English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 91913/122132 (75%)
Visitors : 25810112      Online Users : 302
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/130615

    Title: 經理人能力與股東股利稅負敏感度
    Managerial Ability and the Shareholder Tax Sensitivity of Dividends – Evidence from Taiwan
    Authors: 張䅨芷
    Zhang, Xiang-Zhi
    Contributors: 何怡澄

    Zhang, Xiang-Zhi
    Keywords: 股利稅負懲罰
    Dividend Tax Penalties
    Managerial Ability
    Dividend Payout Policy
    Date: 2020
    Issue Date: 2020-07-01 13:55:25 (UTC+8)
    Abstract: 本文探討股東股利稅負懲罰(Tax Penalty)與企業股利策略關聯性;此外,探討經理人能力(Managerial Ability)與企業股利策略關聯性;最後,探討經理人能力與股東股利稅負敏感度關聯性,並分析影響股利發放率之企業特性與營運策略制定。
    過去文獻對於影響股利發放策略的因素未有一個定論,Guan, Li, and Ma (2018)特此考量經理人能力對股利稅負懲罰與股利發放率影響,而本文參考Guan et al. (2018)考量經理人能力對股東股利稅負敏感度的影響,並根據臺灣的股利稅制情況做調整,也因不同股東類型適用不同的稅率,故以加權平均的方式計算整體股利稅負懲罰。
    This paper aims to examine the relationship between shareholder dividend tax penalties and dividend payout policy, to explore the relationship between managerial ability and dividend payout policy, and to examine the relationship between managerial ability and the shareholder tax sensitivity of dividends. This paper also analyzes the factors that affect the dividend payout ratio, such as enterprise characteristics and business strategy.
    In prior literature, there was no conclusion on the factors that affect the dividend payout policy. Guan, Li, and Ma (2018) considered the effect of managerial ability on the dividend tax penalty and dividend payout ratio. According to Guan et al. (2018), this paper measures the influence of managerial ability on the shareholder tax sensitivity of dividends and adjusts with the dividend taxation system in Taiwan. Also, different types of shareholders apply to different tax rates, so this paper measures the tax penalty with the shareholding-weighted tax penalty.
    This paper collects publicly available data of dividend payouts by publicly traded companies in Taiwan between 1995 and 2014. The empirical results show that without considering managerial ability, there is a negative correlation between the dividend tax penalty and the dividend payout ratio. Second, without considering the dividend tax penalty, the correlation between managerial ability and the dividend payout ratio is positive. Third, the reflection of the dividend tax penalty and the managerial ability on the dividend payout ratio is negative, which indicates that high-ability managers would consider the shareholder's tax burden when making the dividend payment policy. Fourth, the managerial ability is positively correlated with the shareholder tax sensitivity of dividend-repurchase substitutions. Finally, there is the effect of tax cuts in two tax reform periods took place in 1998 and 2010. High-ability managers would increase the distribution of dividends. Therefore, the following conclusions can be drawn: high-ability managers can make dividend payment policies that are tax-efficient.
    Reference: 徐偉初、羅時萬與陳國樑,2017,我國股利所得課稅及兩稅合一制度之檢討,105年度委託研究計畫(編號: 105mof006)。臺北市:財政部。
    Abor, J., and Bokpin, G. A. 2010. Investment opportunities, corporate finance, and dividend payout policy. Studies in economics and finance.
    Abrutyn, S., and Turner, R. W. 1990. Taxes and firms' dividend policies: survey results. National Tax Journal, 43(4): 491-496.
    Allen, F., Bernardo, A. E., and Welch, I. 2000. A theory of dividends based on tax clienteles. The Journal of Finance, 55(6): 2499-2536.
    Anthony, J. H., and Ramesh, K. 1992. Association between accounting performance measures and stock prices: A test of the life cycle hypothesis. Journal of Accounting and Economics, 15(2-3): 203-227.
    Arditti, F. D., Levy, H., and Sarnat, M. 1976. Taxes, uncertainty and optimal dividend policy. Financial Management: 46-52.
    Baik, B., Farber, D. B., and Lee, S. 2011. CEO ability and management earnings forecasts. Contemporary Accounting Research, 28(5): 1645-1668.
    Baker, M., and Wurgler, J. 2004. A catering theory of dividends. The Journal of Finance, 59(3): 1125-1165.
    Banerjee, S., Gatchev, V. A., and Spindt, P. A. 2007. Stock market liquidity and firm dividend policy. Journal of Financial and Quantitative Analysis, 42(2): 369-397.
