haku: @author Kothari, S.P. / yhteensä: 5
viite: 2 / 5
| Tekijä: | Jin, L. Kothari, S.P. |
| Otsikko: | Effect of personal taxes on managers' decisions to sell their stock |
| Lehti: | Journal of Accounting & Economics
2008 : SEP, VOL. 46:1, p. 23-46 |
| Asiasana: | executives compensation taxation institutional investors stocks decision making |
| Kieli: | eng |
| Tiivistelmä: | This study investigates the effect of personal taxes on CEOs' decisions to sell their equity, controlling for diversification, managerial overconfidence, and other determinants. CEOs frequently sell large amounts of their unrestricted firm equity; at the same time, the tax burden associated with the sale significantly deters them from selling equity even after controlling for other determinants like diversification. The results reveal, furthermore, that both taxable institutional investors and CEOs respond to taxes in their selling of equity, although CEOs seem to be less sensitive. The importance of taxes in corporate and managerial decisions is emphasized; these have implications for executive compensation policies. |
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