全球智库信息集成服务系统(G2TT): Dividend Taxes and the Allocation of Capital

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w30099
来源ID	Working Paper 30099
	Dividend Taxes and the Allocation of Capital
	Charles Boissel; Adrien Matray
发表日期	2022-06-06
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 from 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 ; Corporate Finance ; Public Economics ; Taxation ; Development and Growth ; Development
URL	https://www.nber.org/papers/w30099
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/587773
推荐引用方式 GB/T 7714	Charles Boissel,Adrien Matray. Dividend Taxes and the Allocation of Capital. 2022.