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題名 Are Corporate Tax Reductions Real Benefits under Imputation Systems?
作者 Chang, C.-W.;Chen, Mingchin;Chen, Vincent Y S
陳明進;陳宇紳
貢獻者 會計學系
日期 2017
上傳時間 8-May-2017 14:38:37 (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. © 2016 European Accounting Association.
關聯 European Accounting Review, 26(2), 215-237
資料類型 article
DOI http://dx.doi.org/10.1080/09638180.2016.1145067
dc.contributor 會計學系
dc.creator (作者) Chang, C.-W.;Chen, Mingchin;Chen, Vincent Y S
dc.creator (作者) 陳明進;陳宇紳zh_TW
dc.date (日期) 2017
dc.date.accessioned 8-May-2017 14:38:37 (UTC+8)-
dc.date.available 8-May-2017 14:38:37 (UTC+8)-
dc.date.issued (上傳時間) 8-May-2017 14:38:37 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/109336-
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. © 2016 European Accounting Association.
dc.format.extent 516490 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) European Accounting Review, 26(2), 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