For more than 50 years, researchers around the world have tirelessly been searching for a solution to Blacks famous “dividend-puzzle.” However, despite tremendous efforts in different fields of economics, the influence of taxation on the distribution policy of firms has remained elusive and...

In September of 2005, the Canadian government launched a consultation process with regard to the non-taxable status of income trusts. Less than two weeks later, they announced that the issuance of advance rulings with regard to the creation of new income trusts was being suspended. Although...

We hypothesize that family firms’ dividend policies are in part determined by a consumption smoothing motive of family shareholders. Our paper tests this hypothesis using a Japanese dividend tax reform in 2011 which increased the dividend tax rate for only some groups of major family...

This paper explores the impact dividend taxes exert on the dividends repatriated from foreign affiliates to their German parent company. Based on an augmented Lintner model of firms' dividend payout decisions, the paper focusses on cross-border intra-firm dividend payments of wholly-owned...

Tax effects on distribution policy have been at the center of debate in the theoretical and empirical literature for over half a century. Theoretically, there are two major schools of thought on the matter. The “traditional view” predicts an influence of taxation on firms' payouts, while the...

A Dividend Reinvestment Plan (DRP) allows firms to increase their dividend payout and, at the same time, enables managers to retain cash in the firm for new investment opportunities. We examine the determinants of a firm's decision to adopt a DRP under the Australian dividend imputation regime...

This study examines the characteristics of firms that have an underwritten Dividend Reinvestment Plan (“UDRP”) under the dividend tax imputation system in the Australian equity market. An underwritten dividend reinvestment plan is a DRP in which the underwriter guarantees a set participation...

This study focuses on the relationship between dividend payout ratio and DRP (Dividend Reinvestment Plan) adoption within the framework of the Australian dividend tax imputation system. Since the decision to adopt the DRP (Dividend Reinvestment Plan) is effected through the distribution of...

This study examines the characteristics of firms that have an underwritten Dividend Reinvestment Plan (“UDRP”) under the dividend tax imputation system in the Australian equity market. An underwritten dividend reinvestment plan is a DRP in which the underwriter guarantees a set participation...

Multinational corporations repatriate foreign profits through dividends, royalties, and interest paid by foreign affiliates to their parent firms. International tax rules concerning how to tax repatriated foreign earnings influence decisions on profit repatriation. In 2009, Japan introduced a...