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    The Effect of Shareholder Taxes on Corporate Payout Choice

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    Author
    Moser, William J.
    Issue Date
    2005
    Keywords
    Shareholder Taxes
    Dividends
    Share Repurchases
    Committee Chair
    Dhaliwal, Dan S.
    
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    Publisher
    The University of Arizona.
    Rights
    Copyright © is held by the author. Digital access to this material is made possible by the University Libraries, University of Arizona. Further transmission, reproduction or presentation (such as public display or performance) of protected items is prohibited except with permission of the author.
    Abstract
    This study investigates whether the difference in individual shareholder tax rates between dividend income and capital gain (the dividend tax penalty) affects a firm's choice between distributing funds to shareholders through dividends or share repurchases. The results of this study suggest that, in periods in which the dividend tax penalty increases, firms are more likely to distribute funds to shareholders through share repurchases as opposed to dividends. The results also indicate that the relationship between the dividend tax penalty and corporate payout choice is affected by the types of shareholders who own stock in the firm. As managerial share ownership increases and the dividend tax penalty increases firms are more likely to make distributions to shareholders in the form of share repurchases. As aggregate institutional ownership increases and the dividend tax penalty increases, firms are neither more likely to repurchase shares nor more likely to distribute dividends. Division of the institutional ownership category indicates that institutions classified as mutual funds and investment advisors (brokers) have the strongest preference for share repurchases as the dividend tax penalty increases. In contrast, institutions classified as banks, insurance companies and other institutions have the smallest preference for share repurchases as the dividend tax penalty increases. The implication of this study is that individual shareholder taxes affect firms' corporate payout choice.
    Type
    text
    Electronic Dissertation
    Degree Name
    PhD
    Degree Level
    doctoral
    Degree Program
    Accounting
    Graduate College
    Degree Grantor
    University of Arizona
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