful to find a professor or teacher to give you some feedback before you begin writing. Be careful though, sometimes a teacher or professor will write something that is better for you to avoid. The majority of professors will let you know when you need to change your work and when you are on the right track.Before you begin to write, sit down and think about what your topic is going to be about and how it relates to your subject matter. Do you have a specific topic in mind? If so, go ahead and write your paper. If you do not have a specific topic, start by thinking about who you would like to read your paper.When you begin your research on some of the most interesting research paper topics, consider other areas that you have an interest in. Although this is just for fun, you will find that there are some topics that are only interesting to you. For example, you may be interested in any topic that interests you, but would not be related to what you are doing as a researcher. For example, you may be more interested in reading about animals than dinosaurs.Write the paper as if you were just researching for your future job application . Many companies that offer these services will accept paper samples in lieu of your actual application. You may find that they even accept those samples in lieu of your research paper. This gives you an idea of what a typical project would be like and what you would have to include in your paper.As you look for the most important research paper topics that you can write, be sure to check out your local library. They should have a variety of books that can help you write your paper. You may also want to check with a college professor to see if they have books that you can borrow to use while you are writing your paper.You should find that the most interesting research paper topics are those that you have an interest in. Your professor will be able to help you write your paper on topics that are interesting to you. Also, you will be able to determine if there are any topics that you have never considered that you can add to your research paper as a future topic for your future school work.

Taux dImposition Effectif - Free Essay Example

Ralit de limposition des entreprises tunisiennes cotes Rsum Lobjectif de ce papier est double: nous essaierons non seulement de rvler la ralit de limposition des entreprises cotes tunisiennes mais aussi didentifier certains dterminants de la variabilit du Taux dimposition effectif (TIE) de ces entreprises. Il sagit dtudier limpact de certaines caractristiques de lentreprise savoir: le secteur dactivit auquel elle appartient, la taille, lintensit capitalistique et le niveau de rentabilit sur la variation du TIE. Nous avons eu recours des donnes de panels tunisiennes pour la priode allant de 2002 2006. Nos rsultats empiriques permettent dapporter des rponses plusieurs questions: Quest ce qui fait expliquer la variation du TIE des entreprises tunisiennescotes? Quel est le niveau rel davantages fiscaux dont bnficie chaque secteur de ce pays? Dans quelle mesure, le systme fiscal tunisien est-il jug de systme neutre? Mots cls: Taux dImposition Effectif (TIE), avantages fiscaux, secteur dactivit, entreprises tunisiennes cotes Abstract Reality of the imposition of Tunisian listed companies The objective of this paper is double: we will try not only to reveal the reality of the taxation of tunisian listed companies but also to identify some determinants of the Effective Tax Rate (ETR) of these companies. Specifically, the research aims to study the impact of some characteristics of the firm namely the industry to which it belongs, the size, the capital intensity and profitability on the variability in ETR. We used panel data of tunisian year-firm observations for the period 2002 to 2006. Our empirical results provide answers to several questions: What can explain the variation of ETRs Tunisian companies? What is the real level of tax incentive enjoyed by every sector of this countrie? To what extent the Tunisian tax system is judged as neutral system? Key Words : Effective Tax Rate (ETR), tax incentive, industry, tunisian listed companies Ralit de limposition des entreprises tunisiennes cotes Introduction Durant les dernires annes, un grand intrt a t consacr au dveloppement et la comprhension du concept Fiscalit ainsi que ses attributs Charge dimpt et Taux dImposition Effectif. Parmi les tudes menes, nous citons celles de J. Zimmerman (1983), K. Kim et P. Limpaphayom (1998), K. Holland (1998), J-L. Rossignol (2002), C. Derashid et H. Zhang (2003), H. Vandenbussche et al.(2005), B. Janssen (2005), G. Richardson et R. Lanis (2007) ainsi que A. Guha (2007). La multiplicit de ces recherches peut tre explique par la monte croissante de la mondialisation ou encore la globalisation. Ce mouvement dinternationalisation des conomies et des socits induit par le dveloppement des changes dans le monde, conduit lexpansion des flux dinvestissements directs ltranger. Avec la monte croissante de ces flux, nous assistons aujourdhui lamplification de la concurrence entre les pays manifeste notamment au niveau de leurs politiques fiscales. Ces pays voulant attirer un nombre important dinvestisseurs trangers, auront tendance proposer des rgimes dimposition (baisse des taux dimposition, institution davantages fiscaux (AF),.) plus favorables que dautres pays. En consquence, la connaissance du systme fiscal de lEtat daccueil devient un impratif pour la bonne ralisation de limplantation (G. Athenosy, 2002). Toutefois, cette connaissance superficielle de la lgislation fiscale dun pays ne suffit pas. Selon M. Wei (2006), les taux dimposition rglementaires (TIR) affichs par un pays ne donnent pas une indication complte de la charge dimpt paye. Cest ainsi, que nous assistons parfois lexistence dentreprises soumises un certain TIR payant un impt plus faible ou lev compar celui normalement exigible. La question qui se pose: Comment pouvons nous situer un pays donn par rapport ses partenaires trangers en matire dimposition des entreprises, pour savoir sil sagit dun pays lgislation fiscale favorable ou dfavorable? La comparaison des rgimes fiscaux nationaux est toujours un exercice dlicat, tant que les rgles applicables peuvent tre complexes et htrognes selon les entreprises (J. Kergueris, 2002). Une comparaison pertinente suppose le calcul dun taux dimposition effectif (TIE), cest--dire le taux dimposition que supporte un investissement type, qui rapporterait, avant impt, une rentabilit donne (J. Kergueris, 2002). Selon H. Grubert et J. Mutti (2000), le TIE a un effet significatif au niveau du choix de la (d)localisation dun investis sement. En fait, les pays ayant tendance attirer un nombre important dinvestisseurs doivent faire preuve de TIE plus attractif. Il sagit dun dfi que les Etats doivent vaincre. Cest la mondialisation qui fait de la concurrence fiscale (concurrence inter-pays ou intra-pays) une contrainte dont la matrise ncessiterait une connaissance des TIE et de ses dterminants. Une telle connaissance est bnfique plusieurs niveaux. Elle permettraaux intresss de la politique fiscale dun pays, tel que les investisseurs rsidents ou trangers de prendre connaissance