Are Corporate Tax Reductions Real Benefits under Imputation Systems?
學年 104
學期 2
出版（發表）日期 2016-03-11
作品名稱 Are Corporate Tax Reductions Real Benefits under Imputation Systems?
作品名稱（其他語言）
著者 Chia-Wen Chang; Ming-Chin Chen; Vincent Y.S. Chen
單位
出版者
著錄名稱、卷期、頁數 European Accounting Review 26(2), p.215-237
摘要 Imputation systems integrate corporate and shareholder personal income taxes to alleviate double taxation of dividend income. In this study, we empirically examine whether a corporate tax rate reduction under an imputation tax system benefits shareholders. Using Taiwan as a setting, our analyses indicate that decreasing the corporate tax rate is associated with an increase in dividend payout ratio and foreign investment. Moreover, the increase in dividend payout ratio is even greater for firms that have a higher increase in foreign ownership. Additionally, the market reacts positively to an announcement of a tax rate reduction; specifically, positive stock price reactions are stronger for firms that experienced a greater increase in foreign ownership in response to the tax rate reduction, for firms with greater liquidity constraints and more growth opportunities before the tax rate reduction, and for firms with a bigger decrease in effective tax rates after the tax rate reduction. Overall, we provide evidence that a tax rate reduction is associated with economic impacts and that foreign shareholders appear to be the main beneficiaries of a tax rate reduction under an imputation tax system.
關鍵字
語言 en
ISSN 1468-4497
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 是
國別 GBR
公開徵稿
出版型式 ,電子版,紙本
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機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/120140 )

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