| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4755 |
| DP4755 Liquidity Risk and Corporate Demand for Hedging and Insurance | |
| Jean Charles Rochet; Stéphane Villeneuve | |
| 发表日期 | 2004-11-23 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | This Paper analyses the effects of dividend taxation on corporate behaviour using the large tax cut on individual dividend income enacted in 2003. Using data spanning 1980 to 2004-Q2, we document a sharp and widespread surge in dividend payments following the tax cut, along several dimensions. First, an unprecedented number of firms initiated regular dividend payments after the reform. As a result, the number of publicly traded firms paying dividends, after having declined continuously for more than two decades, began to increase precisely in 2003. Second, many firms that were already paying dividends prior to the reform raised regular dividend payments significantly. Third, special dividends also rose. All of these effects are robust to introducing controls for profits and other firm characteristics. Additional evidence for specific groups of firms suggests that the tax cut induced increases in total payout rather than substitution between dividends and repurchases. The tax response was confined to firms with lower levels of forecasted growth, consistent with an improvement in capital allocation efficiency. The response to the tax cut was strongest in firms with strong principals whose tax incentives changed (presence of large taxable institutional owners or independent directors with large share holdings), and in firms where agents had stronger incentives to respond (large executive ownership and low levels of executive stock-options outstanding). These findings show that principal-agent issues play a central role in corporate responses to taxation. |
| 主题 | Public Economics |
| 关键词 | Dividend taxation Corporate governance |
| URL | https://cepr.org/publications/dp4755 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/533671 |
| 推荐引用方式 GB/T 7714 | Jean Charles Rochet,Stéphane Villeneuve. DP4755 Liquidity Risk and Corporate Demand for Hedging and Insurance. 2004. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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