The Behavior of Investor's Tax Planning during Ex-dividend Days

• Main Authors: Wei-Luen Hung, 洪偉倫
• Other Authors: Tsing-Zai Wu
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/85808933866315718695

碩士 === 國立成功大學 === 會計學系碩博士班 === 94 === Since January 1st, 1998, Taiwan had implemented a new tax system - the integration of individual and corporate income taxes - to avoid double taxation. The research’s main purpose is to investigate investor in ex-dividend days whether still carried on tax planning behavior, so as to dodged the obtained tax burden. This study aims to investigate the effect the new tax system brought about stock dividend, cash dividend and Imputation credit account on the stock price during ex-dividend days. Empirical findings are as follows: 1. There are negative abnormal returns on the three days before the ex-dividend days. 2. Most samples on the ex-divdend days and latter two days nearly show significant price recovery patterns. 3. For the negative abnormal returns reason, in ex-right samples will make significant positively because the earning payout ratio (EPR), belongs to the high tech sector (TECH) are higher. But net profit margin growth rate (NPM) to higher, the negative abnormal returns more slows down. Ex-dividend samples will make significant positively because the company risk (BETA) to increase. Cash dividend payout ratio (CDR) to increase, slow down the negative abnormal returns. Simultaneously ex-dividend samples will make significant positively because dividend payout ratio (DPR), company risk (BETA) are higher. Imputation credit account (ICA), net profit margin growth rate (NPM) to increase will slow down the negative abnormal returns. 4. For the price recovery patterns reason, in ex-right samples will make significant positively because company size (SIZE) bigger. But belongs to the bank sactor (BANK) will make the price recovery patterns reason slow down. Ex-dividends samples will make significant positively because Imputation credit account (ICA) more. Cash dividend payout ratio (CDR) to increase, slow down the price recovery patterns. Simultaneously ex-dividend samples will make significant positively because company size (SIZE), net profit margin growth rate (NPM) are higher. Imputation credit account (ICA) will slow down the negative abnormal returns.