| Summary: | 碩士 === 國立中正大學 === 會計與法律數位學習碩士在職專班 === 107 === The integrated income tax system in Taiwan had developed into three stages: (1) the full imputation system from 1998 to 2009; (2) the reduction of the corporate income tax rate from 25% to 17% in 2010; and (3) the partial imputation system from 2015 to 2017. According to prior articles, the integrated income tax system influences the payout ratios of dividends in a company that has been proved. However, companies pay dividends from their retained earnings which are also important sources of corporate growth. Therefore, the purpose of this study is to investigate the association between dividend policies and corporate growth in Taiwan's integrated income tax system from 1998 to 2016.
The empirical results show that corporate growth decreased significantly after the implementation of integrated income tax system in 1998; it was not significant that the reduction of the company income tax rate had the impact on the corporate growth and after the implementation of halved imputation tax credit in 2015, corporate growth increased significantly. In addition, in all the stages of integrated income tax system, the influences of dividend policies on the corporate growth did not change significantly.
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