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Book-tax differences, dividend payout, and firm value

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  • Dyussembina, Saule
  • Park, Kunsu

Abstract

We examine the effect of book-tax differences (BTDs) on firm value in the context of publicly traded firms in Russia. We find that BTDs are negatively related to firm value. We further find that the negative relation between BTDs and firm value is weaker with an increase in dividend payout. This finding indicates that dividend payout weakens the negative effect of BTDs on firm value. This effect is profound for the part of BTDs that is explained by discretionary accruals, which is in line with the signaling view on dividend policy. Our main findings are robust to endogeneity issues. Our study provides implications for investors, managers, regulators, and standard setters that are interested in the valuation of firms in developing and emerging markets.

Suggested Citation

  • Dyussembina, Saule & Park, Kunsu, 2024. "Book-tax differences, dividend payout, and firm value," International Review of Financial Analysis, Elsevier, vol. 91(C).
    • Handle: RePEc:eee:finana:v:91:y:2024:i:c:s1057521923005537
    DOI: 10.1016/j.irfa.2023.103037
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    More about this item

    Keywords

    Book-tax differences; Firm value; Dividend policy; Russia;
    All these keywords.

    JEL classification:

    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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