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Executive financial incentives and payout policy: firm responses to the 2003 dividend tax cut

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Cited by:

  1. Zhang, Dan, 2018. "CEO dividend protection," Journal of Empirical Finance, Elsevier, vol. 45(C), pages 194-211.
  2. Chay, J.B. & Chong, Byung-Uk & Im, Hyun Joong, 2023. "Dividend taxes and investment efficiency: Evidence from the 2003 U.S. personal taxation reform," Journal of Accounting and Economics, Elsevier, vol. 75(1).
  3. Alzahrani, Mohammed & Lasfer, Meziane, 2012. "Investor protection, taxation, and dividends," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 745-762.
  4. Yu, Xin & Wang, Yuetang & Chen, Yingrun & Wang, Guojun, 2021. "Dividend payouts and catering to demands: Evidence from a dividend tax reform," International Review of Financial Analysis, Elsevier, vol. 77(C).
  5. Kang, Minwook & Ye, Lei Sandy, 2023. "Dividend and corporate income taxation with present-biased consumers," Journal of Banking & Finance, Elsevier, vol. 152(C).
  6. Seppo Kari & Jussi Laitila, 2015. "Nonlinear Dividend Tax and the Dynamics of the Firm," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 71(2), pages 153-177, June.
  7. Minnick, Kristina & Rosenthal, Leonard, 2014. "Stealth compensation: Do CEOs increase their pay by influencing dividend policy?," Journal of Corporate Finance, Elsevier, vol. 25(C), pages 435-454.
  8. Erin E. Syron Ferris, 2015. "Dividend Taxes and Stock Volatility," Finance and Economics Discussion Series 2015-36, Board of Governors of the Federal Reserve System (U.S.).
  9. Anginer, Deniz & Demirguc-Kunt, Asli & Huizinga, Harry & Ma, Kebin, 2013. "How does corporate governance affect bank capitalization strategies ?," Policy Research Working Paper Series 6636, The World Bank.
  10. Custódio, Cláudia & Metzger, Daniel, 2014. "Financial expert CEOs: CEO׳s work experience and firm׳s financial policies," Journal of Financial Economics, Elsevier, vol. 114(1), pages 125-154.
  11. Masanori Orihara, 2023. "Election-Day Market Reactions to Tax Proposals: Evidence from a Close Vote," Working Papers 2219, Waseda University, Faculty of Political Science and Economics.
  12. Richard H. Fosberg, 2012. "The Corporate Effects of Personal Taxation," International Journal of Business and Social Research, MIR Center for Socio-Economic Research, vol. 2(1), pages 1-8, February.
  13. Schmid, Thomas & Ampenberger, Markus & Kaserer, Christoph & Achleitner, Ann-Kristin, 2010. "Controlling shareholders and payout policy: do founding families have a special 'taste for dividends'?," CEFS Working Paper Series 2010-01, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
  14. K. H. Nguyen, 2014. "Impact of a dividend initiation wave on shareholder wealth," Applied Financial Economics, Taylor & Francis Journals, vol. 24(8), pages 573-586, April.
  15. DeYoung, Robert & Jang, Karen Y., 2023. "Testing dividend tax theory: Firm and industry heterogeneity," Journal of Financial Intermediation, Elsevier, vol. 56(C).
  16. Edwards, Alexander & Shevlin, Terry, 2011. "The value of a flow-through entity in an integrated corporate tax system," Journal of Financial Economics, Elsevier, vol. 101(2), pages 473-491, August.
  17. Seppo Kari & Hanna Karikallio & Jukka Pirttilä, 2008. "Anticipating Tax Changes: Evidence from the Finnish Corporate Income Tax Reform of 2005," Fiscal Studies, Institute for Fiscal Studies, vol. 29(2), pages 167-196, June.
  18. Becker, Bo & Jacob, Marcus & Jacob, Martin, 2013. "Payout taxes and the allocation of investment," Journal of Financial Economics, Elsevier, vol. 107(1), pages 1-24.
  19. Buchanan, Bonnie G. & Cao, Cathy Xuying & Liljeblom, Eva & Weihrich, Susan, 2017. "Uncertainty and firm dividend policy—A natural experiment," Journal of Corporate Finance, Elsevier, vol. 42(C), pages 179-197.
  20. Cook, Douglas O. & Zhang, Weiwei, 2022. "CEO option incentives and corporate share repurchases," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 355-376.
