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- Publisher Website: 10.1093/rfs/hhx041
- Scopus: eid_2-s2.0-85031817488
- WOS: WOS:000412780600007
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Article: Taxation and dividend policy: The muting effect of agency issues and shareholder conflicts
Title | Taxation and dividend policy: The muting effect of agency issues and shareholder conflicts |
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Authors | |
Issue Date | 2017 |
Citation | Review of Financial Studies, 2017, v. 30, n. 9, p. 3176-3222 How to Cite? |
Abstract | Using proprietary data on the entire spectrum of ownership structure and exact tax status of investors and firms, we 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. Three mechanisms reduce the dividend-tax sensitivity: Coordination among owners, heterogeneity in tax preferences, and diverging objectives between managers and owners. Altogether, taxation has a first-order impact on payout, but agency issues and shareholder conflicts mute its impact substantially. |
Persistent Identifier | http://hdl.handle.net/10722/326138 |
ISSN | 2023 Impact Factor: 6.8 2023 SCImago Journal Rankings: 17.654 |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Jacob, Martin | - |
dc.contributor.author | Michaely, Roni | - |
dc.date.accessioned | 2023-03-09T09:58:18Z | - |
dc.date.available | 2023-03-09T09:58:18Z | - |
dc.date.issued | 2017 | - |
dc.identifier.citation | Review of Financial Studies, 2017, v. 30, n. 9, p. 3176-3222 | - |
dc.identifier.issn | 0893-9454 | - |
dc.identifier.uri | http://hdl.handle.net/10722/326138 | - |
dc.description.abstract | Using proprietary data on the entire spectrum of ownership structure and exact tax status of investors and firms, we 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. Three mechanisms reduce the dividend-tax sensitivity: Coordination among owners, heterogeneity in tax preferences, and diverging objectives between managers and owners. Altogether, taxation has a first-order impact on payout, but agency issues and shareholder conflicts mute its impact substantially. | - |
dc.language | eng | - |
dc.relation.ispartof | Review of Financial Studies | - |
dc.title | Taxation and dividend policy: The muting effect of agency issues and shareholder conflicts | - |
dc.type | Article | - |
dc.description.nature | link_to_subscribed_fulltext | - |
dc.identifier.doi | 10.1093/rfs/hhx041 | - |
dc.identifier.scopus | eid_2-s2.0-85031817488 | - |
dc.identifier.volume | 30 | - |
dc.identifier.issue | 9 | - |
dc.identifier.spage | 3176 | - |
dc.identifier.epage | 3222 | - |
dc.identifier.eissn | 1465-7368 | - |
dc.identifier.isi | WOS:000412780600007 | - |