Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms.
We present empirical evidence which suggests that a big increase in dividend taxation for UK pension funds in July 1997 affected the form in which some UK companies chose to make dividend payments, but otherwise had limited effects on both the level of dividend payments and the level of investment....
| Main Authors: | , , |
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| Format: | Working paper |
| Language: | English |
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Institute for Fiscal Studies
2005
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| _version_ | 1797088826490880000 |
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| author | Bond, S Devereux, M Klemm, A |
| author_facet | Bond, S Devereux, M Klemm, A |
| author_sort | Bond, S |
| collection | OXFORD |
| description | We present empirical evidence which suggests that a big increase in dividend taxation for UK pension funds in July 1997 affected the form in which some UK companies chose to make dividend payments, but otherwise had limited effects on both the level of dividend payments and the level of investment. These findings are consistent with a version of the 'new view' of dividend taxation. We also identify a group of firms whose dividend choices are difficult to reconcile with (stock market) value maximisation. |
| first_indexed | 2024-03-07T02:55:39Z |
| format | Working paper |
| id | oxford-uuid:af30fc1f-a674-4f06-b5bb-1fc867f4e1a2 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-07T02:55:39Z |
| publishDate | 2005 |
| publisher | Institute for Fiscal Studies |
| record_format | dspace |
| spelling | oxford-uuid:af30fc1f-a674-4f06-b5bb-1fc867f4e1a22022-03-27T03:47:56ZDissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms.Working paperhttp://purl.org/coar/resource_type/c_8042uuid:af30fc1f-a674-4f06-b5bb-1fc867f4e1a2EnglishDepartment of Economics - ePrintsInstitute for Fiscal Studies2005Bond, SDevereux, MKlemm, AWe present empirical evidence which suggests that a big increase in dividend taxation for UK pension funds in July 1997 affected the form in which some UK companies chose to make dividend payments, but otherwise had limited effects on both the level of dividend payments and the level of investment. These findings are consistent with a version of the 'new view' of dividend taxation. We also identify a group of firms whose dividend choices are difficult to reconcile with (stock market) value maximisation. |
| spellingShingle | Bond, S Devereux, M Klemm, A Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms. |
| title | Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms. |
| title_full | Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms. |
| title_fullStr | Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms. |
| title_full_unstemmed | Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms. |
| title_short | Dissecting dividend decisions: some clues about the effects of dividend taxation from recent UK reforms. |
| title_sort | dissecting dividend decisions some clues about the effects of dividend taxation from recent uk reforms |
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