Anticipated dividend tax changes, on the other hand, allow firms to engage in inter-temporal tax arbitrage so as to … (accelerate) firms' dividend payments, which leads them to hold higher (lower) cash balances and, for capital constrained firms …In accordance with the traditional view of dividend taxation, new firms raise less equity and invest less the higher …

their institutional shareholders indicates that "dividend-averse" institutions are significantly less likely to hold shares … in firms with larger dividend payouts. This relationship between the tax preferences of institutional shareholders and … firm payout policy could reflect dividend-averse institutions gravitating to low dividend paying firms or managers adapting …

increases with dividend income, controlling for total wealth, total portfolio returns, and other sources of income. In a sample …

internal governance and improve efficiency. This leads to a theory of investment and dividend policy, where dividends are paid …