Evidence of Imputation Clienteles in the Australian Equity Market  

Oleh:

Bellamy, David E.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Asia Pacific Journal of Management vol. 11 no. 2 (Okt. 1994), page 275-287.
Fulltext: David E. Bellamy.pdf (33.63KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: AA66 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The development of shareholder clienteles in response to the introduction of the dividend imputation (integrated tax system) into the Australian capital market is examined. The findings provide evidence to support the proposition that companies paying franked dividends have undertaken policies that will maximize the benefits to their shareholders. The analysis develops a framework that shows that there would be reasons to expect that different shareholders would prefer either fully franked or unfranked dividends. Marginal investors do consider imputation credits to be valuable, since the ex-dividend price fall is greater for franked dividends than for unfranked dividends. Further, if managers of companies do not consider that their shareholders value imputation credits, one would expect a spread in the level of franking being paid, dependent upon the pre-imputation dividend and the amount of tax paid. Instead, the results show a distinct clustering near 0% and 100% franking levels.

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