標題: Effects of dividend tax and signaling on firm valuation: Evidence from taxable stock dividend announcements
作者: Kuo, Nan-Ting
Lee, Cheng-Few
交大名義發表
National Chiao Tung University
關鍵字: Stock dividends;Dividend signaling;Dividend taxes;Controlling shareholder;Tax reform;Ownership structure
公開日期: 1-十一月-2013
摘要: Our study aims to isolate the negative tax effect of dividends from their positive signaling effect. We explore the market valuation of taxable stock dividends in Taiwan because management's voluntary taxation makes these dividends a reliable signal. We find that controlling shareholders' shareholdings positively impact market reactions to announcements of taxable stock dividends, while shareholders' weighted average tax rates and the discrepancy between controlling shareholders' ownership and control rights have negative impacts. The integrated tax system that reduces investors' dividend tax burdens alleviates the effects of both tax and signaling. We contribute to the literature by determining the relative importance of tax and signaling effects on firm valuation and demonstrating a unique characteristic of the interaction between stock dividends and ultimate ownership structure. (C) 2013 Elsevier B.V. All rights reserved.
URI: http://dx.doi.org/10.1016/j.pacfin.2013.08.007
http://hdl.handle.net/11536/23502
ISSN: 0927-538X
DOI: 10.1016/j.pacfin.2013.08.007
期刊: PACIFIC-BASIN FINANCE JOURNAL
Volume: 25
Issue: 
起始頁: 157
結束頁: 180
顯示於類別:期刊論文


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  1. 000329380600009.pdf