股息税改革对收益管理的影响：来自韩国自然实验的证据

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

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引用次数: 0

摘要

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。

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

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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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance