advantageousness of dividends in comparison to capital gains after the reform. …

payouts for a panel of 5,767 firms from 25 countries for 1990-2008. We find robust evidence that the tax penalty on dividends … versus capital gains is statistically significant and negatively related to firms’ propensity to pay dividends, initiate such … payments, and the amount of dividends paid. Our analysis further reveals that an increase in the dividend tax penalty raises …

We study the importance of owner wages and dividends as alternative payout channels in privately held firms. Using data … on all Swedish closely held corporations and their owner-managers over the period 2000 - 2009, we find that dividends … comprise one-fourth of total payout to owner-managers. Dividends are used as a flexible payout channel. Wages are the preferred …

reforms of dividends and capital gains tax at the individual and corporate level have also been implemented: in 1998, the … imputation system was abolished and in 2009, foreign dividends became exempt for corporate income tax purposes. A comparison of … dividends and capital gains taxation have aligned the UK to its competitors and to EU law. We find that the overall effect of …

We study the tax regulations in relation to dividends and capital gains over the last two decades for the UK in order … to determine whether changes in tax regimes affect corporate payout policy (dividends, share repurchases, or a …

The question of why individual investors want dividends is investigated by submitting a questionnaire to a Dutch … consumer panel.The respondents indicate that they want dividends, partly because the transaction costs of cashing in dividends … finance theory of Shefrin and Statman (1984) is not confirmed for cash dividends but is confirmed for stock dividends …

existing payout literature studies by analyzing jointly the trends in dividends and share repurchases.Unlike in the US, we find … repurchases is increasing, but dividends still constitute a vast proportion of the total payout.Firms repurchasing shares usually … pay dividends as well.We also document that there is a strong relationship between the presence of blockholders and the …

differences in the taxation of dividends and capital gains have only a second-order impact on setting payout policy. None of the … which repurchases have replaced dividends as the prime vehicle for corporate payouts. Other payout motivations, such as …