1. NCCU Academic Hub
  2. Publications
  3. College of Social Science
  4. Theses
  5. Item

Publications-Theses

Article View/Open

Publication Export

Google ScholarTM

NCCU Library

Citation Infomation

Related Publications in TAIR

題名 2018年股利課稅新制對企業投資效率之影響
Dividend Taxes and Investment Efficiency: Evidence from Taiwan’s 2018 Individual Dividend Tax Reform
作者 凃昱如
Tu, Yu-Ru
貢獻者 何怡澄<br>郭振雄
Ho, Yi-Cheng<br>Kuo, Jenn-Shyong
凃昱如
Tu, Yu-Ru
關鍵詞 股利課稅新制
企業投資
投資效率
Dividend tax reform
Firm investment
Investment efficiency
日期 2024
上傳時間 5-Aug-2024 14:44:58 (UTC+8)
摘要 本文探討2018年股利課稅新制對企業投資及投資效率之影響。臺灣於2018年取消兩稅合一，實施股利課稅新制，自然人股東可選擇最高8萬元的可抵減稅額或28%的單一稅率。本研究以2012至2022年國內上市（櫃）公司為樣本，採用差異中的差異 (Difference-in-Differences, DiD) 架構分析。實證結果顯示，過度投資（投資不足、整體）樣本之實驗組相較控制組，於稅改後之投資減少、投資效率增加（減少、不變），顯示股利課稅新制對過度投資企業具改善資源配置之正面影響。其次，於敏感性分析將實驗組指標設定為連續變數、使用其他投資效率替代變數、擷取不同樣本期間，以及按企業生命週期分組，迴歸結果均無違反主要結果。最後，於額外測試分別檢視企業代理問題、財務限制、股利政策及勞動僱用，均與主要實證結果一致。
This study examines the effect of Taiwan’s 2018 individual dividend tax reform on firm investment and investment efficiency. In 2018, Taiwan abolished the integrated income tax system. Individual shareholders can choose between a maximum tax deduction of $80,000 or a single tax rate of 28% when calculating dividend tax. Using the sample of TWSE/TPEx listed firms from 2012 to 2022 and exploiting the Difference-in-Differences (DiD) approach, the empirical results show that after the dividend tax reform, overinvesting firms decreased their investment and experienced an increase in investment efficiency; underinvesting firms reduced their investment, accompanied by a decrease in investment efficiency; overall firms reduced their investment, with no significant change in investment efficiency. This suggests that the new dividend tax reform has a positive impact on overinvesting firms in improving resource allocation. Additionally, by using a continuous treatment, substituting with other investment efficiency proxies, capturing different sample periods, and testing the results by groups according to firms’ life cycle, the sensitivity regression results support the main findings, ensuring the robustness of the main test. Lastly, the additional analyses examining firms’ agency problems, financial constraints, dividend policy and employment are consistent with the main results.
