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The Effects of the 2003 Dividend Tax Cut on Corporate Behavior: Interpreting the Evidence
6 references·16 citing·48 second hop
The Effects of the 2003 Dividend Tax Cut on Corporate Behavior: Interpreting the Evidence (2006)The Effects of the 2003 Dividend Tax Cut …Managerial Response to the May 2003 Dividend Tax Cut (2008)Managerial Response to the Ma…Dividend Taxes and Corporate Behavior: Evidence From the 2003 Dividend Tax Cut* (2005)Dividend Taxes and Corporate …Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut (2005)Dividend Taxes and Corporate …TOWARD A GLOBAL MODEL OF VENTURE CAPITAL? (2004)TOWARD A GLOBAL MODEL OF VENT…Reappearing Dividends (2004)Reappearing DividendsDisappearing dividends: changing firm characteristics or lower propensity to pay? (2001)Disappearing dividends: chang…Do Managers Do Good with Other People’s Money? (2023)Do Managers Do Good with Othe…Dividend taxes and investment efficiency: Evidence from the 2003 U.S. personal taxation reform (2022)Dividend taxes and investment…Shifting MNE taxation from national to global profits: A radical reform long overdue (2019)Shifting MNE taxation from na…Dividends and taxes: The moderating role of agency conflicts (2019)Dividends and taxes: The mode…Taxes and capital structure: Understanding firms’ savings (2017)Taxes and capital structure: …Measuring Tax-Sensitive Institutional Investor Ownership (2017)Measuring Tax-Sensitive Insti…Owner-Level Taxes and Business Activity (2016)Owner-Level Taxes and Busines…Investor Heterogeneity, Investor-Management Disagreement and Share Repurchases (2013)Investor Heterogeneity, Inves…Do Taxes Affect Corporate Decisions? A Review (2013)Do Taxes Affect Corporate Dec…Why Firms Do Not Pay Dividends: The Canadian Experience (2012)Why Firms Do Not Pay Dividend…Do Managers Do Good with Other Peoples' Money? (2012)Do Managers Do Good with Othe…The Macroeconomics of Firms' Savings (2011)The Macroeconomics of Firms' …Entrepreneurship and the theory of taxation (2009)Entrepreneurship and the theo…The Effect of the May 2003 Dividend Tax Cut on Corporate Dividend Policy: Empirical and Survey Evidence (2008)The Effect of the May 2003 Di…Ex-Dividend Day Price and Volume: The Case of 2003 Dividend Tax Cut (2008)Ex-Dividend Day Price and Vol…Corporate Cash Policy and How to Manage it with Stock Repurchases (2008)Corporate Cash Policy and How…Risk, Return, and Equilibrium: Empirical Tests (1973)Corporate financing and investment decisions when firms have information that investors do not have (1984)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches (2008)When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks (2011)The Nature of the Firm (1937)The Theory of Economic Development (2003)Billionaires (2013)Taxes, tax administrative burdens and new firm formation (2014)Corporate Taxation and Productivity Catch‐Up: Evidence from European Firms (2016)A Survey of Corporate Governance (1997)Income Inequality in the United States, 1913-1998 (2003)Trade-Off and Pecking Order Theories of Debt (2005)Capital structure and international debt shifting (2008)Trade-Off and Pecking Order Theories of Debt**We thank Long Chen, Sudipto Dasgupta, Espen Eckbo, Chris Hennessy, Jay Ritter, Michael Roberts, Tan Wang, and Jaime Zender for comments and helpful discussions. Murray Frank thanks Piper Jaffray for financial support. Vidhan Goyal thanks the Research Grants Council of the Hong Kong Special Administrative Region for financial support (Project No. 6489/06H). The literature on capital structure is vast, containing hundreds of papers, and so we cannot hope to cover it all. Inevitably, we have left out a great deal, much of it very important. As such, we apologize in advance for our inevitable oversights. Even more than usual, it must be stressed that this survey reflects only our views. (2008)DISTRIBUTION OF INCOMES OF CORPORATIONS AMONG DIVIDENDS, RETAINED EARNINGS AND TAXES (1956)Agency costs of free cash flow, corporate finance, and takeovers (1996)Tax and Corporate Governance: An Economic Approach (2008)Tax Changes and Asset Pricing (2009)Dividend and Corporate Taxation in an Agency Model of the Firm (2010)The theory and practice of corporate finance: evidence from the field (2001)The economic implications of corporate financial reporting (2005)Investor protection, taxation, and dividends (2012)Dividend policy: A selective review of results from around the world (2017)Presidential Address: Corporate Finance and Reality (2021)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Bid, ask and transaction prices in a specialist market with heterogeneously informed traders (1985)Corporate Governance and Equity Prices (2003)Does CEO bias escalate repurchase activity? (2018)Preference for Dividends and Return Comovement (2018)The Role of Share Repurchases for Firms’ Social and Environmental Sustainability (2022)Large Shareholders and Corporate Control (1986)Management ownership and market valuation (1988)The Social Responsibility of Business Is to Increase Its Profits (2007)What Drives a Firm's ES Performance? Evidence from Stock Returns (2018)Long-term financial performance of corporate social responsibility (2020)Corporate social responsibility, firm value and life cycle: evidence from Southeast Asian countries (2021)Industry costs of equity (1997)Dividends, Share Repurchases, and the Substitution Hypothesis (2002)Patterns in payout policy and payout channel choice (2010)Pay-out policies in founding family firms (2015)The Capital Structure Puzzle: The Evidence Revisited (2005)The European Venture Capital and Private Equity country attractiveness indices (2009)Financing technology-based small firms in Europe: what do we know? (2010)The Real Effects of Environmental Activist Investing (2019)Board reforms around the world: The effect on corporate social responsibility (2021)The Determinants of ESG Ratings: Rater Ownership Matters (2025)
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References