    Ben-Horim, M., Hochman, S., and Palmon, O. 1987. The impact of the 1986 Tax Reform Act on corporate financial policy. Financial Management: 29-35.
    Bertrand, M., and Schoar, A. 2003. Managing with style: The effect of managers on firm policies. The quarterly journal of economics, 118(4): 1169-1208.
    Bhattacharya, S. 1979. Imperfect information, dividend policy, and" the bird in the hand" fallacy. The Bell Journal of Economics: 259-270.
    Bolster, P. J., and Janjigian, V. 1991. Dividend policy and valuation effects of the Tax Reform Act of 1986. National Tax Journal: 511-518.
    Brav, A., Graham, J. R., Harvey, C. R., and Michaely, R. 2005. Payout policy in the 21st century. Journal of Financial Economics, 77(3): 483-527.
    Brav, A., Graham, J. R., Harvey, C. R., and Michaely, R. 2008. Managerial response to the May 2003 dividend tax cut. Financial Management, 37(4): 611-624.
    Brown, J. R., Liang, N., and Weisbenner, S. 2007. Executive financial incentives and payout policy: Firm responses to the 2003 dividend tax cut. The Journal of Finance, 62(4): 1935-1965.
    Bushman, R., Chen, Q., Engel, E., and Smith, A. 2004. Financial accounting information, organizational complexity and corporate governance systems. Journal of Accounting and Economics, 37(2): 167-201.
    Chatterjee, A., and Hambrick, D. C. 2007. It's all about me: Narcissistic chief executive officers and their effects on company strategy and performance. Administrative science quarterly, 52(3): 351-386.
    Chetty, R., and Saez, E. 2005. Dividend taxes and corporate behavior: Evidence from the 2003 dividend tax cut. The Quarterly journal of economics, 120(3): 791-833.
    DeAngelo, H., DeAngelo, L., and Stulz, R. M. 2006. Dividend policy and the earned/contributed capital mix: a test of the life-cycle theory. Journal of Financial Economics, 81(2): 227-254.
    DeAngelo, H., DeAngelo, L., and Stulz, R. M. 2010. Seasoned equity offerings, market timing, and the corporate lifecycle. Journal of Financial Economics, 95(3): 275-295.
    Demerjian, P., Lev, B., and McVay, S. 2012. Quantifying managerial ability: A new measure and validity tests. Management science, 58(7): 1229-1248.
    Demerjian, P. R., Lev, B., Lewis, M. F., and McVay, S. E. 2013. Managerial ability and earnings quality. The Accounting Review, 88(2): 463-498.
    Desai, M. A., and Dharmapala, D. 2009. Corporate tax avoidance and firm value. The review of Economics and Statistics, 91(3): 537-546.
    Dhaliwal, D., Krull, L., Li, O. Z., and Moser, W. 2005. Dividend taxes and implied cost of equity capital. Journal of Accounting Research, 43(5): 675-708.
    Dhaliwal, D., Li, O. Z., and Trezevant, R. 2003. Is a dividend tax penalty incorporated into the return on a firm's common stock? Journal of Accounting and Economics, 35(2): 155-178.
    Dickinson, V. 2011. Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86(6): 1969-1994.
    Doidge, C., and Dyck, A. 2015. Taxes and corporate policies: Evidence from a quasi natural experiment. The journal of finance, 70(1): 45-89.
    Easterbrook, F. H. 1984. Two agency-cost explanations of dividends. The American economic review, 74(4): 650-659.
    Edgerton, J. 2013. Four facts about dividend payouts and the 2003 tax cut. International Tax and Public Finance, 20(5): 769-784.
    Fama, E. F. 1980. Agency problems and the theory of the firm. Journal of political economy, 88(2): 288-307.
    Fama, E. F., and French, K. R. 2001. Disappearing dividends: changing firm characteristics or lower propensity to pay? Journal of Financial Economics, 60(1): 3-43.
    Farrar, D. E., Farrar, D. F., and Selwyn, L. L. 1967. Taxes, corporate financial policy and return to investors. National Tax Journal, 20(4): 444-454.
    Fenn, G. W., and Liang, N. 2001. Corporate payout policy and managerial stock incentives. Journal of Financial Economics, 60(1): 45-72.
    Goldfarb, A., and Xiao, M. 2011. Who thinks about the competition? Managerial ability and strategic entry in US local telephone markets. American economic review, 101(7): 3130-3161.
    Grinstein, Y., and Michaely, R. 2005. Institutional holdings and payout policy. The Journal of Finance, 60(3): 1389-1426.
    Grullon, G., and Michaely, R. 2002. Dividends, share repurchases, and the substitution hypothesis. The journal of finance, 57(4): 1649-1684.
