The Relationship between Halved Imputation Tax Credit and Corpration Cash Dividend Policy.
碩士 === 逢甲大學 === 金融碩士在職專班 === 105 === The “Integrated Income Tax Full Imputation Credit System” in Taiwan ,Since1998. To reduce the impact of the tax system on the financing of corporate finance, to avoid shareholder tax incentives, to promote the balanced distribution of resources, to avoid the co...
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| Format: | Others |
| Language: | zh-TW |
| Published: |
2017
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| Online Access: | http://ndltd.ncl.edu.tw/handle/8q2ac4 |
| Summary: | 碩士 === 逢甲大學 === 金融碩士在職專班 === 105 === The “Integrated Income Tax Full Imputation Credit System” in Taiwan ,Since1998. To reduce the impact of the tax system on the financing of corporate finance, to avoid shareholder tax incentives, to promote the balanced distribution of resources, to avoid the company dividends to repeat the tax, but also to reduce the profitability of the company.
In 2014 the implementation of dividend tax has been change “Integrated Income Tax HALF mputation Credit System”. When the Tax deductible halfed, the dividend income tax will rise. The amount of dividends paid by the dividend is increased and the amount of the tax rebate is reduced. the implementation of the policy of tax changes arising from the company's dividend policy impact.
This paper uses Difference-in-diferences (DID) sepecification with ky stock as control group to avoid the potential selection biases on unoberables and to improve the conventional pre-post comparison by netting out the trend effect resulted from other relevant factors.
The empirical results that there is no significant reduction in cash dividends in Taiwan's listed counters with less than deductible taxes, but is clearly reduced for companies with higher dividend payout rates.
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