du systme fiscal de ce pays et dvaluer limpact des AF accords sur la charge dimpt. Cest ainsi quils peuvent positionner ce pays parmi les pays fiscalit favorable ou dfavorable. En outre, elle permettra aux responsables de la politique fiscale dun pays non seulement dvaluer la neutralit du systme fiscal propos mais aussi de juger de la justesse des AF accords afin dapporter de nouveaux ajustements. Cela est justifi par le fait que le TIE es t une mesure statistique rsumant leffet cumulatif des diffrents AF accords et des rformes des TIR. Il importe de conclure de ce qui prcde limportance dune telle tude portant sur les TIE et ses dterminants. Multiples sont les recherches ayant t focalises identifier les dterminants de la variabilit des TIE. Nous citons les travaux de K. Holland (1998) en Grande Bretagne, C. Derashid et H. Zhang (2003) en Malaisie, B. Janssen et al. (2005) en Belgique, G. Richardson et R. Lanis (2007) en Australie,.Ces recherches menes dans des contextes diffrents, notamment ceux Anglo-Saxon et europen, ont abouti des rsultats divers. Notre tude sera un prolongement de ces travaux. Nous essaierons non seulement de rvler la ralit de limposition des entreprises tunisiennes cotes mais aussi de mettre en vidence certains dterminants du TIE de ces dernires. Cet article se dcompose comme suit: nous dbuterons notre travail par une prsentation des spcificits du rgime fiscal tunisien et de son influence sur l a charge effective dimpt. Ensuite, nous intresserons la pertinence de la question de la variabilit du TIE. Une revue de la littrature sera expose. La troisime section sera consacre la prsentation de la mthodologie ainsi que les rsultats dgags. 1-Spcificits du systme fiscal tunisien et son influence sur la charge effective dimpt Bien que les prlvements fiscaux imposs par le systme fiscal tunisien soient multiples, ce dernier offre aux entreprises un certain nombre dAF. Lentreprise doit faire preuve dune certaine politique fiscale afin de profiter de ces abattements rduisant des degrs diffrents les TIR. 1. 1. Systme fiscal Tunisien: Entre prlvements et abattements fiscaux En Tunisie, les prlvements fiscaux effectus par lEtat sont de nature diffrente. Nous citons la Taxe sur la Valeur Ajoute, lImpt sur le Revenu (IR), Impt sur les Socits (IS),. Alors que l'(IR) sapplique aux personnes physiques exerant leurs activits dans le cadre dune entreprise individuelle, l'(IS) sapplique aux personnes morales soumises l'(IS), aux tablissements stables de socits trangres tablies en Tunisie ainsi qu certains revenus verss aux personnes morales trangres non tablies en Tunisie. La dtermination de lIS ou de lIR[1] pays par les entreprises renvoie lidentification du rsultat fiscal. Ce dernier est dfini comme tant lexcdent des produits sur les charges de lexercice auquel des rintgrations et dductions visant se conformer la lgislation fiscale ou rsultant dAF en vigueur ont t apports. Alors que lIR est calcul selon un barme progressif, lIS est dtermin selon des TIR variant[2] entre les socits selon la nature de leur activit, sel on quelle soit cote ou non,.Bien que les prlvements fiscaux soient multiples, le systme fiscal tunisien offre aux entreprises un certain nombre dabattements et AF accords sous rserve de certaines conditions. En Tunisie, les AF ayant une influence sur la dtermination du bnfice fiscal sont de deux sortes: les abattements sur les bnfices imposables et les dgrvements fiscaux au titre de rinvestissements exonrs. Ces derniers couvrent les dgrvements financiers (rinvestissements exonrs sous forme de souscription de nouvelles parts sociales et actions mises par les socits soumises lIS) et ceux physiques (rinvestissements exonrs physiques au sein mme de lentreprise). 1.2. Influence des spcificits du systme fiscal sur la charge effective dimpt Un aperu concernant les spcificits du systme fiscal tunisien montre la diversit dopportunits de gain dimpt offertes par le lgislateur lentreprise. Compte tenu des AF offerts par le lgislateur tunisien-expliqus ci-dessus- rduisant la charge dimpt[3], nous assistons la prsence dentreprises tunisiennes soumises un certain TIR payant une charge dimpt diffrente de celle normalement exigible. Toutefois, il est signaler que le bnfice de ces opportunits est conditionn par la politique et la gestion fiscale opres par une entreprise. Toutes ces ralits rduisent limportance des TIR. Ces derniers ne donnent pas une indication complte de la charge dimpt paye. Afin dvaluer cette charge, il y a lieu de recourir au calcul du TIE. Ce dernier prend en compte non seulement les TIR mais aussi les autres aspects du systme fiscal tel que les avantages et abattements fiscaux accords par un pays. Selon Callihan (1994), il existe deux catgories de recherches empiriques portant sur les TIE: des tudes qui p rennent en compte le TIE marginal et dautres se focalisent sur le TIE moyen. La pertinence de chaque mesure dpend de la nature de la question de la recherche pose. Lutilisation du TIE marginal sera justifie lors de linvestigation de leffet de limposition sur les dcisions dinvestissement. Le TIE moyen est plus convenable pour mesurer la diffrence de la charge dimpt travers les entreprises (B. Janssen, 2005). Cest ainsi que, dans le cadre de cet article, nous recourons au TIE moyen. 2- Pertinence de la variabilit du TIE: revue de la littrature Lobjectif de cette section est de fournir une synthse du soubassement thorique de notre tude ainsi quune revue des tudes empiriques antrieures portant sur les dterminants du TIE. 2.1. Arguments thoriques Nous exposerons les principaux fondements du soubassement thorique de cette tude et leurs relations avec le TIE. 2.1.1-Thorie positive de la comptabilit La thorie positive de la comptabilitest une thorie qui permet dexpliquer les dcisions comptables partir des relations dagence et des cots politiques[4] auxquelles lentreprise est soumise. La thorie de lagence sintresse aux relations existantes, dans un contexte dasymtrie dinformation, entre deux parties ayant des intrts divergents: lactionnaire et le manager. Une telle divergence dintrt peut tre explique par le fait que les actionnaires cherchent maximiser la valeur de lentreprise alors que le dirigeant cherche maximiser son revenu. Partant des principes de lopportunisme, de la divergence dintrts et de lasymtrie dinformation, des clauses limitatives et incitatives sont ncessaires pour rduire les divergences dintrt et limiter le comportement opportuniste des dirigeants. Cest ainsi, que les actionnaires dune entreprise pourront, par exemple, proposer des systmes de rmunration axs sur les rsultats comptables. Toutefois, de tels contrats peuvent tre, difficilement, efficients dans la mesure o le rsultat comptable dpend des conventions retenues pour sa dtermination (B. Raffournier, 1990). Selon R-L. Watts et J-L. Zimmerman (1986), les initiatives relatives lindexation du systme de rmunration aux rsultats comptables peuvent inciter les dirigeants grer les rsultats afin de voir leurs rmunrations crotre. Une telle gestion de rsultat la hausse influence la charge dimpt paye. Outre ces clauses de rmunration[5], R-L. Watts et J-L. Zimmerman (1986) montrent que la violation des clauses contenues dans