The Study of the Factors on Dividend Tax Effect
| Autor: | Huang Cheng-Ping, 黃正平 |
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| Rok vydání: | 2004 |
| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 92 Many prior related researches discussed the effect of dividend tax, but there is no consensus that has yet emerged on whether a dividend tax penalty can be capitalized into the return on a firm’s common stock. This study first aims to examine if the dividend tax effect exits in the Taiwan capital market. Second, because of the difference of each firm’s ownership structure and the difference of dividend income taxes among investors, this study will provide additional evidence to explore potential effects of the ownership structure on the common stock return by the different dividend tax effect. The income tax system in Taiwan changed from the classical tax system to the integrated income tax system since 1998. The integrated income tax system changed the investors’ dividend income tax; consequently, this study also examines the effect of the tax system changing the dividend tax effect. The sample of this study consists of firms listed in the Taiwan Stock Exchange from 1993 to 2002. The empirical results are summarized as follows: 1. The firm’s dividend yield has a significant positive impact on its common stock return. Therefore, the dividend tax effect exits in the Taiwan capital market. 2. The level of government agency ownership has significant negative impact on the dividend tax effect. 3. The level of corporate ownership has significant positive impact on dividend tax effect. 4. After the integrated income tax system, the comparative dividend tax effect on the level of government agency ownership has increased. 5. After the integrated income tax system, the comparative dividend tax effect on the level of foreigner ownership has increased. 6. The dividend signal effect does not affect the positive relationship between dividend yield and common stock return. Keywords: Dividend Tax Effect, Dividend Yield, Ownership Structure, Integrated Income Tax System |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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