BROWN, JEFFREY R.; LIANG, NELLIE; WEISBENNER, SCOTT - In: Journal of Finance 62 (2007) 4, pp. 1935-1965
We test whether executive stock ownership affects firm payouts using the 2003 dividend tax cut to identify an exogenous change in the after-tax value of dividends. We find that executives with higher ownership were more likely to increase dividends after the tax cut in 2003, whereas no relation...