The firm-level and aggregate effects of corporate payout policy

IF 3.3 2区 经济学 Q2 BUSINESS, FINANCE
Stylianos Asimakopoulos , James Malley , Apostolis Philippopoulos
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引用次数: 0

Abstract

This paper presents a novel study on the significance of corporate payout policy in shaping firms’ financial decision-making and, in turn, the macroeconomy. To this end, we add to the literature by allowing households and firms to choose share buybacks optimally. We then explore the implications of various shocks commonly affecting them, such as dividend income, investment, and tax shocks. The latter include corporate income, capital gains, and dividend income taxes. We find that the model predictions cohere well with the data when applying the non-policy shocks. We also find that tax reform’s aggregate and welfare effects are overstated when share buybacks are not optimally chosen as assumed in the relevant literature.
公司派息政策的公司层面和总体效应
本文提出了一项关于公司支付政策在塑造公司财务决策以及宏观经济中的重要性的新研究。为此,我们通过允许家庭和公司选择最优股票回购来补充文献。然后,我们探讨了通常影响它们的各种冲击的影响,如股息收入、投资和税收冲击。后者包括公司所得税、资本利得税和股息所得税。我们发现,当应用非政策冲击时,模型预测与数据的一致性很好。我们还发现,当股票回购不是相关文献假设的最优选择时,税制改革的总效应和福利效应被夸大了。
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
CiteScore
4.20
自引率
4.00%
发文量
141
期刊介绍: Since its launch in 1982, Journal of International Money and Finance has built up a solid reputation as a high quality scholarly journal devoted to theoretical and empirical research in the fields of international monetary economics, international finance, and the rapidly developing overlap area between the two. Researchers in these areas, and financial market professionals too, pay attention to the articles that the journal publishes. Authors published in the journal are in the forefront of scholarly research on exchange rate behaviour, foreign exchange options, international capital markets, international monetary and fiscal policy, international transmission and related questions.
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