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• W831475113 abstract "The growing level of undistributed franking credits held by Australian companies provides an important puzzle for finance theory. In 1987, the Australian Government set up a system of tax credits to address the problem of double taxation of dividends. Double taxation of dividends arises in a classical system when earnings are taxed at the corporate level at the corporate tax rate and again at shareholders level when dividends are taxed at the shareholders individual personal tax rate. In Australia, under the dividend imputation system, a tax credit equal to the Australian corporate tax paid on earnings is allowed to resident shareholders and it is attached to the dividends that Australian resident shareholders receive. This tax credit is called a dividend imputation credit, or a franking credit, and franking credits that remain undistributed at year-end are called franking credit balances. Franking credit balances accumulate over time where dividend distributions are not sufficient to allocate all of the available franking credit balance. At first glance it might be expected that companies would pay out all dividends that attract the franking credits as these are valuable in the hands of resident shareholders, yet considerable franking credit balances have accumulated for some companies. If franking credits are valuable to investors then some care needs to be taken in the way that companies and regulators treat franking credit balances. If franking credit balances are not valuable to shareholders then this finding has implications for equity market risk premium estimation, valuation of companies and determination of appropriate rates of return for regulated companies. Analysis is based on a sample of over 3000 company year observations, spanning the period 2001 to 2006, for companies that report franking credit balances in their annual reports. Fixed effects panel data analysis suggests that franking credits are valuable to the marginal shareholder in the smaller companies in the sample though there is little evidence of these balances being of value to marginal shareholders in the larger companies, specifically those that fall among the largest 100 listed companies. Further, while there is evidence that larger companies are more likely to accumulate franking credit balances over time smaller companies with concentrated shareholdings are less likely to accumulate these balances." @default.
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• W831475113 date "2010-01-01" @default.
• W831475113 modified "2023-09-23" @default.
• W831475113 title "Dividend imputation in Australia: The value of franking credit balances" @default.
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