  21. Batabyal, Sourav & Robinson, Richard, 2017. "Capital change and stability when dividends convey signals," The Quarterly Review of Economics and Finance, Elsevier, vol. 65(C), pages 158-167.
  22. Lai, Tat-kei & Ng, Travis, 2017. "Does dividend tax impede competition for corporate charters?," Journal of Comparative Economics, Elsevier, vol. 45(4), pages 751-772.
  23. Christian Bellak & Markus Leibrecht, 2010. "Does Lowering Dividend Tax Rates IncreaseDividends Repatriated? Evidence of Intrafirm Cross-Border Dividend Repatriation Policiesby German Multinational Enterprises," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 66(4), pages 350-383, December.
  24. Jennifer Blouin & Jana Raedy & Douglas Shackelford, 2010. "Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes," NBER Working Papers 16129, National Bureau of Economic Research, Inc.
  25. Bo Becker & Zoran Ivković & Scott Weisbenner, 2011. "Local Dividend Clienteles," Journal of Finance, American Finance Association, vol. 66(2), pages 655-683, April.
  26. Zhe An & Wenlian Gao & Donghui Li & Dezhu Ye, 2022. "Dividend payouts, cash‐flow uncertainty and the role of institutions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(7-8), pages 1356-1390, July.
  27. Esqueda, Omar A., 2016. "Signaling, corporate governance, and the equilibrium dividend policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 59(C), pages 186-199.
  28. Lu Tang & Shihan Zhang & Chenhui Ding & Jinyao Huan, 2022. "How Can the Sustainable Motivational Effect of Equity Incentives on Corporate Performance Be Exploited?—A Study Based on the Moderating Effect of Aspiration Level," Sustainability, MDPI, vol. 14(24), pages 1-17, December.
  29. Lei, Jin & Qiu, Jiaping & Wan, Chi & Yu, Fan, 2021. "Credit risk spillovers and cash holdings," Journal of Corporate Finance, Elsevier, vol. 68(C).
  30. Ding, Chao & Ho, Choy Yeing & Chang, Millicent, 2021. "CEO and CFO equity compensation and dividend payout over the firm lifecycle," Global Finance Journal, Elsevier, vol. 49(C).
  31. Raj Chetty & Emmanuel Saez, 2010. "Dividend and Corporate Taxation in an Agency Model of the Firm," American Economic Journal: Economic Policy, American Economic Association, vol. 2(3), pages 1-31, August.
  32. Eisdorfer, Assaf & Giaccotto, Carmelo & White, Reilly, 2015. "Do corporate managers skimp on shareholders' dividends to protect their own retirement funds?," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 257-277.
  33. De Cesari, Amedeo & Huang-Meier, Winifred, 2015. "Dividend changes and stock price informativeness," Journal of Corporate Finance, Elsevier, vol. 35(C), pages 1-17.
  34. Boulton, Thomas J. & Braga-Alves, Marcus V. & Shastri, Kuldeep, 2012. "Payout policy in Brazil: Dividends versus interest on equity," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 968-979.
  35. Hu, Xinwen & Hua, Renhai & Liu, Qingfu & Wang, Chuanjie, 2023. "The green fog: Environmental rating disagreement and corporate greenwashing," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
  36. Atsushi Chino & Joon Ho Kim, 2022. "Does dividend policy affect sales growth in product markets? Evidence from the 2003 dividend tax cut," Financial Management, Financial Management Association International, vol. 51(2), pages 539-571, June.
  37. Jeong Hwan Lee & Young Lee, 2024. "Taxes, Payout Policy, and Share Prices: Evidence from DID Analysis Using Korea’s 2015–2017 Dividend Tax Cut," Korean Economic Review, Korean Economic Association, vol. 40, pages 77-106.
  38. Danny Yagan, 2015. "Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut," American Economic Review, American Economic Association, vol. 105(12), pages 3531-3563, December.
  39. Bradley Benson & Travis Davidson & Hui James & Hongxia Wang, 2022. "Board busyness and corporate payout: are all busy directors the same?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(3), pages 3711-3759, September.
  40. Dang, Viet A. & De Cesari, Amedeo & Phan, Hieu V., 2021. "Employment protection and share repurchases: Evidence from wrongful discharge laws," Journal of Corporate Finance, Elsevier, vol. 69(C).
  41. Kong, Dongmin & Ji, Mianmian, 2024. "Individual investors’ dividend tax reform and investment efficiency," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 1102-1119.
