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Dividends and Debt under Alternative Tax Systems

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  • Fung, William K. H.
  • Theobald, Michael F.

Abstract

The impact of corporate taxes on the leverage decision in a competitive market was analyzed in [8[, [9], and the incorporation of personal taxes into the problem structure was achieved in [4], [1] and [10]. In a more recent paper, Miller [6] suggested that the impacts of both corporate and personal taxation could be studied by simultaneously analyzing the supply of and demand for securities in an overall equilibrium framework. DeAngelo and Masulis [2], [3] formalized and extended the implications of Miller's model, but found that given the U.S. tax code, an equilibrium in which positive dividends were featured was not possible over and above the relatively small dividend exclusion provision.

Suggested Citation

  • Fung, William K. H. & Theobald, Michael F., 1984. "Dividends and Debt under Alternative Tax Systems," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 19(1), pages 59-72, March.
    • Handle: RePEc:cup:jfinqa:v:19:y:1984:i:01:p:59-72_01
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    Citations

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    Cited by:

    1. Frankfurter, George M. & Wood, Bob Jr., 2002. "Dividend policy theories and their empirical tests," International Review of Financial Analysis, Elsevier, vol. 11(2), pages 111-138.
    2. Lally, Martin, 2000. "Valuation of companies and projects under differential personal taxation," Pacific-Basin Finance Journal, Elsevier, vol. 8(1), pages 115-133, March.
    3. Jean-François Malécot, 1990. "Hypothèses de profit permanent et d'anticipations rationnelles. Une nouvelle modélisation des politiques de versement de dividendes," Revue Économique, Programme National Persée, vol. 41(4), pages 713-730.
    4. Lally, Martin, 2011. "Optimal dividend policy, debt policy and the level of investment within a multi-period DCF framework," Pacific-Basin Finance Journal, Elsevier, vol. 19(1), pages 21-40, January.
    5. Reint Gropp, 2002. "Local Taxes and Capital Structure Choice," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 9(1), pages 51-71, January.
    6. Maßbaum, Alexandra & Sureth, Caren, 2008. "The impact of thin capitalization rules on shareholder financing," arqus Discussion Papers in Quantitative Tax Research 39, arqus - Arbeitskreis Quantitative Steuerlehre.
    7. Balachandran, Balasingham & Khan, Arifur & Mather, Paul & Theobald, Michael, 2019. "Insider ownership and dividend policy in an imputation tax environment," Journal of Corporate Finance, Elsevier, vol. 54(C), pages 153-167.

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