    Guan, J. X., Li, O. Z., and Ma, J. 2018. Managerial ability and the shareholder tax sensitivity of dividends. Journal of Financial and Quantitative Analysis, 53(1): 335-364.
    Hayes, R. M., and Schaefer, S. 1999. How much are differences in managerial ability worth? Journal of Accounting and Economics, 27(2): 125-148.
    Hoberg, G., and Prabhala, N. R. 2009. Disappearing Dividends, Catering, and Risk. The Review of Financial Studies, 22(1): 79-116.
    Hsieh, J., and Wang, Q. 2008. Insiders' tax preferences and firms' choices between dividends and share repurchases. Journal of Financial and Quantitative Analysis, 43(1): 213-244.
    Hu, A., and Kumar, P. 2004. Managerial entrenchment and payout policy. Journal of Financial and Quantitative Analysis, 39(4): 759-790.
    Jacob, M., and Jacob, M. 2013. Taxation, dividends, and share repurchases: Taking evidence global. Journal of Financial and Quantitative Analysis, 48(4): 1241-1269.
    Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2): 323-329.
    Jensen, M. C., and Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4): 305-360. doi:https://doi.org/10.1016/0304-405X(76)90026-X
    Jiraporn, P., Leelalai, V., and Tong, S. 2016. The effect of managerial ability on dividend policy: how do talented managers view dividend payouts? Applied Economics Letters, 23(12): 857-862.
    Julio, B., and Ikenberry, D. L. 2004. Reappearing dividends. Journal of applied corporate finance, 16(4): 89-100.
    Jung, B., Lee, W. J., and Weber, D. P. 2014. Financial reporting quality and labor investment efficiency. Contemporary Accounting Research, 31(4): 1047-1076.
    Khurana, I. K., Moser, W. J., and Raman, K. 2018. Tax avoidance, managerial ability, and investment efficiency. Abacus, 54(4): 547-575.
    Kim, J.-B., and Shi, H. 2012. IFRS reporting, firm-specific information flows, and institutional environments: International evidence. Review of Accounting Studies, 17(3): 474-517.
    Koester, A., Shevlin, T., and Wangerin, D. 2017. The role of managerial ability in corporate tax avoidance. Management science, 63(10): 3285-3310.
    Lev, B., and Sougiannis, T. 1996. The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics, 21(1): 107-138.
    Leverty, J. T., and Grace, M. F. 2012. Dupes or incompetents? An examination of management's impact on firm distress. Journal of Risk and Insurance, 79(3): 751-783.
    Li, K., and Zhao, X. 2008. Asymmetric information and dividend policy. Financial Management, 37(4): 673-694.
    Li, O. Z., Liu, H., Ni, C., and Ye, K. 2017. Individual investors’ dividend taxes and corporate payout policies. Journal of Financial and Quantitative Analysis, 52(3): 963-990.
    Lintner, J. 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. The American Economic Review, 46(2): 97-113.
    Malmendier, U., and Tate, G. 2009. Superstar ceos. The Quarterly journal of economics, 124(4): 1593-1638.
    Miller, M. H., and Modigliani, F. 1961. Dividend policy, growth, and the valuation of shares. the Journal of Business, 34(4): 411-433.
    Miller, M. H., and Scholes, M. S. 1978. Dividends and taxes. Journal of Financial Economics, 6(4): 333-364.
    Moser, W. J. 2007. The effect of shareholder taxes on corporate payout choice. Journal of Financial and Quantitative Analysis, 42(4): 991-1019.
    Papaioannou, G. J., and Savarese, C. M. 1994. Corporate dividend policy response to the Tax Reform Act of 1986. Financial Management: 56-63.
    Stein, J. C. 1997. Internal capital markets and the competition for corporate resources. The Journal of Finance, 52(1): 111-133.
    Stephens, C. P., and Weisbach, M. S. 1998. Actual share reacquisitions in open‐market repurchase programs. The journal of finance, 53(1): 313-333.
    Weintraub, E. R. 2002. Neoclassical economics. The concise encyclopedia of economics.
    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0107255006
    Data Type: thesis
    DOI: 10.6814/NCCU202000571
    Appears in Collections:[財政學系] 學位論文

    Files in This Item:

    File Description SizeFormat
    500601.pdf2160KbAdobe PDF0View/Open

    All items in 政大典藏 are protected by copyright, with all rights reserved.

    社群 sharing

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback