Dividend tax, dividend payments and share values: a South African perspective

Autor:	Me Stéfani Coetzee, Johannes de Wet
Rok vydání:	2014
Předmět:	Perspective (graphical) Dividend payout ratio Dividend yield Dividend Financial system Monetary economics Business Dividend policy General Business Management and Accounting Dividend tax Dividend payment
Zdroj:	Corporate Ownership and Control. 11:242-252
ISSN:	1810-3057 1727-9232
DOI:	10.22495/cocv11i3c2p3
Popis:	The study investigates the impact of changes in dividend taxes on dividend payment policies and in turn, the impact of dividend payments on share prices. An event study approach is used to analyse the share price movements before, on and after dividend announcement dates. The results for companies of which the dividend paid resulted in an increase in the dividend payout ratio were that share prices responded positively to the announcement on the announcement date and for the few days thereafter. The findings again underline the paradoxical nature of dividends and although a better understanding of the impact of dividends on South African companies was gained, the dividend puzzle remains largely unsolved.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::0e18d766a908b4863a54269042a19eff https://doi.org/10.22495/cocv11i3c2p3 Zobrazit plný text záznamu