  • 2001Disappearing dividends: changing firm characteristics or lower propensity to pay?3,039 cited
  • 2005Dividend Taxes and Corporate Behavior: Evidence from the 2003 Dividend Tax Cut522 cited
  • 2004TOWARD A GLOBAL MODEL OF VENTURE CAPITAL?259 cited
  • 2005Dividend Taxes and Corporate Behavior: Evidence From the 2003 Dividend Tax Cut*162 cited
  • 2008Managerial Response to the May 2003 Dividend Tax Cut119 cited
  • 2004Reappearing Dividends111 cited

Cited by

  • 2023Do Managers Do Good with Other People’s Money?129 cited
  • 2013Investor Heterogeneity, Investor-Management Disagreement and Share Repurchases62 cited
  • 2009Entrepreneurship and the theory of taxation59 cited
  • 2012Do Managers Do Good with Other Peoples' Money?54 cited
  • 2013Do Taxes Affect Corporate Decisions? A Review52 cited
  • 2022Dividend taxes and investment efficiency: Evidence from the 2003 U.S. personal taxation reform48 cited
  • 2008Corporate Cash Policy and How to Manage it with Stock Repurchases44 cited
  • 2008Ex-Dividend Day Price and Volume: The Case of 2003 Dividend Tax Cut44 cited
  • 2019Dividends and taxes: The moderating role of agency conflicts

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43 cited
  • 2017Measuring Tax-Sensitive Institutional Investor Ownership41 cited
  • 2019Shifting MNE taxation from national to global profits: A radical reform long overdue40 cited
  • 2017Taxes and capital structure: Understanding firms’ savings39 cited
  • 2008The Effect of the May 2003 Dividend Tax Cut on Corporate Dividend Policy: Empirical and Survey Evidence35 cited
  • 2012Why Firms Do Not Pay Dividends: The Canadian Experience31 cited
  • 2011The Macroeconomics of Firms' Savings28 cited
  • 2016Owner-Level Taxes and Business Activity26 cited