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Dividend Taxation and Firm Performance with Heterogeneous Payout Responses
Bilicka, Katarzyna Anna; Güçeri, Irem; Koumanakos, … - 2023
We analyze the short and long-run performance of firms that were differentially affected by a new tax on dividends in the lead-up to the Global Financial Crisis. We use exogenous policy variation for firms with different legal statuses and financial year-end dates to causally identify the...
Persistent link: https://www.econbiz.de/10014263915
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The equity trap, the cost of capital and the firm's growth path
Lindhe, Tobias; Södersten, Jan - 2006
This paper reconsiders Sinn's (1991) nucleus theory of the corporation by comparing two different regimes for the equity trap. In the first of these, all cash paid to the shareholders is taxed as dividends, in the second, shareholders are allowed a tax-free return of capital contributed through...
Persistent link: https://www.econbiz.de/10010263981
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Dividend taxation, share repurchases and the equity trap
Lindhe, Tobias; Södersten, Jan - 2009
This paper reconsiders the effects of dividend taxation. Particular attention is paid to the form of the equity trap …
Persistent link: https://www.econbiz.de/10010267266
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Neutral taxation of shareholder income?: corporate responses to an announced dividend tax
Alstadsæter, Annette; Fjaerli, Erik - 2009
tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a …
Persistent link: https://www.econbiz.de/10010264543
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How Do Entrepreneurial Portfolios Respond to Taxation?
Fossen, Frank; Rees, Ray; Rostam-Afschar, Davud; … - 2017
We investigate how personal income taxes affect the portfolio share of personal wealth that entrepreneurs invest in their own business. In a reformulation of the standard portfolio choice model that allows for underreporting of private business income to tax authorities, we show that a fall in...
Persistent link: https://www.econbiz.de/10011698725
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The start-up and growth stages in enterprise formation : the"new view" of dividend taxation reconsidered
Kanniainen, Vesa; Kari, Seppo; Ylä-Liedenpohja, Jouko - 2005
to a dividend tax is above the old view double-tax one, (iii) the start-up investment is not affected by undervaluation …, but the discouragement engendered by dividend taxation is compensated by realization-based capital gains tax, (iv) with … suggests, (v) without undervaluation, the dividend tax boosts expansion investment. …
Persistent link: https://www.econbiz.de/10010261281
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Optimal Firms's Dividend and Capital Structure for Mean Reverting Profitability
Menoncin, Francesco; Panteghini, Paolo M.; Regis, Luca - 2021
solved in a quasiexplicit form by computing both the optimal dividend and the optimal debt. Finally, we calibrate the model … particular, our results show that the optimal dividend is smooth over time and that leverage is predominantly constant over time …
Persistent link: https://www.econbiz.de/10013314671
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The information content of dividends : safer profits, not higher profits
Michaely, Roni; Rossi, Stefano; Weber, Michael - 2018
Persistent link: https://www.econbiz.de/10011796632
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Are corporate payouts abnormally high in the 2000s?
Kahle, Kathleen M.; Stulz, René M. - 2020
Persistent link: https://www.econbiz.de/10012221175
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Who Participates in Tax Avoidance?
Alstadsæter, Annette; Jacob, Martin - 2013
This paper analyzes the sources of heterogeneity in legal tax avoidance strategies across individuals. Three conditions are required for a taxpayer to participate in tax avoidance: incentive, access, and awareness. Using rich Swedish administrative panel data with a unique link between corporate...
Persistent link: https://www.econbiz.de/10010293978