Taxes and dividend policy under alternative tax regimes
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Pattenden, Kerry; Twite, Garry
Description
This paper examines changes in corporate dividend policy around the introduction of a dividend imputation tax system. This represented a significant change to the Australian tax framework and allows us to test the effect of differential taxation on corporate dividend policy. Consistent with the tax preference for the distribution of dividends, we find dividend initiations, all dividend payout measures and dividend reinvestment plans increased with the introduction of dividend imputation....[Show more]
dc.contributor.author | Pattenden, Kerry | |
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dc.contributor.author | Twite, Garry | |
dc.date.accessioned | 2015-12-07T22:55:42Z | |
dc.identifier.issn | 0929-1199 | |
dc.identifier.uri | http://hdl.handle.net/1885/28515 | |
dc.description.abstract | This paper examines changes in corporate dividend policy around the introduction of a dividend imputation tax system. This represented a significant change to the Australian tax framework and allows us to test the effect of differential taxation on corporate dividend policy. Consistent with the tax preference for the distribution of dividends, we find dividend initiations, all dividend payout measures and dividend reinvestment plans increased with the introduction of dividend imputation. Similarly we find that gross dividend payouts are more volatile under dividend imputation. Finally, we find that the increase in dividend payout and initiations differs across firms. In particular, we find that the higher the level of available franking tax credits the higher the firm's gross dividend payout and the more likely the firm is to initiate a dividend. | |
dc.publisher | Elsevier | |
dc.source | Journal of Corporate Finance | |
dc.subject | Keywords: Dividend imputation; Dividend policy; Taxes | |
dc.title | Taxes and dividend policy under alternative tax regimes | |
dc.type | Journal article | |
local.description.notes | Imported from ARIES | |
local.identifier.citationvolume | 14 | |
dc.date.issued | 2008 | |
local.identifier.absfor | 150201 - Finance | |
local.identifier.ariespublication | u8902633xPUB58 | |
local.type.status | Published Version | |
local.contributor.affiliation | Pattenden, Kerry, University of Sydney | |
local.contributor.affiliation | Twite, Garry, College of Business and Economics, ANU | |
local.description.embargo | 2037-12-31 | |
local.bibliographicCitation.issue | 1 | |
local.bibliographicCitation.startpage | 1 | |
local.bibliographicCitation.lastpage | 16 | |
local.identifier.doi | 10.1016/j.jcorpfin.2007.09.002 | |
dc.date.updated | 2015-12-07T13:00:54Z | |
local.identifier.scopusID | 2-s2.0-40649086672 | |
Collections | ANU Research Publications |
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