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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 7-Jul-2016 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 http://dx.doi.org/10.1080/09638180.2016.1145067
dc.contributor 會計系-
dc.creator (作者) 陳宇紳zh_TW
dc.creator (作者) Chang, Chia-Wen;Chen, Ming-Chin;Chen, Vincent Y.S.-
dc.date (日期) 2017-
dc.date.accessioned 7-Jul-2016 16:13:31 (UTC+8)-
dc.date.available 7-Jul-2016 16:13:31 (UTC+8)-
dc.date.issued (上傳時間) 7-Jul-2016 16:13:31 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/98776-
dc.description.abstract (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.-
dc.format.extent 455508 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) European Accounting Review, Volume 26, Issue 2 , Pages 215-237-
dc.title (題名) Are Corporate Tax Reductions Real Benefits under Imputation Systems?-
dc.type (資料類型) article-
dc.identifier.doi (DOI) 10.1080/09638180.2016.1145067-
dc.doi.uri (DOI) http://dx.doi.org/10.1080/09638180.2016.1145067-