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Investor-driven "short-termism" is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered---rising levels of repurchases and dividends---is incomplete and misleading: it ignores...
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We test whether dividend taxes affect corporate investments. We exploit Sweden's 2006 dividend tax cut of 10 percentage … data and triple-difference estimators, we find that this dividend tax cut does not affect aggregate investment but that it … affects the allocation of corporate investment. Cash-constrained firms increase investment after the dividend tax cut relative …
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aims to examine and analyze the effect of the investment decision, financing decision, dividend payment policy and company … decision variable has a significantly positive effect on the company value with a significance level of 0.000. The dividend … profit distribution, whether it will be distributed in the form of dividend or capital gain, d) a company that has assets of …
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decisions, financial decisions and dividend policy on the value of the firm. The data used in this study are secondary data, the … influence on financial decisions. Both ownership structure and corporate governance have a positive influence on dividend policy …, while making investment and financial decisions would negatively affect the dividend policy. Ownership structure, corporate …
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retaining earnings. This alternative view holds that while changes in the dividend tax rate will affect shareholder wealth, they … these two views of dividend taxation. By extending Tobin's "q" theory of investment to incorporate taxes at both the … time series data are particularly appropriate for testing hypotheses about dividend taxes because of the substantial …
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We develop a dynamic agency model where payout, investment and financing decisions are made by managers who attempt to maximize the rents they take from the firm, subject to a capital market constraint. Managers smooth payout in order to smooth their flow of rents. Total payout (dividends plus...
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