haku: @indexterm institutional investors / yhteensä: 153
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Tekijä:Desai, M.A.
Jin, L.
Otsikko:Institutional tax clienteles and payout policy
Lehti:Journal of Financial Economics
2011 : APR, VOL. 100:1, p. 68-84
Asiasana:institutional investors
taxation
clients
Vapaa asiasana:payout policy
Kieli:eng
Tiivistelmä:In this paper, heterogeneity in institutional shareholder (henceforth as: i-s-hld/s.) tax characteristics (herein as: chars.) is used to identify the relation btw. firm payout policy and tax incentives. Analysis of a panel of firms is matched with the tax chars. of the clients of their i-s-hld/s. shows that "dividend-averse" (as: d-a.) institutions (as: insts.) are markedly less likely to hold shares in firms with larger dividend payouts. This relation btw. the tax preferences of i-s-hld/s. and firm payout policy may reflect d-a. insts. moving towards low dividend paying firms or managers adapting their payout policies to the interests of their i-s-hld/s. There is evidence of the both effects being operative.
SCIMA tietueen numero: 272511
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