參考文獻 徐偉初、羅時萬與陳國樑 (2017)，《我國股利所得課稅及兩稅合一制度之檢討》，財政部委託研究計畫（編號：105mof006）。 翁慈青、葉依諭與王祥宏 (2020)，《家族企業與政治關係對負債資金成本的影響》台灣管理學刊，20(2)，45-75。 陳國樑與趙珮涵 (2016)，《投資抵減對資金使用者成本影響研析》，財稅研究， 45(3)：30-62。 陳聽安與陳國樑 (2015)，《二十一世紀我國所得稅制度的建構－營所稅部分》，社會科學論叢，9(1)，95-187。 楊智宇 (2021)，《股利課稅新制對企業股利發放與資本結構之影響》，財稅研究，50(4)：114-139。 蔡佩彣 (2020)，《民國107年股利稅改對企業股利政策之影響》，東吳大學會計學系碩士論文。 鄭詠聰與賴靖宜 (2020)，《所得稅制改革對股利政策之影響—2018年所得稅制優化方案之實證》，財稅研究，49(1)：1-25。 鍾馥軒 (2022)，《股利課稅新制對家戶投資行為之影響》，國立臺北大學財政學系碩士論文。 羅光達、羅時萬與單珮玲 (2014)，《我國兩稅合一制度現況檢討與未來改革方向》，財政部委託研究計畫（編號：102mof003）。 Alstadsæter, A., Jacob, M., & Michaely, R. (2017). Do dividend taxes affect corporate investment? Journal of Public Economics, 151, 74-83. Altman, E. I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, 23(4), 589-609. Auerbach, A. J. (1979). Wealth Maximization and the Cost of Capital. The Quarterly Journal of Economics, 93(3), 433-446. Barton, J., & Simko, P. J. (2002). The Balance Sheet as an Earnings Management Constraint. The Accounting Review, 77, 1-27. Beaver, W., Kettler, P., & Scholes, M. (1970). The Association between Market Determined and Accounting Determined Risk Measures. The Accounting Review, 45(4), 654-682. Becker, B., Jacob, M., & Jacob, M. (2013). Payout Taxes and the Allocation of Investment. Journal of Financial Economics, 107(1), 1-24. Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How Does Financial Reporting Quality Relate to Investment Efficiency? Journal of Accounting and Economics, 48(2), 112-131. Blouin, J. L., Raedy, J. S., & Shackelford, D. A. (2011). Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes. The Accounting Review, 86(3), 887-914. Bradford, D. F. (1981). The Incidence and Allocation Effects of a Tax on Corporate Distributions. Journal of Public Economics, 15(1), 1-22. Bradley, S. W., Shepherd, D. A., & Wiklund, J. (2011). The Importance of Slack for New Organizations Facing ‘Tough’ Environments. Journal of Management Studies, 48(5), 1071-1097. Brealey, R.A., Myers, S.C. and Allen, F. (2014). Principles of Corporate Finance. 11th Edition. McGraw-Hill, Irwin, New York. Brown, J. R., Liang, N., & Weisbenner, S. (2007). Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut. The Journal of Finance, 62(4), 1935-1965. Campa, D., & Camacho-Miñano, M.-d.-M. (2015). The Impact of SME’s Pre-Bankruptcy Financial Distress on Earnings Management Tools. International Review of Financial Analysis, 42, 222-234. Campbell, J., Chyz, J., Dhaliwal, D., & Jr, W. (2013). Did the 2003 Tax Act Increase Capital Investments by Corporations? Journal of the American Taxation Association. Chay, J. B., Chong, B.-U., & Im, H. J. (2023). Dividend taxes and investment efficiency: Evidence from the 2003 U.S. personal taxation reform. Journal of Accounting and Economics, 75(1), 101514. Chen, F., Hope, O.-K., Li, Q., & Wang, X. (2011). Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets. The Accounting Review, 86(4), 1255-1288. Chetty, R., & Saez, E. (2010). Dividend and Corporate Taxation in an Agency Model of the Firm. American Economic Journal: Economic Policy, 2(3), 1-31. Dechow, P. M. (1994). Accounting Earnings and Cash Flows as Measures of Firm Performance: the Role of Accounting Accruals. Journal of Accounting and Economics, 18(1), 3-42. Dhaliwal, D. S., Erickson, M. M., & Krull, L. K. (2007). Incremental Financing Decisions and Time-Series Variation in Personal Taxes on Equity Income. Journal of the American Taxation Association, 29(1), 1-26. Dhaliwal, D., Krull, L., & Li, O. Z. (2007). Did the 2003 Tax Act Reduce the Cost of Equity Capital? Journal of Accounting and Economics, 43(1), 121-150. Dickinson, V. (2011). Cash Flow Patterns as a Proxy for Firm Life Cycle. The Accounting Review, 86(6), 1969-1994. Feldstein, M. (1970). Corporate Taxation and Dividend Behaviour. Review of Economic Studies, 37(1), 57-72. Francis, J. R., Maydew, E. L., & Sparks, H. C. (1999). The Role of Big 6 Auditors in the Credible Reporting ofAccruals. Auditing, 18(2), 17-34. Graham, J. R. (1996). Debt and the Marginal Tax Rate. Journal of Financial Economics, 41(1), 41-73. Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2017). Tax Rates and Corporate Decision-making. The Review of Financial Studies, 30(9), 3128-3175. Grullon, G., & Michaely, R. (2002). Dividends, Share Repurchases, and the Substitution Hypothesis. The Journal of Finance, 57(4), 1649-1684. Hadlock, C. J., & Pierce, J. R. (2010). New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index. The Review of Financial Studies, 23(5), 1909-1940. Hanlon, M., & Heitzman, S. (2010). A Review of Tax Research. Journal of Accounting and Economics, 50(2), 127-178. Hanlon, M., & Hoopes, J. (2014). What do Firms Do when Dividend Tax Rates Change? An examination of alternative payout responses. Journal of Financial Economics, 114(1), 105-124. Hanlon, M., Maydew, E. L., & Saavedra, D. (2017). The Taxman Cometh: Does Tax Uncertainty Affect Corporate Cash Holdings? Review of Accounting Studies, 22(3), 1198-1228. Harberger, A. C. (1962). The Incidence of the Corporation Income Tax. Journal of Political Economy, 70(3), 215-240. Hasan, M. M., Hossain, M., Cheung, A., & Habib, A. (2015). Corporate Life Cycle and Cost of Equity Capital. Journal of Contemporary Accounting & Economics, 11(1), 46-60. Higgins, R. C. (1972). The Corporate Dividend-Saving Decision. The Journal of Financial and Quantitative Analysis, 7(2), 1527-1541. Jacob, M. (2021). Dividend Taxes, Employment, and Firm Productivity. Journal of Corporate Finance, 69, 102040. Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323-329. Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360. Jorgenson, D. W. (1963). Capital Theory and Investment Behavior. The American Economic Review, 53(2), 247-259. King, M. A. (1977). Public Policy and the Corporation (Vol. 3). Chapman and Hall. Kong, D., & Ji, M. (2024). Individual Investors’ Dividend Tax Reform and Investment Efficiency. International Review of Economics & Finance, 89, 1102-1119. Kulchania, M. (2013). Catering Driven Substitution in Corporate Payouts. Journal of Corporate Finance, 21, 180-195. Lin, L., & Flannery, M. J. (2013). Do Personal Taxes Affect Capital Structure? Evidence from the 2003 Tax Cut. Journal of Financial Economics, 109(2), 549-565. Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review, 46(2), 97-113. Lintner, J. (1962). Dividends, Earnings, Leverage, Stock Prices and the Supply of Capital to Corporations. The Review of Economics and Statistics, 44(3), 243-269. Lintner, J. (1964). Optimal Dividends and Corporate Growth Under Uncertainty. The Quarterly Journal of Economics, 78(1), 49-95. MacKie-Mason, J. K. (1990). Do Taxes Affect Corporate Financing Decisions? The Journal of Finance, 45(5), 1471-1493. Miller, D., & Friesen, P. H. (1980). Momentum and Revolution in Organizational Adaptation. The Academy of Management Journal, 23(4), 591-614. Miller, D., & Friesen, P. H. (1984). A Longitudinal Study of the Corporate Life Cycle. Management Science, 30(10), 1161-1183. Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261-297. Penrose, E.T. (1959). The Theory of the Growth of the Firm. John Wiley, New York. Poterba, J. M., & Summers, L. H. (1984). The Economic Effects of Dividend Taxation. National Bureau of Economic Research, 1353. Quinn, R. E., & Cameron, K. (1983). Organizational Life Cycles and Shifting Criteria of Effectiveness: Some Preliminary Evidence. Management Science, 29(1), 33-51. Tobin, J. (1969). A General Equilibrium Approach To Monetary Theory. Journal of Money, Credit and Banking, 1(1), 15-29. Walter, J. E. (1956). Dividend Policies and Common Stock Prices. The Journal of Finance, 11(1), 29-41. Warfield, T. D., Wild, J. J., & Wild, K. L. (1995). Managerial Ownership, Accounting Choices, and Informativeness of Earnings. Journal of Accounting and Economics, 20(1), 61-91. Yagan, D. (2015). Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut. American Economic Review, 105(12), 3531-3563. Yuan, Y., & Motohashi, K. (2008). Impact of the Debt Ratio on Firm Investment: A case study of listed companies in China. Research Institute of Economy, Trade and Industry (RIETI), Discussion papers. Yun, K.-Y., & Jorgenson, D. W. (1991). Tax Reform and the Cost of Capital. Oxford University Press.