les contrats de dettes incite les managers grer les rsultats. Cest ainsi que les entreprises fortement endettes sont amenes chercher survaluer leurs rsultats pour rquilibrer leur structure financire et prsenter des indicateurs plus favorables lors de ngociations avec leurs prteurs. Cette gestion de rsultat aura un impact sur le TIE. 2.1.2 Thorie conomique de la rglementation La thorie conomique de la rglementation (R. Posner, 1974) postule que la finalit des rglementations est deffectuer des transferts de richesse, les nombres comptables plus particulirement le bnfice et les capitaux propres- tant utiliss comme argumentaire technique auprs des lecteurs par les politiciens (J-F Casta, 2000).Afin de pouvoir couvrir les dpenses relatives aux services publics gratuits, les gouvernements sintresseront davantage aux entreprises de grande taille. Cela se justifie par le fait que Plus lentreprise est de grande taille, plus sa capacit financer lEtat par le biais des impts est leve. Cette thorie se rfre un concept aussi important celui de Cots politiques. Selon J-L. Zimmerman (1983), les impts constituent une composante essentielle de ces cots. Associer cette vidence un autre constat de J-L. Zimmerman (1983)- celui que la visibilit politique dune entreprise est apprhende partir de sa taille-, il importe de conclure que les entreprises de grande taille support ent des taxes plus importantes que celles de petite taille. Cest ainsi que ces dernires, les moins exposes aux cots politiques, montrent de TIE faibles. 2.1.3- Thorie du pouvoir politiqu Selon la thorie du pouvoir politique (J. Siegfried, 1972), les entreprises de grande taille justifient de TIE faible dans la mesure o elles disposent de ressources leurs permettant de manipuler les processus politiques en leur faveur. En outre, grce leurs grandes tailles et donc leurs ressources, ces entreprises peuvent recruter des experts en fiscalit. Ces derniers oprant une planification fiscale, permettent leurs clients daboutir vers une certaine optimisation fiscale. Optimiser la charge fiscale consiste la matriser pour la rduire avec la plus grande efficacit sans exposer lentreprise des risques suprieurs lconomie ralise (J-L. Rossignol, 2002). Cest ainsi que les entreprises de grande taille disposant de ressources suffisantes leur permettant de recourir cette planification, peuvent convertir la fiscalit subie en une fiscalit gre. Toutes ces circonstances font que ces entreprises justifient de TIE faibles alors que celles de petite taille justifient de TIE levs.2.1.4- Tho rie des signaux Les signaux adresss par lentreprise peuvent concerner soit sa politique financire soit sa politique dinformation comptable. Les chiffres issus de la comptabilit financire, notamment le rsultat comptable, peuvent tre un instrument de la signalisation au march. En fait, pour quune information ait de la valeur et afin dviter les tentatives de brouillage des entreprises peu performantes, cette signalisation doit tre coteuse pour lmetteur. Selon B. Raffournier (1990), lefficacit dun tel signal est dpendante de son cot: pour tre efficace, un signal doit tre coteux. Il postule que certaines dcisions comptables satisfont cette condition: cest le cas lorsquil y a incidence fiscale, le choix dune mthode qui augmente limpt peut tre interprt comme le signe que lentreprise dtient des informations favorables sur son avenir. Selon P. Hughes et E. Schwartz (1988), une entreprise dsirant signaler au march sa solidit financire, peut opter pour la mthode FIFO en priode dinflation, malgr le cot fiscal lev auquel elle est expose. Dans le mme ordre dide, C. Thibierge (1997) stipule que lactivit de signalisation peut engendrer des cots multiples tel que limpt. Selon lui, une entreprise qui souhaite se signaler, afin de garantir une meilleure valorisation boursire, va afficher un rsultat plus lev pour se signaler au march et va tre prte payer un impt plus lev. Ces signaux destins aux investisseurs externes, en vue de gagner leur confiance, augmenteront certes la charge dimpt supporte par une firme et donc son TIE. 2.1.5- Thories relatives la structure du capital Personne ne nie limportance de la fiscalit dans les choix financiers des entreprises (M. Albouy, 1997). Sous rserve de certaines conditions, F. Modigliani et M. Miller (1958) ont montr que lendettement, en labsence dimposition, nagissait pas sur la valeur de lentreprise. Cette neutralit disparat en prsence dimposition. Selon F. Modigliani et M. Miller (1963), lAF provenant du caractre dductible des intrts demprunt conduit les entreprises sendetter. Cest ainsi que les entreprises ont intrt sendetter au maximum pour bnficier des conomies dimpt et donc diminuer la charge dimpt paye. Toutefois, la croissance de lendettement entrane un risque de dfaillance accru. Cest ainsi que la thorie statique de trade-off qui tient compte de la relation entre les cots de faillite et lAF de lendettement stipule que les entreprises identifient un niveau optimal dendettement en valuant les cots ainsi que les bnfices procurs par une telle dcision. S. Myers et N. Majluf (1984) ainsi que S. Myers (1984) o nt dvelopp la thorie de la hirarchie de financement de lentreprise. Cette dernire finance ses nouveaux investissements en recourant tout dabord aux fonds internes puis lmission de dette puis lmission des actions. La littrature financire retient donc une relation positive entre la dette et la valeur de lentreprise, en raison de lAF que reprsente la dductibilit des intrts. En fait, en dpit de certaines divergences (notamment celles relatives au ratio optimal de dettes), la majorit des thories relatives la structure du capital tient compte de lAF procur par les dettes. Toutefois, il est signaler que le niveau de prise en compte de cet AF diffre selon la thorie. Alors que F. Modigliani et M. Miller (1963) supposent que les conomies dimpt ralises grce aux intrts de la dette constituent des effets principaux dterminants de la dcision de financement, la thorie de la hirarchie de financement suppose que ces conomies dimpt ne constituent que des effets secondaires. Cest ainsi quen matire de financement, la dductibilit des intrts relatifs la dette, de la base dimpt procure un AF. Cela suppose que lentreprise disposant dun certain niveau dendettement peut bnficier dune conomie dimpt ralise grce aux intrts de la dette et donc diminuer la charge dimpt. 2.2. Etudes empiriques antrieures Dans ce qui suit, une revue des tudes empiriques antrieures sera expose afin dnoncer les hypothses, objet de notre tude. 2.2. 1- Taille de lentreprise Bien quil existe des tudes empiriques non concluantes[6] quant la nature de la relation entre le TIE et la taille de lentreprise, la majorit des autres tudes montre soit une variabilit positive [J-L. Zimmerman (1983), P. Wilkie et S. Limberg (1990), B. Janssen et al. (2005),.] soit une variabilit ngative [J. Siegfried (1972), H-J. Lynch (1991), C. Derashid et H. Zhang (2003), A. Guha (2007), G. Richardson et R. Lanis (2007),.]