The Impact of the Dividend Tax Cut and Managerial Stock Holdings on Corporate Dividend Policy

摘要：

We examine the impact of the May 2003 dividend tax cut and managerial stock holdings on corporate dividend initiation decision. We find that managers who hold sizable stakes in their companies are more likely to initiate dividends following this tax cut. This positive relation is stronger for firms with higher growth opportunities. These results are consistent with the hypothesis that managers initiate dividends to maximize their own wealth. Moreover, the market reacts negatively (most positively) to dividend initiation announcements by firms with higher (lower) growth opportunities and higher (lower) managerial share holdings.

关键词： Dividend tax cut managerial stock holdings dividend payout

作者: Jouahn Nam Jun Wang Ge Zhang

作者单位: Lubin School of Business, Pace University, New York, NY, 10038 Department of Economics and Finance, Zicklin School of Business, Baruch College, One Bernard Baruch Department of Economics and Finance, College of Business Administration, University of New Orleans,

会议类型: 国际会议

会议名称: 2006年中国金融国际年会

会议地点: 西安

会议语种:英文

页码: 1-31

在线出版日期: 2006-07-17（万方平台首次上网日期，不代表论文的发表时间）