examine how dividend taxation affects payout. Utilizing an exogenous shock to dividend taxation, we show that absent any … frictions, dividend taxation has a large impact on payout. As agency issues and shareholder conflicts increase, owners' tax …-preferences have significantly smaller impact on payout. We identify three mechanisms that reduce the dividend-tax sensitivity …

We test whether dividend taxes affect corporate investments. We exploit Sweden's 2006 dividend tax cut of 10 percentage … data and triple-difference estimators, we find that this dividend tax cut does not affect aggregate investment but that it … affects the allocation of corporate investment. Cash-constrained firms increase investment after the dividend tax cut relative …

We test whether dividend taxes affect corporate investments. We exploit Sweden's 2006 dividend tax cut of 10 percentage … data and triple-difference estimators, we find that this dividend tax cut affects allocation of corporate investment. Cash …-constrained firms increase investment after the dividend tax cut relative to cash-rich firms. Reallocation is stronger among closely …

factors that drive dividend and share repurchase policies. We find that managers are very reluctant to cut dividends, that … dividends are smoothed through time, and that dividend increases are tied to long-run sustainable earnings but much less so than … investment. Managers like to repurchase shares when they feel their stock is undervalued and in an effort to affect EPS. Dividend …