Dividend Taxation and Firm Performance with Heterogeneous Payout Responses

• 成果类型: Article
• 署名作者: Bilicka, Katarzyna; Gueceri, Irem; Koumanakos, Evangelos
• 署名单位: Utah System of Higher Education; Utah State University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Oxford; University of Oxford
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20230109
• 发表日期: 2025
• 页码: 1-29
• 关键词: corporate-taxation; Tax policy; INVESTMENT; income

摘要

We analyze the performance of firms that were differentially affected by an unexpected tax on dividends before the global financial crisis. We use exogenous policy variation for firms with different legal statuses and financial year-end dates to separately identify the policy announcement and implementation effects. We provide causal evidence for a sharp drop in dividends but zero change in equipment purchases. Treated firms accumulate investment goods that are likely to be owner-manager's personal assets instead of productive capital. At a time of severe liquidity shortage, some of the funds kept in the firm are used to pay back short-term debt. (JEL G01, G31, G32, G35, H25, K34)