Managerial Response To The May 2003 Dividend Tax Cut

Alon Brav; John R. Graham; Campbell R. Harvey; Roni Michaely

首页> 外文期刊>Financial management >Managerial Response To The May 2003 Dividend Tax Cut

【24h】

Managerial Response To The May 2003 Dividend Tax Cut

机译：管理层对2003年5月股息减免的回应

获取原文

获取原文并翻译 | 示例

掌桥外文数据库（机构版） >>

开具论文收录证明 >>

文献代查 >>

页面导航

摘要
著录项
相似文献
相关主题

摘要

We survey 328 financial executives to determine the effects of the May 2003 dividend tax cut. We find that the tax cut led to initiations and dividend increases at some firms. However, executives say that among the factors that affect dividend policy, the tax rate reduction is less important than the stability of future cashflows, cash holdings, and the historic level of dividends. Tax effects have roughly the same importance as attracting institutional investors and the availability of profitable investments. We also find that press releases only occasionally mention the dividend tax cut as the reason for an initiation.

机译：我们对328位财务主管进行了调查，以确定2003年5月削减股息税的影响。我们发现减税导致一些公司的启动和股息增加。但是，高管们表示，在影响股息政策的因素中，降低税率的重要性不及未来现金流量，现金持有量和历史股息水平的稳定性。税收影响的重要性与吸引机构投资者和提供可获利的投资大致相同。我们还发现，新闻稿中偶尔仅提及降低股息税的做法。

著录项

来源
《Financial management》 |2008年第4期|p.611-624|共14页
作者
Alon Brav; John R. Graham; Campbell R. Harvey; Roni Michaely;
展开▼
作者单位

Finance at Duke University in Durham, NC;

展开▼
收录信息
原文格式 PDF
正文语种 eng
中图分类 f;
关键词

相似文献

外文文献
中文文献
专利

1. The impact of the dividend tax cut and managerial stock holdings on corporate dividend policy [J] . Jouahn Nam, Jun Wang, Ge Zhang Global finance journal . 2010,第3期

机译：削减股息税和管理人员持股对公司股息政策的影响
2. Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut [J] . JEFFREY R. BROWN, NELLIE LIANG, SCOTT WEISBENNER Journal of Finance . 2007,第4期

机译：高管财务激励措施和支出政策：公司对2003年股息减免的反应
3. Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut [J] . Chetty Raj, Saez Emmanuel The Quarterly Journal of Economics . 2005,第3期

机译：股利税和企业行为：2003年股利税减免的证据
4. The Impact of the Dividend Tax Cut and Managerial Stock Holdings on Corporate Dividend Policy [C] . Jouahn Nam, Jun Wang, Ge Zhang 2005 China International Conference in Finance (CICF 2005) . 2005

机译：股息减免和管理型股份持有对公司股息政策的影响
5. Stock Repurchases as the Earnings Management: An Unintended Consequence of the 2003 Dividend Tax Cut [D] . Gao, Xiang 2018

机译：股票回购作为盈余管理：2003年股息减免的意外后果
6. Environmental Tax Reform and the Double Dividend Hypothesis in a Small Open Economy [O] . Zhibo Zhou, Weiguo Zhang, Xinxin Pan, 2020

机译：小型开放经济中的环境税制改革与双股息假说
7. The Effects of Taxes on Market Responses to Dividend Announcements and Payments: What Can we Learn from the 2003 Dividend Tax Cut? [O] . Raj Chetty, Joseph Rosenberg, Emmanuel Saez 2005

机译：税收对股息公告和付款的市场响应的影响：我们可以从2003年股息削减税中学到什么？

Managerial Response To The May 2003 Dividend Tax Cut

摘要

著录项

相似文献

相关主题

期刊订阅