. Dans les pays en voie de dveloppement (PED), la relation Taille-TIE peut tre influence par des facteurs diffrents de ceux des pays dvelopps (PD). En fait, linapplicabilit des cots politiques sera plus probable au sein des PED (K. Kim et P. Limpaphayom, 1998). De tels pays justifient dune ambition dtre plus comptitifs et de rejoindre les PD. En fait, ils ont besoin de cooprer avec les entreprises en leur favorisant une atmosphre favorable la russite. Ce climat peut tre accord notamment par le biais des AF de toute nature. La Tunisie, ce PED rpondra certes ce s tentatives de gouvernement. Cela se justifie notamment par la multiplicit des AF accords. Bien quen Tunisie, les AF ne sont pas accords relativement un critre de taille, les entreprises de grande taille sont les plus susceptibles den profiter grce leur taille importante, et donc leurs ressources. Nous assistons aujourdhui, en Tunisie, une certaine conscience de limportance de la planification et gestion fiscale. Cette conscience apparat notamment partir les sminaires et les crits traitant de cette problmatique. Ce sont les entreprises de grande taille disposant des ressources suffisantes qui peuvent recourir cette planification en recrutant des experts en fiscalit. Tout cela nous amne formuler lhypothse suivante: H1: Les entreprises de grande taille utilisent les instruments fiscaux, pour rduire la charge dimpt, dune faon plus importante que celles de petite taille 2.2.2- Dcisions financires et dinvestissement La majorit des tudes traitant des dterminants du TIE approche les dcision financires et dinvestissement, respectivement, par deux variables: (1) niveau dendettement (2) niveau dintensit capitalistique de lentreprise. A lexception des tudes de H-J. Lynch (1991), S. Gupta et K. Newberry (1997), K. Kim et P. Limpaphayom (1998), C. Derashid et H. Zhang (2003) et celle de B. Janssen (2005), les autres recherches montrent une variabilit ngative du TIE au sein des entreprises dont le niveau dendettement est important. Ces dernires englobent notamment ltude de Stickney et McGee (1982), celle de H. Vandenbussche et al. (2005), celle de B. Janssen et al. (2005) et celle de G. Richardson et R. Lanis (2007). Ces auteurs expliquent cette variabilit ngative du TIE par le fait que les charges dintrts sont des charges dductibles. Le systme fiscal tunisien permet la dductibilit des intrts de certaines dettes, ce qui gnre une conomie dimpt. Cest ainsi que plus les dettes gnrant dintrts augmentent, plu s que cette conomie dimpts augmente et plus que le TIE diminue. Cela nous amne formuler lhypothse suivante: H2: Le TIE est inversement li au niveau dendettement dune entreprise Outre ces dcisions financires, les dcisions dinvestissement peuvent affecter la variabilit du TIE. Une telle vidence sinstaure partir les tudes portant sur la nature de lassociation entre le TIE et lintensit capitalistique des entreprises. Les rsultats de ces tudes [J. Siegfried (1974), Stickney et McGee (1982), H-J. Lynch (1991), S. Gupta et K. Newberry (1997), C. Derashid et H. Zhang (2003), H. Vandenbussche et al. (2005), B. Janssen (2005), A. Guha (2007) et G. Richardson et R. Lanis (2007)] montrent la variabilit ngative du TIE au sein des entreprises ayant un niveau important dintensit capitalistique. Ces tudes expliquent cette relation par le fait quun niveau lev dinvestissements en capital fixe favorise un niveau lev de dprciations ou encore par le fait que certains investissements en actifs immobiliss permettent lentreprise de bnficier dune multitude dAF. En Tunisie, lamortissement fiscal dun nombre important dactifs immobiliss est dductible. Cette dductibilit procure un gain dimpt qui dpend lui mme de la mthode damortissement utilise. Cest ainsi que plus lentreprise dispose dinvestissements en actifs fixes, plus quelle bnficie dun niveau de dprciation lev et donc plus que le gain dimpts y associ augmente. Cette augmentation entranera une diminution du TIE. En outre, certaines entreprises tunisiennes peuvent procder au rinvestissement physique de leurs bnfices au sein mme de lentreprise en exonration fiscale. Ces AF accords, par le systme fiscal tunisien, certains investissements en actifs immobiliss peuvent tre un facteur justifiant la variabilit ngative du TIE. Toutes ces vidences nous amne formuler lhypothse suivante: H3: Le niveau dintensit capitalistique dune entreprise est inversement li son TIE. 2.2.3- Rentabilit de lentreprise Les rsultats des tudes empiriques ne sont pas unanimes quant la nature de lassociation entre le TIE et le niveau de rentabilit des entreprises. Le courant de recherche concluant que les entreprises les plus rentables justifient de TIE plus levs englobent les tudes de J-L. Zimmerman (1983), de H-J. Lynch (1991), de S. Gupta et K. Newberry (1997) et de G. Richardson et R. Lanis (2007). Le second courant de recherches postule que les entreprises dont le niveau de rentabilit est lev justifient de TIE faibles. Il sagit des tudes de C. Derashid et H. Zhang (2003) et de S. Rego (2003). Limportance dinclure une variable, proxy de la rentabilit dune entreprise a t affirme par P. Wilkie (1988), Wang (1991) ainsi que S. Gupta et K. Newberry (1997). La Tunisie fait bnficier aux entreprises un nombre important dAF. Ce sont les entreprises les plus rentables qui sont les plus susceptibles de profiter du maximum de ces avantages.[7] Ceci sexplique par le fait que justifiant de bnfices imposables i mportants, ces entreprises auront intrt profiter du maximum de ces avantages afin de diminuer leur base imposable et de ce fait diminuer limpt pay. En fait, loptimisation de la charge fiscale semble tre un mobile rcurrent du choix bnficier ou non des incitations fiscales? (A. Mfopain, 2007). Cela nous amne formuler lhypothse suivante: H4: Le TIE est inversement li au niveau de rentabilit dune entreprise 2.2.4- Secteurs dactivit de lentreprise Stickney et McGee (1982) concluent que les secteurs dactivits relatives aux ressources naturelles sont traits dune faon plus favorable que les autres secteurs. J-L. Zimmerman (1983) conclut que le secteur dactivit peut influencer la relation Taille-TIE dune entreprise. T. Omer et al. (1993), S. Gupta et K. Newberry (1997), C. Derashid et H. Zhang (2003), B. Janssen et al. (2005) ainsi que H. Vandenbussche et al. (2005) concluent que les TIE varient selon les secteurs. Toutes ces vidences nous incitent tester linfluence du secteur auquel appartient une entreprise sur le TIE. En Tunisie, les AF, le minimum dimpt pay suite un dgrvement et les seuils de rinvestissements exonrs varient selon le secteur dactivit. Toutes ces vidences nous incitent supposer que le secteur dactivit peut constituer un facteur explicatif de la variabilit du TIE dune entreprise. Lhypothse que nous proposons de tester se rsume comme suit: H5: Le TIE dune entreprise diffre selon le secteur auquel elle appartient 3- Ralit des dterminants du TIE Nous allons avancer les lments mthodologiques ncessaires pour lanalyse empirique. Il sagit de prsenter lchantillon de notre tude ainsi que de dfinir les variables retenues. Une interprtation des rsultats empiriques est prsente afin de dgager les principales conclusions. 3.1- Choix de lchantillon et mode de collecte des donnes Nous utilisons un chantillon compos des entreprises cotes la BVMT.