描述 碩士
國立政治大學
財政學系
111255012
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0111255012
資料類型 thesis
dc.contributor.advisor 何怡澄<br>郭振雄zh_TW
dc.contributor.advisor Ho, Yi-Cheng<br>Kuo, Jenn-Shyongen_US
dc.contributor.author (Authors) 凃昱如zh_TW
dc.contributor.author (Authors) Tu, Yu-Ruen_US
dc.creator (作者) 凃昱如zh_TW
dc.creator (作者) Tu, Yu-Ruen_US
dc.date (日期) 2024en_US
dc.date.accessioned 5-Aug-2024 14:44:58 (UTC+8)-
dc.date.available 5-Aug-2024 14:44:58 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2024 14:44:58 (UTC+8)-
dc.identifier (Other Identifiers) G0111255012en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/152906-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財政學系zh_TW
dc.description (描述) 111255012zh_TW
dc.description.abstract (摘要) 本文探討2018年股利課稅新制對企業投資及投資效率之影響。臺灣於2018年取消兩稅合一，實施股利課稅新制，自然人股東可選擇最高8萬元的可抵減稅額或28%的單一稅率。本研究以2012至2022年國內上市（櫃）公司為樣本，採用差異中的差異 (Difference-in-Differences, DiD) 架構分析。實證結果顯示，過度投資（投資不足、整體）樣本之實驗組相較控制組，於稅改後之投資減少、投資效率增加（減少、不變），顯示股利課稅新制對過度投資企業具改善資源配置之正面影響。其次，於敏感性分析將實驗組指標設定為連續變數、使用其他投資效率替代變數、擷取不同樣本期間，以及按企業生命週期分組，迴歸結果均無違反主要結果。最後，於額外測試分別檢視企業代理問題、財務限制、股利政策及勞動僱用，均與主要實證結果一致。zh_TW
dc.description.abstract (摘要) This study examines the effect of Taiwan’s 2018 individual dividend tax reform on firm investment and investment efficiency. In 2018, Taiwan abolished the integrated income tax system. Individual shareholders can choose between a maximum tax deduction of $80,000 or a single tax rate of 28% when calculating dividend tax. Using the sample of TWSE/TPEx listed firms from 2012 to 2022 and exploiting the Difference-in-Differences (DiD) approach, the empirical results show that after the dividend tax reform, overinvesting firms decreased their investment and experienced an increase in investment efficiency; underinvesting firms reduced their investment, accompanied by a decrease in investment efficiency; overall firms reduced their investment, with no significant change in investment efficiency. This suggests that the new dividend tax reform has a positive impact on overinvesting firms in improving resource allocation. Additionally, by using a continuous treatment, substituting with other investment efficiency proxies, capturing different sample periods, and testing the results by groups according to firms’ life cycle, the sensitivity regression results support the main findings, ensuring the robustness of the main test. Lastly, the additional analyses examining firms’ agency problems, financial constraints, dividend policy and employment are consistent with the main results.en_US
dc.description.tableofcontents 謝辭 I 中文摘要 II 英文摘要 III 表次及圖次 V 第壹章 緒論 1 第一節 研究議題與動機 1 第二節 研究流程 6 第貳章 文獻探討與假說 7 第一節 我國股利所得及相關稅制沿革 7 第二節 新古典模型與企業投資 10 第三節 代理模型與企業投資 13 第四節 股利稅之實證文獻 14 第五節 假說建立 17 第參章 研究方法 21 第一節 資料來源及樣本篩選 21 第二節 變數定義 22 第三節 實證模型 29 第肆章 實證結果與分析 31 第一節 樣本敘述統計 31 第二節 實證結果 43 第三節 敏感性測試 45 第四節 額外測試 51 第伍章 結論與限制 63 第一節 研究結論 63 第二節 研究限制 64 參考文獻 68zh_TW
dc.format.extent 4519210 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0111255012en_US
