The Impact of Halved Shareholder Imputation Tax Credit Policy on the Distribution of Cash Dividends

• Main Authors: Ya-Ting Huang, 黃雅婷
• Other Authors: Te-Kuan Lee
• Format: Others
• Language: zh-TW
• Published: 2018
• Online Access: http://ndltd.ncl.edu.tw/handle/6z5gu2

碩士 === 中原大學 === 會計研究所 === 106 === Owing to the implementation of the Article 66 of income tax law, I use the sample of the Taiwan listed companies in year 2013-2016 to explore the impact of shareholder halved imputation tax credit policy on corporate cash dividends. Moreover, I address on the foreign institutional ownership, concentration of controlling shareholders’ ownership, and deviation between control rights and cash flow rights and test how the cash dividends will be affected by shareholder halved imputation credit policy. Empirical results show that the shareholder halved imputation credit policy and the cash dividends per share show a significant positive relationship. This implies that after the implementation of this policy, companies will increase cash dividends distributed. In addition, companies with high foreign institutional ownership will significantly increase cash dividends with this policy. Similarly, companies with high concentration of controlling shareholders’ ownership will increase cash dividends before the implementation of this policy. However, the impact of control-cash flow rights deviation of controlling shareholders on corporate cash dividends is not found in my empirical results.