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    政大機構典藏 > 商學院 > 會計學系 > 期刊論文 >  Item 140.119/98776
    請使用永久網址來引用或連結此文件: http://nccur.lib.nccu.edu.tw/handle/140.119/98776

    題名: Are Corporate Tax Reductions Real Benefits under Imputation Systems?
    作者: 陳宇紳
    Chang, Chia-Wen;Chen, Ming-Chin;Chen, Vincent Y.S.
    貢獻者: 會計系
    日期: 2017
    上傳時間: 2016-07-07 16:13:31 (UTC+8)
    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.
    關聯: European Accounting Review, Volume 26, Issue 2 , Pages 215-237
    資料類型: article
    DOI 連結: http://dx.doi.org/10.1080/09638180.2016.1145067
    DOI: 10.1080/09638180.2016.1145067
    顯示於類別:[會計學系] 期刊論文


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