Matches in SemOpenAlex for { <https://semopenalex.org/work/W2954889969> ?p ?o ?g. }
- W2954889969 abstract "Prior research finds that firms accelerate dividends into the period before tax rate increases, especially when insider ownership is high, thus reducing insiders’ taxes (Hanlon and Hoopes 2014). However, this research does not consider the preferences of other investors, many of which are tax-insensitive. First, ignoring insider ownership, we find that the likelihood and magnitude of dividend acceleration is lower for firms with high tax-insensitive institutional ownership, providing new evidence on the broad relation between shareholder taxes and dividend payout. Second, accounting for insider ownership, we find that dividend acceleration increases with insider ownership even when tax-insensitive institutional ownership is high, indicating managers’ preferences outweigh institutions’ preferences. Third, accounting for both insider ownership and institutions’ monitoring ability, we find that tax-insensitive dedicated institutions constrain insiders’ ability to accelerate dividends, particularly when acceleration costs are high. This suggests dedicated institutions play a part in monitoring potentially excessive and costly tax-motivated dividend payments made in managers’, not shareholders’, best interest. Overall, our results differ from several recent studies and provide important new insight into the relation between shareholder-level taxes and dividends." @default.
- W2954889969 created "2019-07-12" @default.
- W2954889969 creator A5021690400 @default.
- W2954889969 creator A5053926214 @default.
- W2954889969 date "2018-01-01" @default.
- W2954889969 modified "2023-09-26" @default.
- W2954889969 title "Whose Taxes Matter?: The Effects of Institutional Ownership on Dividend Payout Policy Around Tax Rate Changes" @default.
- W2954889969 cites W1584886768 @default.
- W2954889969 cites W1949455802 @default.
- W2954889969 cites W1990420615 @default.
- W2954889969 cites W2002827322 @default.
- W2954889969 cites W2009978841 @default.
- W2954889969 cites W2013232966 @default.
- W2954889969 cites W2027748634 @default.
- W2954889969 cites W2031596492 @default.
- W2954889969 cites W2048093148 @default.
- W2954889969 cites W2049350168 @default.
- W2954889969 cites W2051140949 @default.
- W2954889969 cites W2057389983 @default.
- W2954889969 cites W2067267464 @default.
- W2954889969 cites W2069443262 @default.
- W2954889969 cites W2070005623 @default.
- W2954889969 cites W2081961596 @default.
- W2954889969 cites W2099518975 @default.
- W2954889969 cites W2112970138 @default.
- W2954889969 cites W2117953222 @default.
- W2954889969 cites W2123343520 @default.
- W2954889969 cites W2129597081 @default.
- W2954889969 cites W2144879307 @default.
- W2954889969 cites W2159808962 @default.
- W2954889969 cites W2164426272 @default.
- W2954889969 cites W2308179696 @default.
- W2954889969 cites W2554053969 @default.
- W2954889969 cites W2610153673 @default.
- W2954889969 cites W2617249519 @default.
- W2954889969 cites W2681006492 @default.
- W2954889969 cites W2750343857 @default.
- W2954889969 cites W2767978920 @default.
- W2954889969 cites W3021889044 @default.
- W2954889969 cites W3037983570 @default.
- W2954889969 cites W3121282009 @default.
- W2954889969 cites W3121557858 @default.
- W2954889969 cites W3121784782 @default.
- W2954889969 cites W3121807809 @default.
- W2954889969 cites W3121855805 @default.
- W2954889969 cites W3121886917 @default.
- W2954889969 cites W3122036765 @default.
- W2954889969 cites W3122188839 @default.
- W2954889969 cites W3122520268 @default.
- W2954889969 cites W3122649745 @default.
- W2954889969 cites W3122908417 @default.
- W2954889969 cites W3122985187 @default.
- W2954889969 cites W3123038928 @default.
- W2954889969 cites W3123062155 @default.
- W2954889969 cites W3123163016 @default.
- W2954889969 cites W3123336229 @default.
- W2954889969 cites W3123452386 @default.
- W2954889969 cites W3123986134 @default.
- W2954889969 cites W3124253171 @default.
- W2954889969 cites W3124477224 @default.
- W2954889969 cites W3124525953 @default.
- W2954889969 cites W3124551936 @default.
- W2954889969 cites W3124640994 @default.
- W2954889969 cites W3124876544 @default.
- W2954889969 cites W3125028627 @default.
- W2954889969 cites W3125083288 @default.
- W2954889969 cites W3125202361 @default.
- W2954889969 cites W3125301182 @default.
- W2954889969 cites W3125603895 @default.
- W2954889969 cites W3125678836 @default.
- W2954889969 cites W3125973016 @default.
- W2954889969 cites W3126101568 @default.
- W2954889969 cites W3203890246 @default.
- W2954889969 cites W3215564259 @default.
- W2954889969 cites W4233420185 @default.
- W2954889969 cites W4366779141 @default.
- W2954889969 doi "https://doi.org/10.2139/ssrn.3271931" @default.
- W2954889969 hasPublicationYear "2018" @default.
- W2954889969 type Work @default.
- W2954889969 sameAs 2954889969 @default.
- W2954889969 citedByCount "2" @default.
- W2954889969 countsByYear W29548899692021 @default.
- W2954889969 crossrefType "journal-article" @default.
- W2954889969 hasAuthorship W2954889969A5021690400 @default.
- W2954889969 hasAuthorship W2954889969A5053926214 @default.
- W2954889969 hasConcept C10138342 @default.
- W2954889969 hasConcept C116168712 @default.
- W2954889969 hasConcept C121955636 @default.
- W2954889969 hasConcept C125889939 @default.
- W2954889969 hasConcept C144133560 @default.
- W2954889969 hasConcept C162324750 @default.
- W2954889969 hasConcept C2779755355 @default.
- W2954889969 hasConcept C556758197 @default.
- W2954889969 hasConcept C59399099 @default.
- W2954889969 hasConcept C73283319 @default.
- W2954889969 hasConceptScore W2954889969C10138342 @default.
- W2954889969 hasConceptScore W2954889969C116168712 @default.
- W2954889969 hasConceptScore W2954889969C121955636 @default.
- W2954889969 hasConceptScore W2954889969C125889939 @default.
- W2954889969 hasConceptScore W2954889969C144133560 @default.