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Taxation, Dividends...
Taxation, Dividends, and Share Repurchases: Taking Evidence Global
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- Jacob, Marcus (författare)
- EBS Universität für Wirtschaft und Recht, EBS Business School
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- Jacob, Martin (författare)
- Uppsala universitet,UCFS
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(creator_code:org_t)
- Uppsala, 2010
- Engelska 41 s.
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Serie: Working Paper,/Uppsala Center for Fiscal Studies, Uppsala University ; 2010:10
- Relaterad länk:
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Abstract
Ämnesord
Stäng
- We compile a comprehensive international dividend and capital gains tax data set to study tax explanations of corporate payouts for a panel of 5,767 firms from 25 countries for 1990-2008. We find robust evidence that the tax penalty on dividends versus capital gains is statistically significant and negatively related to firms’ propensity to pay dividends, initiate such payments, and the amount of dividends paid. Our analysis further reveals that an increase in the dividend tax penalty raises firms’ likelihood to repurchase shares, initiate such repurchases, and the amount of shares repurchased. This is strong confirming evidence that when listed industrial firms globally design their payout policies, they take into careful consideration the relative tax implications of their payout choices.
Ämnesord
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Nyckelord
- Taxation
- Dividends
- Stock Repurchases
- Payout Policy
- Economics
- Nationalekonomi
- Economics
- Nationalekonomi
Publikations- och innehållstyp
- vet (ämneskategori)
- rap (ämneskategori)