| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17228 |
| DP17228 Dividend Taxes and the Allocation of Capital | |
| Charles Boissel; Adrien Matray | |
| 发表日期 | 2022-04-16 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper investigates the 2013 three-fold increase in the French dividend tax rate. Using administrative data covering the universe of firms over 2008-2017 and a quasi-experimental setting, we find that firms swiftly cut dividend payments and used this tax-induced increase in liquidity to invest more. Heterogeneity analyses show that firms with high demand and returns on capital responded most while no group of firms cut their investment. Our results reject models in which higher dividend taxes increase the cost of capital and show that the tax-induced increase in liquidity relaxes credit constraints which can reduce capital misallocation. |
| 主题 | Financial Economics ; Public Economics |
| 关键词 | Corporate taxes Capital misallocation |
| URL | https://cepr.org/publications/dp17228 |
| 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/546229 |
| 推荐引用方式 GB/T 7714 | Charles Boissel,Adrien Matray. DP17228 Dividend Taxes and the Allocation of Capital. 2022. |
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