被撤回的出版物: Dividend Taxes and the Allocation of Capital (Retracted Article)

• 成果类型: Article; Retracted Publication
• 署名作者: Boissel, Charles; Matray, Adrien
• 署名单位: National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20210369
• 发表日期: 2022
• 页码: 2884-2920
• 关键词: CORPORATE-INVESTMENT; cash flow; taxation; misallocation; finance

摘要

This paper investigates the 2013 threefold increase in the French div-idend tax rate. Using administrative data covering the universe of firms from 2008 to 2017 and a quasi-experimental setting, we find that firms swiftly cut dividend payments and used this tax-induced increase in liquidity to invest more. Heterogeneity analyses show that firms with high demand and returns on capital responded most while no group of firms cut their investment. Our results reject models in which higher dividend taxes increase the cost of capital and show that the tax-induced increase in liquidity relaxes credit constraints, which can reduce capital misallocation.