We analyze how interactions between corporate taxation and corporate governance affect shareholder capital. Using a … model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …

Tax codes regularly create conflicts of interests between small and large shareholders with respect to the payout … shareholders. Based on an extensive data set covering 3,944 European firms over the 1999-2008 period, we find that payout behavior … preferences of minority shareholders are more likely to be partially reflected in the payout decision. Our results are stable …

We analyze how interactions between corporate taxation and corporate governance affect shareholder capital. Using a … model with strategic interaction between managers and outside shareholders, we hypothesize that, while an increase in the …

This paper examines the response of private firms and their shareholders to a dividend tax increase, which affects only … a small group of shareholders. Using an exogenous shock in Germany, my results suggest that firms do not adjust their … payout policy but corporate minority shareholders, the only ones affected by the increase in shareholder taxes, reduce their …

points leads to an increase in the debt ratio of 2.49 percentage points. Taking into account investor-level taxation and firm …