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Insider ownership and dividend policy in an imputation tax environment

Balachandran, Balasingham, Khan, Arifur, Mather, Paul and Theobald, Michael 2017, Insider ownership and dividend policy in an imputation tax environment, Journal of corporate finance, pp. 1-15, doi: 10.1016/j.jcorpfin.2017.01.014.

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Title Insider ownership and dividend policy in an imputation tax environment
Author(s) Balachandran, Balasingham
Khan, Arifur
Mather, Paul
Theobald, Michael
Journal name Journal of corporate finance
Start page 1
End page 15
Total pages 15
Publisher Elsevier
Place of publication Amsterdam, The Netherlands
Publication date 2017-02-01
ISSN 0929-1199
Keyword(s) Agency costs
Insider ownership
Imputation tax system
Franked dividend
Unfranked dividend
Institutional ownership
Summary Firms are more likely to pay dividends with higher payout ratios in an imputation environment. The effects of profitability and earned/contributed capital mix on the decision to pay dividends and dividend payout are weaker for firms following imputation tax system than traditional tax system. Insider ownership is positively related to the decision to pay dividends and dividend payout and this effect does not vary between traditional and imputation tax systems. Firms with higher foreign institutional ownership are less likely to pay dividends and have lower payout ratios. The study demonstrates the significance of the imputation tax system upon dividend policy.
Notes In Press
Language eng
DOI 10.1016/j.jcorpfin.2017.01.014
Field of Research 1502 Banking, Finance And Investment
Socio Economic Objective 0 Not Applicable
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2017, Elsevier B.V.
Persistent URL http://hdl.handle.net/10536/DRO/DU:30091577

Document type: Journal Article
Collection: Department of Accounting
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