[8] Ce choix est motiv par la disponibilit des donnes. Cet chantillon comprend des entreprises du secteur non financier (reprsent par les entreprises industrielles ainsi que celles de commerce et de service) et du secteur financier (reprsent par les banques). Lexclusion des socits dassurance et des tablissements financiers de leasing se justifie par le nombre limit de telles entreprises cotes. La priode de ltude stale de 2002 2006. Nous avons jug que ltalement de la collecte de donnes sur ces exercices nous permettra dobtenir dinformations utiles pour mener bien notre tude. Les donnes seront collectes partir des tats financiers et des rapports des entreprises cotes la BVMT disponibles sur le site de la BVMT et celui du conseil du march financier tunisien. Il est noter que les entreprises de notre chantillon seront classes par groupe dentreprises. Il sagit de trois groupes: Un groupe dentreprises industrielles (SI ), un autre dentreprises du secteur de service et de commerce (SCS) et un autre incluant les banques (SB). Un tel classement se justifie par un souci dhomognit dans la mesure ou chaque secteur est rgi par certaines spcificits rglementaires diffrentes des autres secteurs. Cest ainsi que labsence dun tel classement risquera de biaiser les rsultats de notre tude. Conformment aux tudes antrieures tel que celles de T. Omer et al. (1993) et de G. Richardson et R. Lanis (2007), nous avons limin les entreprises justifiant de TIE ngatifs. Ce critre de slection nous a amen rduire lchantillon 150 observations. La rpartition de ces observations entre les groupes dentreprises est indique dans le tableau (1). Groupe Nombre dentreprises Nombre dobservations SI 12 52 SCS 12 49 SB 11 49 TOTAL 35 150 TAB 1. Rpartition de lchantillon par groupe 3.2- Modle destimation Le modle de rgression que nous proposons de tester pour chaque groupe se rsume comme suit: 3.3- Variables dpendante et indpendantes Compte tenu des mesures apprhendes dans les tudes antrieures [Annexe 4], nous avons pu dgag celles qui seront retenues dans notre tude (Tableau 2). Variable Libell Mesure Justification de la mesure TIE Taux dimposition effectif dune entreprise Impt sur le bnfice /rsultat des activits ordinaires avant impt (bnfice comptable avant impt) Nous suggrons dutiliser une mesurene tenant pas compte des ajustements tel que ceux relatifs limpt diffr utiliss par C. Derashid et H. Zhang (2003) et B. Janssen (2005). Cela se justifie par le fait que les entreprises tunisiennes ne sont pas tenues dutiliser les charges dimpt diffr. En outre, il est signaler que certains ajustements oprs au niveau du bnfice comptable ne seront pas pris en compte pour manque de donnes. Ce sont, notamment les cas des intrts pays ainsi que de lexcdent brut dexploitation. En fait, la majorit des tats financiers des entreprises tunisiennes nindique pas dune manire spare ni les montants dintrts pays ni ceux relatifs au calcul de lexcdent brut dexploitation (EBE). Le choix du bnfice comptable comme une mesure du rsultat de lexercice se justifie par le fait quelle est plus susceptible de capturer leffet des avantages fiscaux sur le TIE (G. Richardson et R. Lanis, 2007). Conformment la majorit des tudes, la taille dune entreprise est mesure par le logarithme nprien de la valeur comptable de son actif total la fin de lexercice comptable. La transformation au logarithme permet dviter le problme dchelle pouvant rsulter de lnorme cart avec les mesures des autres variables des modles [G. Louizi, 2006]. END Niveau dendettement dune entreprise Dettes gnrant dintrts /total actif net Depuis longtemps, le niveau dendettement dune entreprise est mesur par le ratio des dettes totales sur lactif total. Il sagit dune mesure standard utilise dans des tudes menes dans diffrents thmes tel que ceux relatifs la gestion de rsultat, la charge dimpt effective, la gouvernance,Les questions qui se posent ce niveau, compte tenu de lobjectif de notre tude, sont doubles: Sagit -il de prendre en considration le montant de dettes totales ou seulement le montant de dettes long terme? Compte tenu de notre hypothse teste, savoir plus les intrts relatives aux dettes augmentent (dductibilit des intrts) plus le TIE dune firme diminue, nous proposons de tenir compte que des dettes gnrant dintrts au niveau de la mesure. Cest ainsi que les dettes ne gnrant pas dintrts sont exclues. Nous citons les crdits fournisseurs, les dettes vis vis de la Caisse Nationale de Scurit Sociale, INTCAP Intensit capitalistique dune entreprise Immobilisations corporelles de lentreprise (en net) / total actif net Lintensit capitalistique renvoie lintensit de linvestissement en capital fixe dune entreprise (immobilisations corporelles). Il sagit de retenir le montant dimmobilisations corporelles nettes afin de mieux cerner leffet des charges de dprciation sur le TIE. En fait, retenir le montant dimmobilisations en brut peut biaiser les rsultats. Cest le cas notamment des montants dimmobilisations totalement amorties inclus au niveau du montant dimmobilisations corporelles en brut. En outre, nous ne comptons pas retenir le montant des dprciations dans la mesure ou nous comptons cerner les avantages fiscaux (dgrvement physique) accords certains investissements en capital fixe. RENT Niveau de rentabilit dune entreprise Bnfice net / total actif net Selon P. Ramage (2001), la rentabilit dune entreprise est de deux types: Rentabilit conomique: elle mesure lefficacit de lactif conomique mis en uvre dans le cadre de son activit. Cette rentabilit de lactif conomique ROA (return on assets) est gale au rapport du rsultat dexploitation net sur lactif conomique. Rentabilit financire: elle permet dapprcier le rendement financier des capitaux propres de lentreprise. Cette rentabilit financire peut tre mesure moyennant plusieurs mesures. Nous notons: le ratio ROE [(return on equity)= Rsultat de lexercice / Capitaux propres], lEVA [( Economic value added, valeur conomique ajoute) = (rentabilit conomique des capitaux investis- cot moyen pondr du capital)x montant des capitaux investis], Alors que la rentabilit financire prend en compte le choix de financement de lentreprise, la rentabilit conomique nest pas affecte par la structure financire dune entreprise. Cest ainsi quun fort ratio ROE peut provenir dun faible niveau de fonds propres. Toutes ces vidences font que la rentabilit financire mesure par le ROE peut donner une image biaise de la rentabilit dune entreprise. Ces deux ratios de rentabilit (ROE) et (ROA) permettent de mesurer la performance comptable dans la mesure o ils sont mesurs en se rfrant aux donnes comptables. Toutefois, il en existe- outre cette performance comptable- un autre type de performance celle boursire. Cette dernire est calcule en se rfrant la formule suivante savoir: (capitalisation boursire- valeur comptable des dettes) / valeur comptable de lactif [G. Louizi, 2006]. Afin de mesurer cette performance boursire, il fallait multiplier le cours de laction par le nombre dactions constituant le capital de lentreprise la fin de chaque anne. Toutefois, lutilisation du cours moyen ou du cours de clture de la dernire journe de lanne ne donne pas une ide exacte sur lvolution du titre de lentreprise [G. Louizi, 2006]. Toutes ces vidences font que nous aurons recours aux donnes comptables afin de mesurer la rentabilit des entreprises et plus prcisment au ratio de la rentabilit de lactif total ROA. TAB2. Mesures des variables retenues dans notre tude 3.4- Rsultats de ltude Notre tude se base sur des donnes structures sous forme de panel non cylindr. Le choix dune telle structure se justifie par le fait que nous garantissons, ainsi, un ajout de prcision et de robustesse. 