This paper uses the Brexit referendum in 2016 as a quasi-natural experiment to estimate the effect of an exogenous negative shock to globalization on executive compensation for German companies listed in the DAX and MDAX stock indices. We show that it matters whether they work for firms...

The valuation of banks is inherently complicated because of the uncertainties arising from their information opaqueness and inherent risks. Unlike non-banking firms, banks require specialised equity-side valuation approaches. This study addresses a gap in the literature by examining valuation...

This article examines how generative artificial intelligence (GenAI) could affect labor markets globally, with particular attention to the uneven distribution of risks and opportunities between advanced and developing economies. Cross-country differences in occupational structure suggest that...

This article examines how generative artificial intelligence (GenAI) could affect labor markets globally, with particular attention to the uneven distribution of risks and opportunities between advanced and developing economies. Cross-country differences in occupational structure suggest that...

In the German Empire, corporations almost always paid a dividend to their shareholders. Dividends have been cut or increased in line with the development of profits. We demonstrate that the target dividend and the average dividend tended to be nearly the same. If the dividend paid deviated from...

This study explores the influence of environmental, social, and governance (ESG) scores on dividend policies, additionally examining the role of sustainability committee as a moderating factor. This study employed the ordinary least squares (OLS), generalized methods of moments (GMM), 2SLS, and...

An influential literature suggests that the rise of taxation should come with a 'governance dividend': the quality of government should improve, because the taxpaying citizenry will subject the ruler to increased scrutiny. While this fits the history of nowadays advanced economies, it is less...

We study the optimal taxation of corporate and dividend income when entrepreneurs can use retained earnings to reduce their tax burden. We show that eliminating dividend taxes while increasing the corporate income tax (CIT) to keep investment unchanged raises total tax revenue. Our simulations...

We examine whether the public revelation of sensitive tax information prompts firms to adopt reputation repair policies targeting shareholders. Between 2013 and 2021, the International Consortium of Investigative Journalists (ICIJ) released leaked information on over 800,000 offshore entities...

The present study primarily examines the impact of financial distress (FD) on the dividend policy of 33 banks working in the Indian economy from 2010 to 2019. In addition, we further explore the association between financial distress and dividend policy under the influence of shareholder...

An increase in the dividend tax on shares of Swedish closely-held corporations, scheduled for January 1, 2018, was canceled at short notice. In a difference-in-difference setting, we examine how firms reacted to the canceled reform. We find that dividends payments increased in 2016 and 2017 and...

This paper investigates the behavior of stock prices around ex-dividend dates in Europe over the period 2018-2022. In the early months of the COVID-19 pandemic in 2020, a significant fraction of firms cut, suspended, or reduced their dividend payments, leading to a shortage. Using a...

This paper analyzes the possibility of creating worker cooperatives in which members are paid not through wages but through dividends calculated on the organization's residual income, as stipulated by the economic theory of the labor-managed firm. It is shown how dividends paid to members can be...

We study the causal effect of country-specific democratic regime change on bilateral trade flows, extending structural gravity empirics to ‘heterogeneous gravity’ estimated at the country-pair level. Our difference-in-differences implementation accounts for selection into regime change,...

Dividends allow shareholders to receive investment returns; however, Chinese listed companies are often reluctant to share profits with external minority shareholders, instead channeling funds into "tunneling" activities of major shareholders. By examining the China Securities Investor Service...

This study investigates the relationship between cyber risks and dividend policy, as well as how boards, as a governance mechanism, affect the dividend policy under cyber risk. This study collected firm-level financing, corporate governance, and control variables from the Bloomberg database...

This paper investigates asset pricing anomalies in sharia-compliant (SC) stocks in the US market, focusing on whether dividend-oriented strategies can yield significant alphas. SC stocks adhere to Islamic principles, avoiding activities such as the production and sale of alcoholic beverages,...

This study investigates the interdependencies between debt capital and dividend policy as complementary factors influencing firm value among corporations listed on the Korea Composite Stock Price Index (KOSPI). Using Tobin's Q as a firm value metric and employing robust econometric techniques...

Purpose - The purpose of this research is to review the dividend smoothing effectiveness from the perspective of managers' overconfidence and accounting competence. Accounting competence is considered as an important factor in recognizing management's ability to override internal controls as an...

This study investigates whether, and to what extent, dividend-paying firms follow pecking order behavior when altering their capital structure. Using a panel of 3173 U.S. firms from 1960 to 2020 (49,424 firm-year observations), we examine four financing activities: equity and debt issuance under...

Canada and other members of the North Atlantic Treaty Organization (NATO) are facing higher defence-spending targets in response to growing geopolitical tensions. NATO's 2025 Hague Summit Declaration requires member states to increase their defence spending to five percent of their GDP by 2035....

As corporate income tax rates have fallen across the world, other capital taxes become more important. This paper studies the choice between income taxation at the corporate and shareholder level. I develop a sufficient-statistics framework to determine optimal tax reforms. The main result is...

The purpose of dividends is to distribute income to shareholders. Many stock market investors have only a few shares in their portfolios. For these investors, selling one share to generate income is not an attractive alternative to receiving dividends. We describe the dividend decision process...

This article investigates the link between environmental, social, and governance performance (ESG) and dividend policy, as well as how likely the corporate life cycle might moderate this association. Using cross-country data from 2010 to 2020, the findings of this study reveal that ESG has a...