dc.subject (關鍵詞) 股利課稅新制zh_TW
dc.subject (關鍵詞) 企業投資zh_TW
dc.subject (關鍵詞) 投資效率zh_TW
dc.subject (關鍵詞) Dividend tax reformen_US
dc.subject (關鍵詞) Firm investmenten_US
dc.subject (關鍵詞) Investment efficiencyen_US
dc.title (題名) 2018年股利課稅新制對企業投資效率之影響zh_TW
dc.title (題名) Dividend Taxes and Investment Efficiency: Evidence from Taiwan’s 2018 Individual Dividend Tax Reformen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 徐偉初、羅時萬與陳國樑 (2017)，《我國股利所得課稅及兩稅合一制度之檢討》，財政部委託研究計畫（編號：105mof006）。 翁慈青、葉依諭與王祥宏 (2020)，《家族企業與政治關係對負債資金成本的影響》台灣管理學刊，20(2)，45-75。 陳國樑與趙珮涵 (2016)，《投資抵減對資金使用者成本影響研析》，財稅研究， 45(3)：30-62。 陳聽安與陳國樑 (2015)，《二十一世紀我國所得稅制度的建構－營所稅部分》，社會科學論叢，9(1)，95-187。 楊智宇 (2021)，《股利課稅新制對企業股利發放與資本結構之影響》，財稅研究，50(4)：114-139。 蔡佩彣 (2020)，《民國107年股利稅改對企業股利政策之影響》，東吳大學會計學系碩士論文。 鄭詠聰與賴靖宜 (2020)，《所得稅制改革對股利政策之影響—2018年所得稅制優化方案之實證》，財稅研究，49(1)：1-25。 鍾馥軒 (2022)，《股利課稅新制對家戶投資行為之影響》，國立臺北大學財政學系碩士論文。 羅光達、羅時萬與單珮玲 (2014)，《我國兩稅合一制度現況檢討與未來改革方向》，財政部委託研究計畫（編號：102mof003）。 Alstadsæter, A., Jacob, M., & Michaely, R. (2017). Do dividend taxes affect corporate investment? Journal of Public Economics, 151, 74-83. Altman, E. I. (1968). Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy. The Journal of Finance, 23(4), 589-609. Auerbach, A. J. (1979). Wealth Maximization and the Cost of Capital. The Quarterly Journal of Economics, 93(3), 433-446. Barton, J., & Simko, P. J. (2002). The Balance Sheet as an Earnings Management Constraint. The Accounting Review, 77, 1-27. Beaver, W., Kettler, P., & Scholes, M. (1970). The Association between Market Determined and Accounting Determined Risk Measures. The Accounting Review, 45(4), 654-682. Becker, B., Jacob, M., & Jacob, M. (2013). Payout Taxes and the Allocation of Investment. Journal of Financial Economics, 107(1), 1-24. Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How Does Financial Reporting Quality Relate to Investment Efficiency? Journal of Accounting and Economics, 48(2), 112-131. Blouin, J. L., Raedy, J. S., & Shackelford, D. A. (2011). Dividends, Share Repurchases, and Tax Clienteles: Evidence from the 2003 Reductions in Shareholder Taxes. The Accounting Review, 86(3), 887-914. Bradford, D. F. (1981). The Incidence and Allocation Effects of a Tax on Corporate Distributions. Journal of Public Economics, 15(1), 1-22. Bradley, S. W., Shepherd, D. A., & Wiklund, J. (2011). The Importance of Slack for New Organizations Facing ‘Tough’ Environments. Journal of Management Studies, 48(5), 1071-1097. Brealey, R.A., Myers, S.C. and Allen, F. (2014). Principles of Corporate Finance. 11th Edition. McGraw-Hill, Irwin, New York. Brown, J. R., Liang, N., & Weisbenner, S. (2007). Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut. The Journal of Finance, 62(4), 1935-1965. Campa, D., & Camacho-Miñano, M.-d.-M. (2015). The Impact of SME’s Pre-Bankruptcy Financial Distress on Earnings Management Tools. International Review of Financial Analysis, 42, 222-234. Campbell, J., Chyz, J., Dhaliwal, D., & Jr, W. (2013). Did the 2003 Tax Act Increase Capital Investments by Corporations? Journal of the American Taxation Association. Chay, J. B., Chong, B.