3.4.1- Analyse descriptive/Analyse bi-varie Le tableau (3) prsente une description synthtique des donnes de notre tude. Groupes Moyenne cart type Minimum Maximum Variable expliquer SI 0.128 0.083 0.000 0.313 SCS TIE 0.185 0.101 0.000 0.375 SB 0.198 0.148 0.000 0.524 Variables explicatives SI 17.713 0.619 16.515 19.187 SCS TAIL 17.551 1.015 16.489 20.944 SB 21.330 0.811 19.150 22.272 SI 0.305 0.112 0.044 0.625 SCS INTCAP 0.169 0.133 0.0084 0.473 SB 0.0192 0.0072 0.004 0.032 SI 0.168 0.173 0.000 0.565 SCS END 0.142 0.156 0.000 0.484 SB 0.814 0.121 0.390 0.916 SI 0.076 0.054 0.003 0.240 SCS RENT 0.059 0.037 0.015 0.163 SB 0.008 0.005 5.95E-06 0.022 TAB 3. Statistiques descriptives Une taille leve des entreprises tunisiennes nimplique pas ncessairement un niveau de rentabilit lev. Le taux dendettement des banques cotes est bien lev et gal-en moyenne- 81.14%. Ce recours massif lendettement sexplique par le rle important jou par les banques dans lintermdiation financire. Les TIE moyens enregistrent une variation au sein dun mme pays. Afin de pouvoir juger la significativit des diffrences enregistres au niveau de ces TIE moyens intra-pays, nous avons eu recours lanalyse bi-varie[9]. Le tableau (4) conclut lexistence dune diffrence significative entre le montant dimpt pay par le SI et le SB. Le SCS et le SI ont de TIE moyen significativement diffrents. Toutefois, aucune diffrence significative en terme dimpts pays ne semble exister entre les entreprises du SCS et celles du SB. Variable Secteurs Observations Z Significativit SB 49 2.939** 0.0033 SI 52 TIE SCS 49 2.83** 0.0047 SI 52 SB 49 -0.632 0.5271 SCS 49 ** Significativit 5%, * Significativit 10% TAB 4. Rsultats des tests de comparaison de TIE moyens intra-pays Un examen plus prcis de ces rsultats montre quen Tunisie, les entreprises cotes du SI payent moins dimpt que celles du SCS et du SB. Multiples sont les incitations fiscales offertes par le systme fiscal tunisien aux diffrents secteurs. Toutefois, cette multiplicit ne nous permet pas de cerner le niveau rel des AF dont bnficie chaque secteur. En fait, cette analyse comparative entre les diffrents secteurs en terme dincitations fiscales est trs enrichissante. A lissu de cette analyse, il apparat que le montant dimpt effectivement pay varie selon le secteur auquel une entreprise appartient. Le systme fiscal tunisien semble privilgier les entreprises industrielles en matire dincitations fiscales. 3.4.2- Analyse multi-varie Cette analyse nous permettra de cerner les dterminants pouvant influencer la variation du TIE de chaque secteur tunisien. A ce stade, nous rappelons que le modle de rgression pralablement choisi pour tre test a t modifi. En fait, les corrlations entre les variables explicatives montrent lexistence de corrlations fortes (excdant 0.5), pour certains secteurs, entre la variable (END) et les autres variables (Annexe 2). Cest ainsi que nous avons jug quil serait de rigueur dliminer la variable (END) de notre modle et de retenir les autres variables. Cela fait que notre modle multi-vari estimer sera identique pour tous les secteurs. En outre, nous avons appuy notre tude en se rfrant au VIF. Aucune variable ne prsente un facteur dinflation de la variance suprieur 3 (Annexe 2). A lissu de tels rsultats, nous garantissons labsence de problmes de multi-colinarit. Notre modle est le suivant: Afin de dtecter la prsence ou non dune htrognit au niveau de lchantillon, nous avons eu recours la statistique de Fisher relative au test dhomognit des constantes. Pour chacun des groupes, ce test montre lexistence deffets individuels. Concluant labsence dhomognit, il convient dintgrer cette htrognit dans le modle. Cette dernire peut tre modlise de deux faons. La premire (deuxime) impliquant lintroduction des effets fixes (alatoires) fait appel un modle effets fixes (alatoires) Fixed Effects (Random Effects). Pour chacun des secteurs, nous avons estim les coefficients de rgression selon les deux modles savoir le modle effets fixes (MEF) et celui effets alatoires (MEA). En outre, nous avons eu recours au test de spcification de Hausman (1978). A lexception du groupe industriel pour lequel nous retiendrons le MEF, le MEA sera retenu pour les autres groupes. Les coefficients estims des paramtres du modle ainsi que leur degr de signification sont rapports dans le tableau (5). Groupe 1 SI (MEF) Groupe 2 SCS (MEA) Groupe 3 SB (MEA) Variables Signes prvus Coefficients (p value) Coefficients (p value) Coefficients (p value) 5.374096*** (0.000) .3895611 (0.321) .6036359 (0.620) TAIL -.2859448*** (0.000) -.0104043 (0.639) -.0132752 (0.812) INTCAP -.4229936*** (0.001) -.1911883** (0.049) -3.069274 (0.527) RENT -.6703151*** (0.002) .0391711 (0.854) -4.24312 (0.395) R2 Within 0.4889 Between 0.1527 Between 0.3339 Significativit 10 %, ** Significativit 5%,*** Significativit 1% TIE: taux dimposition effectif de lentreprise, TAIL: taille de lentreprise, INTCAP: intensit capitalistique de lentreprise, RENT: niveau de rentabilit dune entreprise TAB 5. Rsultats de rgression en panel Sagissant dun MEF, le R2 le plus pertinent est celui within (K. Kpodar, 2007). Le R2 within de notre modle test pour le SI est de 48.89%[10]. Le R2 le plus pertinent, dans un MEA est celui between (K. Kpodar, 2007). Le R2 between de notre modle test pour le SB et le SCS est respectivement de 33.3% et 15.27%.[11] Concernant le SI tunisien, il a t prvu que le TIE varie inversement avec (RENT), (TAIL) et (INTCAP). Conformment nos prvisions, les coefficients estims de toutes ces variables sont ngatifs et significatifs 1%. Une telle significativit indique que les caractristiques dune entreprise industrielle savoir le niveau de rentabilit, sa taille ainsi que son intensit capitalistique sont considrs comme des facteurs dterminants de la variabilit du TIE. Le coefficient estim pour la variable (TAIL)-qui est ngatif et significatif (P value=0.000)- indique que les entreprises industrielles de grande taille justifient de TIE plus faibles que celles de petite taille. Cest ainsi que nous pou vons conclure que les entreprises industrielles cotes de grande taille utilisent les instruments fiscaux, pour rduire la charge dimpt, dune faon plus importante que celles de petite taille. Ce rsultat indiquant la variabilit ngative du TIE avec la taille dune entreprise corrobore certains rsultats des autres tudes antrieures tel que celles de C. Derashid et H. Zhang (2003), A. Guha (2007) ainsi que G. Richardson et R. Lanis (2007). Le coefficient estim pour la variable (RENT)-qui est ngatif et significatif (P value=0.002)- indique que si une entreprise industrielle justifie dun niveau de rentabilit lev, une diminution de limpt pay sera prvue. Les entreprises industrielles les plus rentables ont intrt de recourir davantage aux rinvestissements exonrs afin de diminuer la charge dimpt. Ce rsultat rejoint les rsultats des tudes de C. Derashid et H. Zhang (2003) et de S. Rego (2003). Les rsultats relatifs la nature de lassociation entre le montant de limpt pay et l'(INTCAP) rvlent que l e coefficient estim est ngatif et significatif (P value= 0.001). Ce rsultat est conforme aux tudes antrieures. Le signe ngatif suggre quun niveau lev dinvestissements en actifs fixes favorise un niveau lev de dprciations. Sagissant dune charge de priode pouvant diminuer la base de limpt, cela entranera certes une diminution du TIE. Une autre explication peut tre envisage. Cette variabilit ngative du TIE peut tre explique par le fait que certains investissements en actifs immobiliss permettent lentreprise de bnficier dune multitude dAF. Nous citons, cet effet le rinvestissement physique exonr. Cest ainsi que les entreprises du SI auront intrt augmenter les investissements en actifs immobiliss afin de pouvoir bnficier des AF y associs. Procdant ainsi, ces entreprises justifient de TIE plus faibles que les autres entreprises. A lexception de la variable (INTCAP) inhrente au SCS indiquant un coefficient significatif, les coefficients des autres variables relatives ce mme secteur et au SB ne sont pas significatifs. Labsence dune telle significativit indique quaucune de ces variables savoir (RENT) et (TAIL) ne semble avoir impacter la variation du TIE de ces entreprises. Ce rsultat corrobore celui de Stickney et McGee (1982). Ces derniers ont conclu que la taille de lentreprise ne semble pas jouer un rle important dans lexplication des diffrences des TIE. Les rsultats relatifs la nature de lassociation entre le montant de limpt effectivement pay et lintensit capitalistique dune firme (INTCAP) appartenant au SCS rvlent que le coefficient estim pour cette dernire variable est ngatif et significatif (P value= 0.049). Ce rsultat est conforme aux tudes antrieures. Le signe ngatif suggre quun niveau lev dinvestissements en actifs fixes favorise un niveau lev de dprciations et de ce fait une diminution de la cha rge dimpt payer. Cette mme variable teste pour le SB prsente de coefficient non significatif. Le dfaut de significativit peut tre expliqu par le faite que les immobilisations corporelles ne sont pas trop utilises dans les banques. Alors que 30,5% (16.96%) des actifs des entreprises industrielles (du SCS) sont des immobilisations corporelles, ces dernires ne prsentent que 2% des actifs des banques. De tels rsultats sont rvlants du niveau rel dAF dont bnficient ces dernires et donc de ltendue de la neutralit du systme fiscal tunisien. 3.4.3- Analyse de sensibilit Dans le but de sassurer si les rsultats de notre tude sont sensibles ou non aux mesures des variables retenues, nous avons jug de lutilit de recourir une analyse de sensibilit. Cette dernire nous permettra de conclure si une modification au niveau de la mesure de lune des variables induira un changement de nos rsultats. Cest ainsi et afin de sassurer si nos rsultats sont robustes, nous avons procd une modification de certaines mesures des variables explicatives retenues dans notre premire analyse de rgression. En fait, nous avons jug que cest intressant de modifier la mesure du TIE retenue. Toutefois, pour manque de donnes, nous navons pas pu recourir un autre proxy du TIE. Nous comptons modifier la mesure de chacune des variables: taille dune entreprise (TAIL), son niveau de rentabilit (RENT) ainsi que son niveau dendettement (END). Ces dernires sont mesures respectivement par ( Log (chiffre daffaires)), (Log (bnfice comptable avant impts)) et (total dettes / total actif). Cette analyse de sensibilit nous a permis de confirmer nos rsultats issus de la premire rgression (Annexe 3[12]). En outre, grce cette analyse, nous avons pu tester la relation TIE-niveau dendettement dune entreprise. Pour les diffrents secteurs, le niveau dendettement dune entreprise tunisienne cote ne semble pas impacter le TIE. Ce rsultat est conforme celui de V. Bernard (1984). Conclusion Lobjectif de cette tude est double: elle permet de mettre en vidence certains dterminants de la variabilit du TIE des entreprises tunisiennes cotes et de rvler la ralit de limposition de ces entreprises appartenant divers secteurs. Il sagit dvaluer le niveau rel dAF accords ces dernires. A lissu de cette tude, il apparat que le niveau rel des AF que bnficient les entreprises tunisiennes des divers secteurs nest pas quitable. Nos rsultats empiriques suggrent que les entreprises du SI sont les plus privilgies, celles du SCS ainsi que celles du SB semblent tre traites sur le mme pied dgalit. Toutefois, il convient de noter que cette tude nest pas exempte de limites. En fait, lutilisation de deux proxys du TIE tait souhaitable afin de juger la significativit des coefficients estims. Toutefois, pour manque de donnes, nous navons pas pu recourir de telles mesures. En outre, notre chantillon a exclu les entreprises non cotes pour indisponibilit de linformation. 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ANNEXES ANNEXE 1 ANNEXE 2 (1. Rsultats de la VIF) 1. Rsultats du test Kolmogrov-Smirnov 2. Rsultats du test dgalit des variances intra -pays Groupes 2 et 3 Echantillon TIE SI SB Z de Kolmogorov Smirnov (ZKS) 0.3163 Signification asymptotique (SA) 0.013 SI SCS ZKS 0.3897 SA 0.001 SCS SB ZKS 0.1429 SA 0.699 F observed = F_obs 2.136 F lower tail = F_L = 1/F_obs 0.468 F upper tail = F_U = F_obs 2.136 Signification 0.0098 Ha: sd(1) sd(2) SI tunisien VIF 1/VIF TAIL 1.27 0.785577 INTCAP 1.01 0.994402 RENT 1.28 0.783636 Moyenne VIF 1.18 SCS tunisien VIF 1/VIF TAIL 1.32 0.756947 INTCAP 1.30 0.767486 RENT 1.30 0.769153 Moyenne VIF 1.31 SB tunisien VIF 1/VIF TAIL 1.33 0.753525 INTCAP 1.23 0.812461 RENT 1.52 0.657199 Moyenne VIF 1.36 ANNEXE 2 ( 2. Matrices de corrlation) SI tunisien TAIL INTCAP END RENT TAIL |1.0000 INTCAP -0.0519 1.0000 END 0.0364 0.1152 1.0000 RENT 0.4627* 0.0718 0.5707* 1.0000 SCS tunisien TAIL INTCAP END RENT TAIL 1.0000 INTCAP 0.2989 1.0000 END 0.3858 -0.0635 1.0000 RENT -0.2955 0.2732 -0.3012 1.0000 SB tunisien TAIL INTCAP END RENT TAIL 1.0000 INTCAP -0.2561 1.0000 END 0.8047* 0.0303 1.0000 RENT -0.4941* 0.4302* -0.3656* 1.0000 ANNEXE 3. Rsultats de lanalyse de sensibilit SI SCS SB 1er modle (MEA) Variables indpendantes (INTCAP, END, RENT) 2me modle (MEA) Variables indpendantes (TAIL, INTCAP, END) 1er modle (MEA) Variables indpendantes (INTCAP, TAIL) 2me modle (MEA) Variables indpendantes (INTCAP, END) 1er modle (MEA) Variables indpendantes (INTCAP, TAIL) 2me modle (MEA) Variables indpendantes ( INTCAP, END) Variables Signes prvus Coefficients (P value) ? .5617765*** (0.002) 1.615699*** (0.001) .2652972 (0.242) .2015052*** (0.000) 1.286859 (0.256) -.0366092 (0.904) TAIL -.0806242*** (0.003) -.0030048 (0.82) -.0520877 (0.38) INTCAP -.2300623** (0.042) -.2636419** (0.016) -.1634123* (0.084) -.1708442* (0.065) -4.449226 (0.346) -3.232635 (0.476) END -.1153303 (0.310) -.0273165 (0.806) .0293673 (0.652) .376361 (0.247) RENT -.0213828* (0.050) * Significativit 10 %, ** Significativit 5%,*** Significativit 1%. TIE: taux dimposition effectif de lentreprise , TAIL: taille de lentreprise, INTCAP: intensit capitalistique de lentreprise , END: niveau dendettement de lentreprise, RENT: niveau de rentabilit de lentreprise ANNEXE 4. Tableau rsumant les