返还税款和股利政策

IF 0.9 Q3 BUSINESS, FINANCE
Shaddy Douidar, Ninon Sutton
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引用次数: 0

摘要

本文研究了《减税与就业法案》(TCJA)中的遣返税条款对企业分红政策的影响。我们的研究结果表明,受遣返税条款影响最大的公司,即那些海外销售额高的公司,会通过大幅增加每股股息来回报股东,但会维持美元股息总额不变。增加每股股利(DPS)的公司的回购幅度明显高于不增加每股股利的公司,这表明增加每股股利的公司部分利用回购来避免长期总股利承诺的大幅增加。我们还调查了管理者是否从股息增加中获得回报,发现在 TCJA 实施后,高管持股和海外销售水平高的公司更有可能增加每股股息。总之,我们的研究结果凸显了股息与回购之间的相互联系在研究公司派息政策对外部冲击的反应时的重要性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Repatriation tax and dividend policy

This paper examines the impact of the repatriation tax provision of the Tax Cuts and Jobs Act (TCJA) on firms’ dividend policy. Our findings show that the firms most affected by the repatriation tax provision, that is, those with high foreign sales, reward shareholders by substantially increasing dividends per share, but maintain aggregate dollar dividends. Dividend per share (DPS) increasing firms repurchase at significantly higher magnitudes than non-dividend per share increasing firms, suggesting that DPS increasing firms partially utilize repurchases to avoid substantial increases in their long-term aggregate dividend commitments. We also investigate whether managers reap the rewards of dividend increases, finding that firms with high levels of executive ownership and foreign sales are more likely to increase their dividends per share after the TCJA was enforced. Overall, our results highlight the importance of the interconnection between dividends and repurchases in examining the response of firm payout policy to external shocks.

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来源期刊
CiteScore
2.30
自引率
7.10%
发文量
69
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