  42. Liu, Guangqiang & Liu, Tianbao, 2022. "Does individual investors’ dividend tax influence analyst forecast? Evidence from a quasi-natural experiment in China," Finance Research Letters, Elsevier, vol. 50(C).
  43. Kazuki Onji & Masanori Orihara, 2016. "Taxes, stock ownership, and payout policy: Evidence from a 2011 tax reform in Japan," Discussion papers ron278, Policy Research Institute, Ministry of Finance Japan.
  44. Ana Pinto Borges & João Correia‐Da‐Silva, 2011. "Using Cost Observation To Regulate A Manager Who Has A Preference For Empire‐Building," Manchester School, University of Manchester, vol. 79(1), pages 29-44, January.
  45. Korkeamaki, Timo & Liljeblom, Eva & Pasternack, Daniel, 2010. "Tax reform and payout policy: Do shareholder clienteles or payout policy adjust?," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 572-587, September.
  46. Chris Mitchell, 2019. "The Lock-In Effect and the Corporate Payout Puzzle," ISER Discussion Paper 1070, Institute of Social and Economic Research, Osaka University.
  47. Florackis, Chris & Kanas, Angelos & Kostakis, Alexandros, 2015. "Dividend policy, managerial ownership and debt financing: A non-parametric perspective," European Journal of Operational Research, Elsevier, vol. 241(3), pages 783-795.
  48. Booth, Laurence & Zhou, Jun, 2017. "Dividend policy: A selective review of results from around the world," Global Finance Journal, Elsevier, vol. 34(C), pages 1-15.
  49. Nam, Jouahn & Wang, Jun & Zhang, Ge, 2010. "The impact of the dividend tax cut and managerial stock holdings on corporate dividend policy," Global Finance Journal, Elsevier, vol. 21(3), pages 275-292.
  50. Lee, Yu Kyung, 2022. "The effect of ownership structure on corporate payout policy and performance: Evidence from Korea's exogenous dividends tax shock," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
  51. Kulchania, Manoj, 2013. "Catering driven substitution in corporate payouts," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 180-195.
  52. Annette Alstadsaeter & Wojciech Kopczuk & Kjetil Telle, 2014. "Are Closely Held Firms Tax Shelters?," Tax Policy and the Economy, University of Chicago Press, vol. 28(1), pages 1-32.
  53. Shapiro, Dmitry & Zhuang, Anan, 2015. "Dividends as a signaling device and the disappearing dividend puzzle," Journal of Economics and Business, Elsevier, vol. 79(C), pages 62-81.
  54. Roger Gordon & Martin Dietz, 2006. "Dividends and Taxes," NBER Working Papers 12292, National Bureau of Economic Research, Inc.
  55. Nabaraj Adhikari, Ph.D., 2015. "Determinants of Corporate Dividend Payout in Nepal," NRB Economic Review, Nepal Rastra Bank, Economic Research Department, vol. 27(2), pages 53-74, October.
  56. Henrekson, Magnus & Sanandaji, Tino, 2016. "Owner-Level Taxes and Business Activity," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 12(1), pages 1-94, March.
  57. Lin, Leming & Flannery, Mark J., 2013. "Do personal taxes affect capital structure? Evidence from the 2003 tax cut," Journal of Financial Economics, Elsevier, vol. 109(2), pages 549-565.
  58. Jacob, Martin & Alstadsæter, Annette, 2013. "Payout policies of privately held firms: Flexibility and the role of income taxes," arqus Discussion Papers in Quantitative Tax Research 152, arqus - Arbeitskreis Quantitative Steuerlehre.
  59. Marko Koethenbuerger & Michael E Stimmelmayr, 2022. "The Efficiency Costs of Dividend Taxation with Managerial Firms," The Economic Journal, Royal Economic Society, vol. 132(643), pages 1123-1149.
  60. Andriosopoulos, Dimitris & Lasfer, Meziane, 2015. "The market valuation of share repurchases in Europe," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 327-339.
  61. Chou, Robin K. & Wang, Yu-Chun & Jimmy Yang, J., 2021. "Share pledging, payout policy, and the value of cash holdings," Journal of Empirical Finance, Elsevier, vol. 61(C), pages 18-33.
  62. Li, Xiongshi & Ye, Mao & Zheng, Miles, 2024. "Price ceilings, market structure, and payout policies," Journal of Financial Economics, Elsevier, vol. 155(C).
  63. Jesse Edgerton, 2013. "Four facts about dividend payouts and the 2003 tax cut," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 20(5), pages 769-784, October.
  64. Beladi, Hamid & Chao, Chi Chur & Hu, May, 2016. "The Christmas effect—Special dividend announcements," International Review of Financial Analysis, Elsevier, vol. 43(C), pages 15-30.
  65. Ronald W. Masulis & Peter K. Pham & Jason Zein, 2020. "Family Business Group Expansion Through IPOs: The Role of Internal Capital Markets in Financing Growth While Preserving Control," Management Science, INFORMS, vol. 66(11), pages 5191-5215, November.
  66. M. Jonathan C. Eklund, 2022. "Do multinational firms respond to personal dividend income tax rates?," Empirical Economics, Springer, vol. 62(4), pages 1743-1771, April.
  67. Jacob, Martin, 2010. "Taxation, Dividends, and Share Repurchases: Taking Evidence Global," Working Paper Series, Center for Fiscal Studies 2010:10, Uppsala University, Department of Economics.
  68. Kim, Woo Jin & Yang, Dong-Ryung, 2016. "CEO to the Rescue: Residential Proximity of Private Firm CEOs and the Evolution of Corporate Profitability," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 38(4), pages 1-21.
  69. João Paulo Vieito & António Cerqueira & Elísio Brandão & Walayet A. Khan, 2009. "Executive Compensation: the Finance Perspective," Portuguese Journal of Management Studies, ISEG, Universidade de Lisboa, vol. 0(1), pages 3-32.
  70. Amy Dittmar, 2008. "Corporate Cash Policy and How to Manage it with Stock Repurchases," Journal of Applied Corporate Finance, Morgan Stanley, vol. 20(3), pages 22-34, June.
  71. Desai, Mihir A. & Jin, Li, 2011. "Institutional tax clienteles and payout policy," Journal of Financial Economics, Elsevier, vol. 100(1), pages 68-84, April.
  72. Laura Kawano, 2014. "The Dividend Clientele Hypothesis: Evidence from the 2003 Tax Act," American Economic Journal: Economic Policy, American Economic Association, vol. 6(1), pages 114-136, February.
  73. Gene Amromin & Paul Harrison & Steven Sharpe, 2008. "How Did the 2003 Dividend Tax Cut Affect Stock Prices?," Financial Management, Financial Management Association International, vol. 37(4), pages 625-646, December.
  74. Chowdhury, Hasibul & Rahman, Shofiqur, 2023. "Do tournament incentives affect corporate dividend policy?," Journal of Banking & Finance, Elsevier, vol. 152(C).
  75. De Cesari, Amedeo & Ozkan, Neslihan, 2015. "Executive incentives and payout policy: Empirical evidence from Europe," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 70-91.
  76. Ouyang, Puman & Zhong, Ligang, 2023. "Asset redeployability and dividend payout policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 90(C), pages 91-105.
  77. Alon Brav & John R. Graham & Campbell R. Harvey & Roni Michaely, 2008. "Managerial Response to the May 2003 Dividend Tax Cut," Financial Management, Financial Management Association International, vol. 37(4), pages 611-624, December.
  78. Chongyang Chen & Zhonglan Dai & Douglas Shackelford & Harold Zhang, 2011. "Does Financial Constraint Affect Shareholder Taxes and the Cost of Equity Capital?," NBER Working Papers 17169, National Bureau of Economic Research, Inc.
  79. Nabaraj Adhikari, Ph.D., 2015. "Determinants of Corporate Dividend Payout in Nepal," NRB Economic Review, Nepal Rastra Bank, Research Department, vol. 27(2), pages 1-22, October.
  80. Balachandran, Balasingham & Nguyen, Justin Hung, 2018. "Does carbon risk matter in firm dividend policy? Evidence from a quasi-natural experiment in an imputation environment," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 249-267.
  81. Richard H. Fosberg, 2012. "The Corporate Effects of Personal Taxation," International Journal of Business and Social Research, LAR Center Press, vol. 2(1), pages 1-8, February.
  82. Winter, Christoph & Kraus, Beatrice, 2016. "Do Tax Changes Affect Credit Markets and Financial Frictions? Evidence from Credit Spreads," VfS Annual Conference 2016 (Augsburg): Demographic Change 145636, Verein für Socialpolitik / German Economic Association.
  83. Ye, Dezhu & Deng, Jie & Liu, Yi & Szewczyk, Samuel H. & Chen, Xiao, 2019. "Does board gender diversity increase dividend payouts? Analysis of global evidence," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 1-26.
