Dividends and share repurchases in the European Union

Eije, Henk von; Megginson, William L.

doi:10.1016/j.jfineco.2007.11.002

Cited by 375 publications

(175 citation statements)

References 46 publications

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“…With regard to dividend payout, Huang, Shen, and Sun (2011) study Chinese listed firms during the period 1994 to 2006 and find that their propensity to pay a cash dividend and the payout ratio are lower than those documented by Von Eije and Megginson (2008) in Europe and by Weston and Siu (2003) in the US. Consistent with the Type II agency problem, they find that the proportion of NTS and the percentage of these shares held by the controlling shareholder are positively associated with the likelihood of paying dividends and the payout ratio, but the authors do not find controlling shareholders used dividend payments to expropriate negotiable shareholders in any significant manner.…”

Section: Board Structure Ceo Turnover and Dividend Payoutmentioning

confidence: 91%

Structural Changes in the Chinese Stock Market: A Review of Empirical Research

2014

China Account Financ Rev

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China’s stock market has gone through major structural changes since its inception in the early 1990s. In this survey article, we review the empirical literature published in 15 leading accounting and finance journals from 1998 to 2013 that documents these important structural changes. In analysing this literature, we focus on the ‘distinctiveness’ of the Chinese stock market compared with developed stock markets (e.g. US) and the research opportunities generated by the China setting. Key themes include China’s share issue privatisation (SIP) reforms, the political connections in privately owned companies, the characteristics of Chinese listed companies and their governance, the regulatory environment reforms in China, and the evolving role played by auditors and other information intermediaries.

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Section: Board Structure Ceo Turnover and Dividend Payoutmentioning

confidence: 91%

Structural Changes in the Chinese Stock Market: A Review of Empirical Research

2014

China Account Financ Rev

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“…Spółki obarczone Pobrane z czasopisma Annales H -Oeconomia http://oeconomia.annales.umcs.pl Data: 28/04/2019 22:43:33 U M C S wyższym ryzykiem, wyższym poziomem zadłużenia są zatem mniej skłonne do podejmowania decyzji o wypłacaniu dywidend. Taki kierunek zależności jest rów-nież zgodny z badaniami światowymi [von Eije, Megginson, 2008] i badaniami prowadzonymi na rynku polskim [Kowerski, 2011].…”

Section: Test Istotności Różnic śRednich Wartości Zmiennych Objaśniajunclassified

The Effect of Company’s Characteristics on the Propensity to Pay Dividends

Kaźmierska-Jóźwiak

2017

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“…Clearly, the provisions for a tax-exempt return of original equity are varied and may differ between countries. While these variations may be captured through modifications of our stylized model 14 , the simple and clear message is that any model, which explicitly or implicitly assumes that the shareholders cannot recover their 12 See for example van Eije andMegginson (2008) andSkinner. (2008).…”

Section: Concluding Commentsmentioning

confidence: 99%

Dividend Taxation and the Cost of New Share Issues

Lindhe¹,

Södersten²

2016

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. This paper examines how the effects of dividend taxation on the cost of new equity funds depend on whether or not shareholders can recover their original equity injections without being subject to the dividend tax. We point out the alternative assumptions in the literature on this, and we compare two different tax regimes, one where it is impossible for the firm to pay cash to its shareholders that is not taxed as dividends, the other where the shareholders are allowed a tax-free return of the original capital contributed through new issues. We conclude that any model, which explicitly or implicitly assumes that the shareholders cannot recover their original equity injections without being subject to the dividend tax, exaggerates the distortive effects of the tax. Terms of use: Documents in EconStor mayJEL-Code: H240, H250, H320.

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Dividends and share repurchases in the European Union

Cited by 375 publications

References 46 publications

Structural Changes in the Chinese Stock Market: A Review of Empirical Research

Structural Changes in the Chinese Stock Market: A Review of Empirical Research

The Effect of Company’s Characteristics on the Propensity to Pay Dividends

Dividend Taxation and the Cost of New Share Issues

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