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 …

corporate dividend policy. Consistent with investors having a greater preference for the distribution of dividends, we find that … of the dividend payments they make. Subsequent analysis reveals that effective tax rate and firm size explain cross …-sectional variation in dividend policy responses to the tax reform, with large firms and firms with high effective tax rates more likely …

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. …

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 …

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 …

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 …

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 …