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This study investigated whether the way in which dividends are taxed in SouthAfrica, with the introduction of Secondary … Tax on Companies (STC) in 1993,together with the extensive piece of legislation which incorporates dividends, hasa … negative impact on the total amount of dividends paid by companies listed onthe Johannesburg Stock Exchange for the period from …
Persistent link: https://www.econbiz.de/10009442252
dividends. It is this observation that impelled researchers tosuggest that share repurchases were substitutes for cash dividends … as they were being financewith reductions in cash dividends.Share repurchases are a new concept in South Africa compared … pay dividends and the increasingpropensity to repurchase patternsare observable in South Africa and whether share …
Persistent link: https://www.econbiz.de/10009481279
. Second, firms are highlylevered mainly through bank loans which render the role of dividends in reducing theagency costs less … investigatethis issue using a unique data set where there are no taxes on dividends and capital gainsand stock prices are decimalized …. In this economy, any price decline that is smaller thanthe dividends can not be attributed to taxes and price …
Persistent link: https://www.econbiz.de/10009484263
subject to a no-default borrowing constraint. Equity allows the firm to suspend dividends when the cash flow is negative …
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Relaxing the concavity assumption to quasi-concavity in the classical programming problem strengthens the Theory of the Consumer but is said to weaken that of the firm. This paper combines the Euler equation and the concept of sub-manifolds to show that there may be stable, multiple or unique...
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