作者：Dhaliwal, DS; Erickson, MM; Li, OZ
作者单位：University of Arizona; University of Auckland; University of Chicago; University of Notre Dame
摘要：The purpose of this study is to investigate whether and how shareholder-level taxes affect earnings response coefficients (ERCs). Our tests indicate that when the tax rate on dividends increases, ERCs decrease for firms with high levels of dividend yield and whose marginal investor is likely to be an individual. For firms with high levels of share repurchase yield and whose marginal investor is likely to be an individual, an increase in dividend tax rate has no discernible effect on ERCs. Thes...
作者：Arora, A; Alam, P
作者单位：University of Wisconsin System; University System of Ohio; Kent State University; Kent State University Salem; Kent State University Kent
摘要：The traditional view that a corporation exists solely to serve the interests of the firm's shareholders has given way to a changing view that recognizes the importance of corporate constituents in addition to shareholders. Prior studies demonstrate a significant association between the sensitivity of CEO compensation and a firm's stock prices. However, the association between CEO compensation and the claim of other primary stakeholders (customers, employees, suppliers) has not been examined. T...
