Executive Financial Incentives and Payout Policy : Firm Reponses to The 2003 Dividend Tax Cut  

Oleh:

Brown, Jeffrey R. ; Liang, Nellie ; Weisbenner, Scott J.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 62 no. 4 (Aug. 2007), page 1935-1966.
Topik: FINANCIAL; studies; monetary incentives; dividends; repurchase; tax cuts; executive compensation
Fulltext: p 1935.pdf (159.75KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We test whether executive stock ownership affects firm payouts using the 2003 dividend tax cut to identify an exogenous change in th eafter - tax value of dividends. We find that executives with higher ownership were more likely to increase dividend tax rate was higher. Relative to previous years, firms that initiated dividends in 2003 were more likely to reduce repurchases. The stock price reaction to the tax xut suggests that the substitution of dividends for repurchases may have been anticipated, consistent with agency conflicts.

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