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An analysis of the tax-rate differential between ordinary and capital gains tax-rates and its effect on the structure of corporate payouts.

机译:普通收益税率和资本收益税率之间的税率差异分析及其对公司支出结构的影响。

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摘要

Prior studies mention the difference between ordinary and capital gains tax rates as one possible factor contributing to the growth in share repurchases. However, the relation between the tax-rate differential and buybacks has not previously been examined. This study finds personal income taxes are associated with the corporate payout decision. As the tax-rate differential increases, I find share repurchases become a larger percentage of total corporate payout and that repurchase programs become larger. Conversely, when the tax-rate differential becomes smaller, management increases the dividend payout ratio and decreases the percentage of payout in the form of share repurchases. Therefore, the findings suggest that management considers statutory personal tax-rates when setting corporate payout.
机译:先前的研究提到普通税率和资本利得税率之间的差异是导致股票回购增长的一种可能因素。但是,税率差异与回购之间的关系以前尚未检查过。这项研究发现个人所得税与公司支出决定相关。随着税率差异的增加,我发现股票回购在公司总支出中所占的比例越来越大,而回购计划也越来越大。相反,当税率差异变小时,管理层将以股票回购的形式提高股息支付率,并降低支付率。因此,调查结果表明,管理层在设定公司支出时会考虑法定的个人税率。

著录项

  • 作者

    Lightner, Teresa A.;

  • 作者单位

    The University of Oklahoma.;

  • 授予单位 The University of Oklahoma.;
  • 学科 Business Administration Accounting.;Economics Commerce-Business.
  • 学位 Ph.D.
  • 年度 2001
  • 页码 59 p.
  • 总页数 59
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

  • 入库时间 2022-08-17 11:47:23

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