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Die Modigliani/Miller-Theoreme und Ausschüttungspolitik
Wiese, Jörg - 2007 - Version vom 5. März 2007
Der Beitrag diskutiert die Auswirkungen einer nicht-residualen Ausschüttungspolitik auf die Modigliani/Miller-Anpassungsformeln in einer Welt differenzierter, Dividenden, Zinsen und Kursgewinne unterschiedlich behandelnder persönlicher Steuern. Entsprechende Einflüsse auf den Zusammenhang...
Persistent link: https://www.econbiz.de/10010441531
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Distortive effects of dividend taxation
Lindhe, Tobias; Södersten, Jan - 2013
This paper examines how the distortions caused by dividend taxation depend on whether or not shareholders can recover … their original equity injections without being subject to the dividend tax. We point out the alternative assumptions in the … distortive effects of dividend taxation. …
Persistent link: https://www.econbiz.de/10010126800
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Dividend taxation and the cost of new share issues
Lindhe, Tobias; Södersten, Jan - 2014
This paper examines how the effects of dividend taxation on the cost of new equity funds depend on whether or not … shareholders can recover their original equity injections without being subject to the dividend tax. We point out the alternative … that the shareholders cannot recover their original equity injections without being subject to the dividend tax …
Persistent link: https://www.econbiz.de/10010412740
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Why the Norwegian shareholder income tax is neutral
Södersten, Jan - 2019
This note extends the work by Sørensen (2005) and others by demonstrating why the Norwegian Shareholder Income Tax may be neutral between the two sources of equity funds, i.e. new share issues and retained earnings, despite the fact that the retention of earnings to finance new investment does...
Persistent link: https://www.econbiz.de/10011967007
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The dividends received deduction in the corporate income tax and cost of capital
Rumpf, Dominik - 2011
This paper provides a model-based analysis of special tax rules for corporations that invest in stocks of other corporations. To avoid double taxation the returns from such stock investments (dividends and capital gains) are usually tax-exempted or taxed at a reduced tax rate. This allows for...
Persistent link: https://www.econbiz.de/10009751367
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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 … corporations' debt-equity ratios. The debt ratios drop sharply after the implementation of the reform. -- Neutral dividend tax …
Persistent link: https://www.econbiz.de/10003806745
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The influence of tax regimes on distribution police of corporations : evidence from German tax reforms
Schanz, Deborah; Theßeling, Holger - 2011
For more than 50 years, researchers around the world have been searching for a solution to Blacks famous "dividend … "traditional view" of dividend taxation, German decision-makers cut back their dividend payments in response to the reduced …
Persistent link: https://www.econbiz.de/10008906499
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The Norwegian shareholder tax reconsidered
Södersten, Jan; Lindhe, Tobias - 2011
In an article in International Tax and Public Finance, Peter Birch Sørensen (2005) gives an in-depth account of the new Norwegian Shareholder Tax, which allows the shareholders a deduction for an imputed risk-free rate of return. Sørensen’s positive evaluation appears as reasonable for a...
Persistent link: https://www.econbiz.de/10008991269
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Taxation of dividend income and economic growth : the case of Europe
Dackehag, Margareta; Hansson, Åsa - 2015
influences growth. Taxation of dividend income may also influence growth via its impact on investments and firm behavior. Within … dividend income negatively influences economic growth, a result that corroborates the old view of dividends taxation as …
Persistent link: https://www.econbiz.de/10011343025
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Neutral taxation of shareholder income : a Norwegian tax reform proposal
Sørensen, Peter Birch - 2003
A Norwegian tax reform committee recently proposed a personal tax on the realized income from shares after deduction for an imputed risk-free rate of return. This paper describes the design of the proposed shareholder income tax and shows that it will be approximately neutral in several...
Persistent link: https://www.econbiz.de/10011509464