  84. Jesse Edgerton, 2010. "Effects of the 2003 dividend tax cut: evidence from real estate investment trusts," Finance and Economics Discussion Series 2010-34, Board of Governors of the Federal Reserve System (U.S.).
  85. Kong, Dongmin & Ji, Mianmian & Zhang, Fan, 2022. "Individual investors’ dividend tax reform and corporate social responsibility," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 78(C).
  86. Burns, Natasha & McTier, Brian C. & Minnick, Kristina, 2015. "Equity-incentive compensation and payout policy in Europe," Journal of Corporate Finance, Elsevier, vol. 30(C), pages 85-97.
  87. Nianzhi Guo & Ping‐Wen Sun & Huiqin Xiao, 2023. "Influence of dividend tax policy tied to investment horizon on stock price stability: Evidence from the 2015 dividend tax reform in China," International Review of Finance, International Review of Finance Ltd., vol. 23(3), pages 524-552, September.
  88. Drienko, Jo & Khorsand, Bardia, 2023. "Dividend hibernation and future earnings: When no dividend news is good news," Journal of Corporate Finance, Elsevier, vol. 83(C).
  89. Yaowen Shan & Terry Walter, 2016. "Towards a Set of Design Principles for Executive Compensation Contracts," Abacus, Accounting Foundation, University of Sydney, vol. 52(4), pages 619-684, December.
  90. Colombo, Jéfferson A. & Caldeira, João F., 2018. "The role of taxes and the interdependence among corporate financial policies: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 50(C), pages 402-423.
  91. Maier, Christoph & Schanz, Deborah, 2017. "Towards neutral distribution taxes and vanishing tax effects in the European Union," arqus Discussion Papers in Quantitative Tax Research 215, arqus - Arbeitskreis Quantitative Steuerlehre.
  92. Ana Borges & João Correia-da-Silva & Didier Laussel, 2014. "Regulating a manager whose empire-building preferences are private information," Journal of Economics, Springer, vol. 111(2), pages 105-130, March.
  93. Erin E. Syron Ferris, 2018. "Dividend taxes and stock volatility," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 25(2), pages 377-403, April.
  94. Espahbodi, Reza & Liu, Nan & Westbrook, Amy, 2016. "The effects of the 2006 SEC executive compensation disclosure rules on managerial incentives," Journal of Contemporary Accounting and Economics, Elsevier, vol. 12(3), pages 241-256.
  95. Boehmer, Ekkehart & Jones, Charles M. & Zhang, Xiaoyan, 2020. "Potential pilot problems: Treatment spillovers in financial regulatory experiments," Journal of Financial Economics, Elsevier, vol. 135(1), pages 68-87.
  96. Hoang, Edward C. & Hoxha, Indrit, 2016. "Corporate payout smoothing: A variance decomposition approach," Journal of Empirical Finance, Elsevier, vol. 35(C), pages 1-13.
  97. Wang, Jin-Ying, 2023. "Tax clientele and share repurchase execution," The Quarterly Review of Economics and Finance, Elsevier, vol. 88(C), pages 168-176.
  98. 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.
  99. Bonaimé, Alice A. & Hankins, Kristine W. & Jordan, Bradford D., 2016. "The cost of financial flexibility: Evidence from share repurchases," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 345-362.
  100. Asmar Aliyeva, 2020. "Insider Ownership and Dividend Payout Policy: The Role of Business Cycle," Papers 2008.04069, arXiv.org.
  101. Adrien Matray & Charles Boissel, 2020. "Higher Dividend Taxes, No Problem! Evidence from Taxing Entrepreneurs in France," Working Papers 276, Princeton University, Department of Economics, Center for Economic Policy Studies..
  102. Cosmin Octavian Cepoi & Victor Dragotă & Ruxandra Trifan & Andreea Iordache, 2023. "Probability of informed trading during the COVID-19 pandemic: the case of the Romanian stock market," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-27, December.
  103. Christian Keuschnigg & Evelyn Ribi, 2010. "Business Taxation, Corporate Finance and Economic Performance," University of St. Gallen Department of Economics working paper series 2010 2010-04, Department of Economics, University of St. Gallen.
  104. Deen Kemsley & Padmakumar Sivadasan & Venkat Subramaniam, 2018. "The composite dividend tax rate," Accounting and Business Research, Taylor & Francis Journals, vol. 48(7), pages 727-758, November.
  105. Randall Morck & Bernard Yeung, 2005. "Dividend Taxation and Corporate Governance," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 163-180, Summer.
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