mesures des variables retenues dans certaines tudes antrieures Variables Mesures des variables telle quelles ont t apprhendes dans les tudes antrieures (TIE) TIE= Impt sur le bnfice / Bnfice avant impt [Janssen et al., 2005], [Vandenbussche et al., 2005] TIE = Charge dimpt / Bnfice avant intrts et impt [Derashid et Zhang, 2003] TIE = Impt sur le bnfice / bnfice avant intrts et dprciations fiscaux [Guha, 2007] TIE= Impt sur le bnfice /Bnfice comptable [Richardson et Lanis, 2007] TIE= Impt sur le bnfice / Bnfice comptable avant impts et intrts [Gupta et Newberry, 1997] TIE = Impt sur le bnfice / Bnfice comptable avant impts, ajust pour diffrences temporaires [Stickney et McGee, 1982] TIE = Impt sur le bnfice / Total actifs [Vandenbussche et al., 2005] TIE= (Charge dimpt -Charge dimpt diffre) / Bnfice avant intrts et impts [Derashid et Zhang, 2003] TIE= Impt sur le bnfice / Excdent de trsorerie dexploitation [Zimmerman, 1983], [Richardson et Lanis, 2007] TIE= Impt sur le bnfice / Excdent de trsorerie dexploitation avant intrts et taxes [Gupta et Newberry, 1997] TIE = (Charge dimpt Charge dimpt diffre) / Excdent de trsorerie dexploitation [Derashid et Zhang, 2003] TIE = (Charge dimpt) / [Bnfice avant impt-(charge dimpt diffre /taux dimpt rglementaire)] [Derashid et Zhang, 2003] TIE= (Charge dimpt -charge dimpt diffre) / (Bnfice avant impt (variations de limpt diffr / taux dimpt rglementaire)) [Derashid et Zhang, 2003] TIE = (Charge dimpt-(dotations aux provisions de limpt diffr t -dotations aux provisions de limpt diffr t-1))/Profit avant intrts et impts TIE = (Charge dimpt-(dotations aux provisions de limpt diffr t -dotations aux provisions de limpt diffrt-1))/excdent brut-(profit avant intrts et impts -profit avant intrts) [Janssen, 2005] (TAIL) TAIL= Log (Total Actif) [Stickney et McGee, 1982], [Lynch, 1991], [ Gupta et Newberry, 1997], [Derashid et Zhang, 2003], [Janssen, 2005], [Janssen et al., 2005] [Vandenbussche et al., 2005] [Guha, 2007], [Richardson et Lanis, 2007] TAIL= Log (Total employ) [Janssen et al., 2005] [Vandenbussche et al., 2005] TAIL= Log (chiffre daffaire) [Stickney et McGee, 1982], [Lynch, 1991] [Kim et Limpaphayom, 1998] TAIL= a t dtermine en examinant la distribution des ventes. Les 50 entreprises les plus grandes relativement la distribution de ventes sont codes dentreprises de grande taille. Les autres sont codes dentreprises de petite taille. [Zimmerman, 1983] (END) END=Dettes long terme/Total actif [Gupta et Newberry, 1997], [Kim et Limpaphayom, 1998] [Janssen et al., 2005], [Janssen, 2005], [Vandenbussche et al., 2005], [Richardson et Lanis, 2007] [Guha, 2007] END= Dettes long terme/ Fonds propres [Stickney et McGee, 1982] [Lynch, 1991] END= Total dette/Total actif [Derashid et Zhang, 2003] (INTCAP) INTCAP = Immobilisations corporelles/Total actif [Derashid et Zhang, 2003], [Janssen, 2005] [Janssen et al., 2005] [Vandenbussche et al., 2005] INTCAP = Immobilisations corporelles nettes de lentreprise / Total actif [Stickney et McGee, 1982], [Lynch, 1991] [Gupta et Newberry, 1997], [Richardson et Lanis, 2007] [Guha, 2007] INTCAP = Immobilisations corporelles brutes de lentreprise/ Total actif INTCAP= Log (charges de dprciation)/nombre demploys [Stickney et McGee, 1982], [Lynch, 1991] INTCAP=Log (Immobilisations brutes de lentreprise)/ nombre demploys [Stickney et McGee, 1982], [Lynch, 1991] (RENT) RENT= Log (bnfice comptable avant impt) [Lynch, 1991] RENT= Rendement de lactif (ROA) = bnfice net /total actif [Janssen, 2005] RENT= bnfice avant impt / Total actif [Gupta et Newberry, 1997] [Derashid et Zhang, 2003] [Richardson et Lanis, 2007] RENT=Bnfice dexploitation / total chiffre daffaire [Kim et Limpaphayom, 1998] La Revue des Sciences de Gestion, Direction et Gestion n XXX Rubrique [1] LIR vis est relatif celui dtermin par les personnes physiques exerant leurs activits dans le cadre dune entreprise individuelle et bnficiant du rgime rel. [2] Avant lapparition de la loi n 2006-80 du 18 dcembre 2006, relative la rduction des taux de limpt et lallgement de la pression fiscale sur les entreprises, les taux dimposition l'(IS) taient de 10%, 20% et de 35%. Avec lapparition de cette loi, il y a eu une modification concernant les taux d'(IS). Ces taux deviennent de 10%, 20%, 30% et de 35%. [3] R. Yaich (2004) indique que lors dune tude mene par Derbel (2001), il a t dmontr sur la base dune enqute mene au prs de 100 entreprises, limportance des AF utiliss comme un palliatif aux insuffisances du rgime de droit commun. Les rsultats de cette enqute font ressortir un TIE, sans la prise en compte des AF, gal 43.75% alors que le TIR tait 35%. Le TIE stablit 31%, aprs prise en compte des AF. [4] Nous intresserons aux cots politiques que lentreprise subisse dans le cadre de la thorie conomique de la rglementation. [5] Malgr que les clauses de rmunration peuvent affecter la variabilit du TIE, nous ne comptons pas inclure dans notre modle empirique une variable tenant compte de la rmunration des dirigeants. Cela peut tre expliqu par la quasi impossibilit daccder de telles informations. [6] Ces tudes non concluantes englobent les tudes dont les rsultats montrent quune modification de la priode tudie ou du proxy utilis pour mesurer la taille influence la relation TIE-Taille. [7] Nous citons les dgrvements fiscaux au titre de rinvestissements exonrs. [8] En vertu des dispositions de la loi n99-92 du 17 aot 1999, les socits qui sintroduisent en bourse avec un taux douverture du capital au moins gal 30% ainsi que celles dj admises en bourse et qui procdent une ouverture additionnelle de leur capital au public au moins gale 20% sans que le taux douverture global soit infrieur 30% bnficient de la rduction du taux de lIS de 35% 20% pour une priode de 5 ans partir de lanne de louverture du capital dans les conditions sus-indiques. [9] Les tests paramtriques ou non paramtriques sont retenus, respectivement, selon que la variable suit la loi normale ou non. Les tests de Kolmogorov-Smirnov (Annexe 1) indiquent qu lexception du couple (SCS et SB), la variable TIE ne suit pas la loi normale. Cest ainsi que le recours au test non paramtrique de comparaison de rangs est justifi. Pour le SCS et le SB, la variable TIE suit la loi normale. Toutefois, les rsultats du test dgalit des variances ne nous permettent pas daccepter lhypothse dgalit des variances (Annexe 1). Alors que la premire condition, celle de normalit de la distribution, du test paramtrique de comparaison (Student) est vrifie, la deuxime condition qui est lgalit des variances nest pas vrifie. Cest ainsi que le recours au test non paramtrique de comparaison de rangs est justifi. [10] La significativit globale de ce modle est acceptable ( p value= 0.000). [11] La significativit globale de ce modle test pour les deux groupes 2 et 3 est faible. [12] En fait, les corrlations entre certaines variables explicatives montrent lexistence de corrlations fortes. Cest ainsi que nous avons jug quil serait de rigueur dliminer lune de ces variables. Toutefois, et afin davoir une ide claire de limpact de lune de ces variables exclues sur la variabilit du TIE, nous avons dcid de tester deux modles, pour les trois groupes. Ces derniers sont spcifis dans lAnnexe 3.