Individual Investors' Dividend Taxes and Corporate Payout Policies

被引：54

作者：

Li, Oliver Zhen ^{[1
]}

Liu, Hang ^{[2
]}

Ni, Chenkai ^{[3
]}

Ye, Kangtao ^{[4
]}

机构：

[1] NUS Business Sch, Singapore, Singapore

[2] Dongbei Univ Finance & Econ, Sch Accountancy, Dalian, Liaoning, Peoples R China

[3] Fudan Univ, Sch Management, Shanghai, Peoples R China

[4] Renmin Univ China, Sch Business, Beijing, Peoples R China

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2017年 / 52卷 / 03期

关键词：

SHARE REPURCHASES; PERSONAL TAXES; TRADING VOLUME; CUT; EXPROPRIATION; HETEROGENEITY; TRANSACTIONS; OWNERSHIP; VALUATION; RESPONSES;

D O I：

10.1017/S0022109017000199

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The 2012 Dividend Tax Reform in China ties individual investors' dividend tax rates to the length of their shareholding period. We find that firms facing a reduction (increase) in their individual investors' dividend tax rates are more (less) likely to increase dividend payout. Such an effect is concentrated in firms where incentives of controlling shareholders and minority shareholders are aligned. Furthermore, investors respond to this tax law change by reducing trading activities before the cum-dividend day and successfully lower their dividend tax penalty. Overall, our evidence enhances the notion that individual investors' tax profiles shape firms' payout policies.

引用

页码：963 / 990

页数：28

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