Taxes, financing decisions, and firm value

被引：383

作者：

Fama, EF ^{[1
]}

French, KR ^{[1
]}

机构：

[1] Univ Chicago, Grad Sch Business, Chicago, IL 60637 USA

来源：

JOURNAL OF FINANCE | 1998年 / 53卷 / 03期

关键词：

D O I：

10.1111/0022-1082.00036

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We use cross-sectional regressions to study how a firm's value is related to dividends and debt. With a good control for profitability, the regressions can measure how the taxation of dividends and debt affects firm value. Simple tax hypotheses say that value is negatively related to dividends and positively related to debt. We find the opposite. We infer that dividends and debt convey information about profitability (expected net cash flows) missed by a wide range of control variables. This information about profitability obscures any tax effects of financing decisions.

引用

页码：819 / 843

页数：25

共 45 条

[1] QUARTERLY DIVIDEND AND EARNINGS ANNOUNCEMENTS AND STOCKHOLDERS RETURNS - AN EMPIRICAL-ANALYSIS [J].