Legally-Recognised Group Structures: An Exploratory Analysis

doi:10.1111/j.1835-2561.2012.00170.x

Legally-Recognised Group Structures: An Exploratory Analysis

2012-06-22

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AI

T

Tina Jing Huynh *

D

Demetris Christodoulou

S

Sandra van der Laan

DOI：10.1111/j.1835-2561.2012.00170.x

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Corporate groups are the dominant vehicle for organising business activity in Australia. For accounting purposes, a corporate group is treated as a single economic entity, and for this reason empirical research largely ignores the underlying legal structures. While the basic position at law is that each company within the corporate group is a separate legal entity, we demonstrate how the regulatory interventions of tax consolidation and the deed of cross-guarantee may interfere with this fundamental notion. Using hand-collected observations for the S&P/ASX200, we provide unique insights into individual group composition and identify corporate groups that have achieved optimal reporting efficiencies, as envisaged by the regulator, by adopting these legally-recognised group structures. We also identify cases that appear to exploit these regimes for more strategic reasons, which may result in legal complications when untangling the complexities of group liability. It is clear from our analysis that there is very little homogeneity in group organisation among the large Australian public companies that we study.

Legally-Recognised Group Structures: An Exploratory Analysis

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