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| Author: | Lie, E. Lie, H. |
| Title: | The role of personal taxes in corporate decisions: an empirical analysis of share repurchases and dividends |
| Journal: | Journal of Financial and Quantitative Analysis
1999 : DEC, VOL. 34:4, p. 533-552 |
| Index terms: | ROLES TAXATION DIVIDENDS |
| Language: | eng |
| Abstract: | This study investigates the impact of personal taxation on corporate managers' choices btw. share repurchases and dividends as a means of disbursing cash. Consistent with the notion that personal taxation influences the choice of disbursement method, the authors find that managers are more likely to choose a share repurchase if the firm has a low dividend yield, if the firm's stock has experienced losses or small recent capital gains, and if the payout occurred before the Tax Reform Act of 1986. |
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