...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Journal of financial economics >What do firms do when dividend tax rates change? An examination of alternative payout responses
【24h】

What do firms do when dividend tax rates change? An examination of alternative payout responses

机译：当股息税率改变时，企业会做什么？检查替代支付响应

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This paper investigates whether investor-level taxes affect corporate payout policy decisions. We predict and find a surge of special dividends in the final months of 2010 and 2012, immediately before individual-level dividend tax rates were expected to increase. We also find evidence that immediately before the expected tax increases, firms altered the timing of their regular dividend payments by shifting what would normally be January regular dividend payments into the preceding December. To our knowledge this is the first evidence in the literature about changes in the timing of regular dividend payments in response to tax law changes. For both actions (specials and shifting), we find that it was more likely for a firm to respond to individual-level tax rates if insiders owned a relatively large amount of the firm. Overall, our paper provides evidence that managers consider individual-level taxes in making corporate payout decisions.
机译：本文研究了投资者税是否会影响公司支出政策的决策。我们预测并发现，在预期个人所得税率即将提高之前的2010年和2012年最后几个月，特别股息将会激增。我们还发现有证据表明，在预期的税收增加之前，公司通过将通常为1月的常规股息支付转移到前一个12月来改变了其常规股息支付的时间。据我们所知，这是文献中有关税法变化对定期股息支付时间的变化的第一个证据。对于这两种操作（特殊操作和转移操作），我们发现，如果内部人员拥有该公司相对大量的股份，则该公司更有可能对个人税率做出反应。总体而言，我们的论文提供了证据，表明管理者在制定公司支出决策时会考虑个人税。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号