Key concepts include Studies centered on the dividend tax cut confirm that differences in the taxation of dividends and capital gains have only a second order impact on payout policy. Signaling theories have found only weak support both empirically and in survey evidence which likely explains why the notion of dividends as costly signals of firm quality to the market has become less popular. Agency has often prevailed as the alternative explanation in the horse race against signaling theories.
A number of factors other than the level of free cash flow determine Chinese Overseas America Number Data the level and form of payouts. even the basic elements of the corporate financial ecosystem which includes financing investment and payout policies. Analyzing these interactions can play a key role in advancing the payout literature in the years to come. Author Abstract We survey the literature on payout policy with a particular emphasis on developments in the last two decades. Of the traditional motives of why firms pay out agency signaling and taxes the cross sectional empirical evidence is most persuasive in favor of agency considerations. Studies centered on.
May dividend tax cut confirm that differences in the taxation of dividends and capital gains have only a second order impact on setting payout policy. None of the three traditional explanations can account for secular changes in how payouts are made over the last years during which repurchases have replaced dividends as the prime vehicle for corporate payouts. Other payout motives such as changes in compensation practices and management incentives are better able to explain the observed variation in payout patterns over time than the traditional motives.
發表於 2024-3-12 15:05:45
