Payout taxes and the allocation of investment

被引：102

作者：

Becker, Bo ^{[1
,2
]}

Jacob, Marcus ^{[3
]}

Jacob, Martin ^{[3
]}

机构：

[1] Harvard Univ, Cambridge, MA 02138 USA

[2] NBER, Cambridge, MA 02138 USA

[3] WHU Otto Beisheim Sch Management, Vallendar, Germany

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2013年 / 107卷 / 01期

关键词：

Corporate payout; Dividend taxes; Investment allocation; FINANCING CONSTRAINTS; CORPORATE-TAXATION; MEASUREMENT ERROR; CASH FLOW; DIVIDEND; FIRM; VALUATION; EQUATIONS; BEHAVIOR; MARKETS;

D O I：

10.1016/j.jfineco.2012.08.003

中图分类号：

F8 [财政、金融];

学科分类号：

020219 [财政学（含：税收学）];

摘要：

When corporate payout is taxed, internal equity (retained earnings) is cheaper than external equity (share issues). If there are no perfect substitutes for equity finance, payout taxes may therefore have an effect on the investment of firms. High taxes will favor investment by firms who can finance internally. Using an international panel with many changes in payout taxes, we show that this prediction holds well. Payout taxes have a large impact on the dynamics of corporate investment and growth. Investment is "locked in" in profitable firms when payout is heavily taxed. Thus, apart from any level effects, payout taxes change the allocation of capital. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：1 / 24

页数：24

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