-U., & Im, H. J. (2023). Dividend taxes and investment efficiency: Evidence from the 2003 U.S. personal taxation reform. Journal of Accounting and Economics, 75(1), 101514. Chen, F., Hope, O.-K., Li, Q., & Wang, X. (2011). Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets. The Accounting Review, 86(4), 1255-1288. Chetty, R., & Saez, E. (2010). Dividend and Corporate Taxation in an Agency Model of the Firm. American Economic Journal: Economic Policy, 2(3), 1-31. Dechow, P. M. (1994). Accounting Earnings and Cash Flows as Measures of Firm Performance: the Role of Accounting Accruals. Journal of Accounting and Economics, 18(1), 3-42. Dhaliwal, D. S., Erickson, M. M., & Krull, L. K. (2007). Incremental Financing Decisions and Time-Series Variation in Personal Taxes on Equity Income. Journal of the American Taxation Association, 29(1), 1-26. Dhaliwal, D., Krull, L., & Li, O. Z. (2007). Did the 2003 Tax Act Reduce the Cost of Equity Capital? Journal of Accounting and Economics, 43(1), 121-150. Dickinson, V. (2011). Cash Flow Patterns as a Proxy for Firm Life Cycle. The Accounting Review, 86(6), 1969-1994. Feldstein, M. (1970). Corporate Taxation and Dividend Behaviour. Review of Economic Studies, 37(1), 57-72. Francis, J. R., Maydew, E. L., & Sparks, H. C. (1999). The Role of Big 6 Auditors in the Credible Reporting ofAccruals. Auditing, 18(2), 17-34. Graham, J. R. (1996). Debt and the Marginal Tax Rate. Journal of Financial Economics, 41(1), 41-73. Graham, J. R., Hanlon, M., Shevlin, T., & Shroff, N. (2017). Tax Rates and Corporate Decision-making. The Review of Financial Studies, 30(9), 3128-3175. Grullon, G., & Michaely, R. (2002). Dividends, Share Repurchases, and the Substitution Hypothesis. The Journal of Finance, 57(4), 1649-1684. Hadlock, C. J., & Pierce, J. R. (2010). New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index. The Review of Financial Studies, 23(5), 1909-1940. Hanlon, M., & Heitzman, S. (2010). A Review of Tax Research. Journal of Accounting and Economics, 50(2), 127-178. Hanlon, M., & Hoopes, J. (2014). What do Firms Do when Dividend Tax Rates Change? An examination of alternative payout responses. Journal of Financial Economics, 114(1), 105-124. Hanlon, M., Maydew, E. L., & Saavedra, D. (2017). The Taxman Cometh: Does Tax Uncertainty Affect Corporate Cash Holdings? Review of Accounting Studies, 22(3), 1198-1228. Harberger, A. C. (1962). The Incidence of the Corporation Income Tax. Journal of Political Economy, 70(3), 215-240. Hasan, M. M., Hossain, M., Cheung, A., & Habib, A. (2015). Corporate Life Cycle and Cost of Equity Capital. Journal of Contemporary Accounting & Economics, 11(1), 46-60. Higgins, R. C. (1972). The Corporate Dividend-Saving Decision. The Journal of Financial and Quantitative Analysis, 7(2), 1527-1541. Jacob, M. (2021). Dividend Taxes, Employment, and Firm Productivity. Journal of Corporate Finance, 69, 102040. Jensen, M. C. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2), 323-329. Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4), 305-360. Jorgenson, D. W. (1963). Capital Theory and Investment Behavior. The American Economic Review, 53(2), 247-259. King, M. A. (1977). Public Policy and the Corporation (Vol. 3). Chapman and Hall. Kong, D., & Ji, M. (2024). Individual Investors’ Dividend Tax Reform and Investment Efficiency. International Review of Economics & Finance, 89, 1102-1119. Kulchania, M. (2013). Catering Driven Substitution in Corporate Payouts. Journal of Corporate Finance, 21, 180-195. Lin, L., & Flannery, M. J. (2013). Do Personal Taxes Affect Capital Structure? Evidence from the 2003 Tax Cut. Journal of Financial Economics, 109(2), 549-565. Lintner, J. (1956). Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes. The American Economic Review, 46(2), 97-113. Lintner, J. (1962). Dividends, Earnings, Leverage, Stock Prices and the Supply of Capital to Corporations. The Review of Economics and Statistics, 44(3), 243-269. Lintner, J. (1964). Optimal Dividends and Corporate Growth Under Uncertainty. The Quarterly Journal of Economics, 78(1), 49-95. MacKie-Mason, J. K. (1990). Do Taxes Affect Corporate Financing Decisions? The Journal of Finance, 45(5), 1471-1493. Miller, D., & Friesen, P. H. (1980). Momentum and Revolution in Organizational Adaptation. The Academy of Management Journal, 23(4), 591-614. Miller, D., & Friesen, P. H. (1984). A Longitudinal Study of the Corporate Life Cycle. Management Science, 30(10), 1161-1183. Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261-297. Penrose, E.T. (1959). The Theory of the Growth of the Firm. John Wiley, New York. Poterba, J. M., & Summers, L. H. (1984). The Economic Effects of Dividend Taxation. National Bureau of Economic Research, 1353. Quinn, R. E., & Cameron, K. (1983). Organizational Life Cycles and Shifting Criteria of Effectiveness: Some Preliminary Evidence. Management Science, 29(1), 33-51. Tobin, J. (1969). A General Equilibrium Approach To Monetary Theory. Journal of Money, Credit and Banking, 1(1), 15-29. Walter, J. E. (1956). Dividend Policies and Common Stock Prices. The Journal of Finance, 11(1), 29-41. Warfield, T. D., Wild, J. J., & Wild, K. L. (1995). Managerial Ownership, Accounting Choices, and Informativeness of Earnings. Journal of Accounting and Economics, 20(1), 61-91. Yagan, D. (2015). Capital Tax Reform and the Real Economy: The Effects of the 2003 Dividend Tax Cut. American Economic Review, 105(12), 3531-3563. Yuan, Y., & Motohashi, K. (2008). Impact of the Debt Ratio on Firm Investment: A case study of listed companies in China. Research Institute of Economy, Trade and Industry (RIETI), Discussion papers. Yun, K.-Y., & Jorgenson, D. W. (1991). Tax Reform and the Cost of Capital. Oxford University Press.zh_TW