The effect of dividend tax reform on earnings management: Evidence from a natural experiment in Korea

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2024-11-12 DOI:10.1016/j.frl.2024.106450

Catherine Heyjung Sonu

引用次数: 0

Abstract

This study examines the effect of dividend tax reform on earnings management by utilizing a natural experiment in Korea. From 2015 to 2017, the Korean government reduced the tax burden on dividends for firms exceeding specific thresholds for dividend payout ratio. Using a staggered difference-in-differences design, this study finds that tax-eligible firms significantly decreased discretionary accruals during the reform period. The findings are robust to endogeneity tests, firm fixed effects, and alternative measures of earnings management. The study offers insights for academics and policy makers on how dividend tax incentives shape corporate financial reporting behavior.

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股息税改革对收益管理的影响：来自韩国自然实验的证据

本研究通过在韩国进行自然实验，考察股息税改革对收益管理的影响。从 2015 年到 2017 年，韩国政府降低了超过特定股利支付率门槛的企业的股利税负。本研究采用交错差分设计，发现符合征税条件的企业在改革期间显著减少了可自由支配的应计项目。研究结果对内生性检验、公司固定效应和收益管理的其他衡量标准都是稳健的。本研究为学术界和政策制定者提供了有关股息税收激励如何影响企业财务报告行为的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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