A Theory of Dividends Based on Tax Clienteles  

Oleh:

Allen, Franklin ; Welch, Ivo ; Bernado, Antonio E.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 6 (2000), page 2499-2536.
Topik: dividend; dividends; theory; investment policy; corporate taxes; models; financial management
Fulltext: p 2499.pdf (254.92KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper explains why some firms prefer to pay dividends rather than repurchase shares. When institutional investors are relatively less taxed than individual investors, dividends induce "ownership clientele" effects. Firms paying dividends attract relatively more institutions, which have a relative advantage in detecting high firm quallity and in ensuring firms are well managed. The theory is consistent with some documented regularities, specifically both the presence and stickiness of diidends and offers novel empirical implications e. g. a prediction that it i sthe tax difference between institutions and retail investors that determines dividend payments, not the absolute tax payments.

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