This study examines the determinants of a firm's decision to utilize a dividend reinvestment plan (“DRP”) and … shareholder participation rates under the Australian dividend imputation regime over the period 1995–2009. A DRP enables managers … to increase the dividend payout and distribute greater franking credits to Australian tax-resident shareholders, while …

This paper tests whether firms altered their dividend and share repurchase policies in response to the 2003 reductions … in shareholder tax rates. We predict that firms substituted dividends for repurchases, because the reduction in dividend … (particularly officers and managers) when setting dividend and share repurchase policies. …

tax rates on individual dividend income from zero to 28 percent. We document strong timing effects on dividend payout on a …

. We show that even if the RRA reduces distortions compared to traditional dividend taxation, the tax system is not neutral …

Recent evidence on the effect of dividend taxes on firm behavior is inconsistent with neoclassical theories of dividend … explain the evidence. In this model, dividend taxation induces managers to undertake unproductive investments by retaining … generate revenue than dividend taxation, challenging existing intuitions based on neoclassical models. (JEL D21, G35, H25, H32) …

rise in income inequality during the 1990's to some extent can be explained by a change in the dividend policy of the …