Dividends are taxed at both the corporate and personal levels in the United States. This double taxation of dividends may distort investment efficiency. Partly motivated by this consideration, the US Congress enacted the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA) in 2003. This act reduced the tax rates on dividends and capital gains, and eliminated the wedge between these two tax ra...

This study investigates the potential factors explaining inconsistent relationship between profitability and firm value. Specifically, it examines whether dividend policy contributes to profitability–firm value determines form of moderating variables. We use a unique data set from Indonesian capital market, with sustainable responsible investment (SRI)-KEHATI-listed firms 2010 2019. Adopting hi...

Abstract The paper provides a positive and efficiency analysis of dividend taxation in corporate agency model with costly managerial effort. Unlike existing (agency) models, this is consistent empirical work finance able to predict empirically-observed investment responses taxation. In addition, we show that changes are not sufficient infer, first, the cost and, second, financing regime underly...

ion of the functions/system (including software and hardware) constructed out of these building blocks. 1. IT investments: valuation and performance A trio of papers in this issue enhances our understanding of issues crucial to how firms should think about investing in new technology: how and how much information systems improve performance. An Application of the Learning Curve and the NonConst...

Many recent studies have looked at the macroeconomic, cultural and institutional determinants of corruption at the cross-national level. Using enterprise-level data on bribes paid to utilities in 21 transition economies in Eastern Europe and Central Asia, we examine how characteristics of the utilities taking bribes and the firms paying bribes affect the equilibrium level of corruption in the s...

How do managers set financial policy? Most popular theories of financial policy are developed in terms of a marginal analysis for a new project available to the firm that is extraordinary in spirit. However, extraordinary investment observations have not been previously isolated for study. This paper uses a sample of firms making extraordinary investments to probe deeper into the driving forces...

and two anonymous referees. Errors remain the responsibility of the authors. We are grateful to Helen Cochrane funded by CMPO, Bristol for collecting some of the data used in this study. Abstract This paper examines the impact of a company's pension contributions on its dividend and investment policies. The effects of shocks to cash flows on these corporate expenditures are identified by change...

This paper investigates the extent to which stocks of Building materials firms listed in Nigerian Stock Exchange (NSE) are a hedge against the expected and unexpected inflation in Nigeria over the period 2000–2011. Unexpected inflation is computed as the difference between the actual inflation and the estimates of the expected inflation. The study used real rate of return on equity and regressi...