Essays on dividend taxation, agency problems, and investment behaviour:
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| Main Author: | |
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| Format: | Thesis Book |
| Language: | English |
| Published: |
2007
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | IX, 130 S. graph. Darst. |
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| 245 | 1 | 0 | |a Essays on dividend taxation, agency problems, and investment behaviour |c Benita von Lindeiner |
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Record in the Search Index
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|---|---|
| adam_text | Contents
1 Introduction
1.1 Overall Objective
1 2 Structure
2 Literature Survey 3
2.1 Introduction..................................... 3
2.2 The Dividend Puzzle................................ 6
2.2.1 Tax Clientele Approach .......................... ^
2.2.2 Signalling Theory.............................. 8
2.2.3 The Agency Approach to Dividends.................... ^
2.3 Dividend Taxation and Investment Behaviour..................
2.3.1 The Effect of Double Taxation: The Old and the New View of
Dividend Taxation............................. 18
2.3.2 Empirical Evidence............................. 20
2.4 Our Approach.................................... 22
2.4.1 Internal Capital Markets.......................... 23
2 4.2 Outlook................................... 25
3 Corporate Governance Dividend Taxation
31 Introduction.....................................
3.2 Unverifiable Cash Flow and Dividend Taxation.................
3.2.1 Dividends as a Corporate Governance Mechanism............ 31
3.2.2 The Basic Idea of the Model........................ 32
3.2.3 The Model.................................. 34
on
3.2.4 The Setup of the Firm...........................
3.2.5 Total Investment and Dividend Taxation................. 41
3.3 Empire Building and Dividend Taxation..................... 44
3.3.1 The Basic Idea of the Model........................ 44
3.3.2 The Setup of the Model .......................... 45
3.3.3 A Dividend Payment............................ 47
3.3.4 Investment and Dividend Taxation.................... 51
3.4 Conclusions..................................... 53
4 A Principal Agent View on Dividend Taxation and Investment Efficiency 56
4.1 Introduction..................................... 56
4.2 A Two Period Framework............................. 62
4.2.1 Timing.................................... 62
4.2.2 Liquidation Threat............................. 64
4.2.3 Effect of Changes in the Tax Rate..................... 66
4.3 An N Period Framework.............................. 69
4.3.1 No Uncertainty about the Firm s Expected Growth Rate........ 70
4.3.2 Learning.......... ... 72
4.4 Empirical Evidence............. ....... 74
4.4.1 Empirical Results.......... ....... 76
4.4.2 Determinants of Tobin s q.......... .......... 77
4.5 Conclusion.......... $5
4.6 Appendix: Solving the n period Model...................... 87
4.6.1 Tree Setup......... $7
4.6.2 Backward Induction ......... .... 87
5 Free Cash Flow Dividend Taxation 89
5.1 Introduction........ ag
5.2 The Model................. g3
5.2.1 Investment in the First Period: Accrual of Free Cash Flow....... 96
5.2.2 Investment in the Second Period: Free Cash Flow............ 97
5.2.3 Taxation.......... ,0g
5.3 Heterogeneity in Firms......... 110
5.3.1 Dividend payments at the Extensive Margin............... 110
5.3.2 Dividend Payments at the Intensive Margin............... Ill
5.3.3 The Excess Burden of Dividend Taxation................. 112
5.4 Conclusions..................................... 114
5.5 Appendix: Derivation of the dividend payment.................. 115
List of Figures
3.1 Timing: Unobservable Cash Flow......................... 35
3.2 Q(x)......................................... 39
3.3 Timing: Empire Building Managers and No Dividends ............. 46
3.4 Timing: Empire Building Managers and Dividends ............... 47
4.1 Two period Model Course of Action ...................... 63
4.2 Evolution of Investment in the Two Period Model ............... 64
4.3 Inefficient Investment Path for Low and High Tax Regimes .......... 71
4.4 Inefficient Investment Path for Low and High Tax Regimes With and Without
Learning....................................... 74
4.5 Branching of the Bivariate Binomial Tree..................... 88
5.1 Timing: Free Cash Flow.............................. 95
5.2 Marginal Profitability................................ 9e
5.3 Unconstrained Empire Building.......................... 101
5.4 Constrained Empire Building ........................... 105
5.5 Investment and Dividend Taxation........................ 108
List of Tables
4.1 Summary Statistics for Sample Data....................... 81
4.2 OLS Panel Regression for Tobin s q........................ 83
4.3 OLS Panel Regression for Tobin s q without the Tax Parameter........ 84
4.4 Branching of the Bivariate Binomial Tree..................... 87
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| adam_txt |
Contents
1 Introduction
1.1 Overall Objective
1 2 Structure
2 Literature Survey 3
2.1 Introduction. 3
2.2 The Dividend Puzzle. 6
2.2.1 Tax Clientele Approach . ^
2.2.2 Signalling Theory. 8
2.2.3 The Agency Approach to Dividends. ^
2.3 Dividend Taxation and Investment Behaviour.
2.3.1 The Effect of Double Taxation: The "Old" and the "New" View of
Dividend Taxation. 18
2.3.2 Empirical Evidence. 20
2.4 Our Approach. 22
2.4.1 Internal Capital Markets. 23
2 4.2 Outlook. 25
3 Corporate Governance Dividend Taxation
31 Introduction. '
3.2 Unverifiable Cash Flow and Dividend Taxation.
3.2.1 Dividends as a Corporate Governance Mechanism. 31
3.2.2 The Basic Idea of the Model. 32
3.2.3 The Model. 34
on
3.2.4 The Setup of the Firm.
3.2.5 Total Investment and Dividend Taxation. 41
3.3 Empire Building and Dividend Taxation. 44
3.3.1 The Basic Idea of the Model. 44
3.3.2 The Setup of the Model . 45
3.3.3 A Dividend Payment. 47
3.3.4 Investment and Dividend Taxation. 51
3.4 Conclusions. 53
4 A Principal Agent View on Dividend Taxation and Investment Efficiency 56
4.1 Introduction. 56
4.2 A Two Period Framework. 62
4.2.1 Timing. 62
4.2.2 Liquidation Threat. 64
4.2.3 Effect of Changes in the Tax Rate. 66
4.3 An N Period Framework. 69
4.3.1 No Uncertainty about the Firm's Expected Growth Rate. 70
4.3.2 Learning. . 72
4.4 Empirical Evidence. . 74
4.4.1 Empirical Results. . 76
4.4.2 Determinants of Tobin's q. . 77
4.5 Conclusion. $5
4.6 Appendix: Solving the n period Model. 87
4.6.1 Tree Setup. $7
4.6.2 Backward Induction . . 87
5 Free Cash Flow Dividend Taxation 89
5.1 Introduction. ag
5.2 The Model. g3
5.2.1 Investment in the First Period: Accrual of Free Cash Flow. 96
5.2.2 Investment in the Second Period: Free Cash Flow. 97
5.2.3 Taxation. ,0g
5.3 Heterogeneity in Firms. 110
5.3.1 Dividend payments at the Extensive Margin. 110
5.3.2 Dividend Payments at the Intensive Margin. Ill
5.3.3 The Excess Burden of Dividend Taxation. 112
5.4 Conclusions. 114
5.5 Appendix: Derivation of the dividend payment. 115
List of Figures
3.1 Timing: Unobservable Cash Flow. 35
3.2 Q(x). 39
3.3 Timing: Empire Building Managers and No Dividends . 46
3.4 Timing: Empire Building Managers and Dividends . 47
4.1 Two period Model Course of Action . 63
4.2 Evolution of Investment in the Two Period Model . 64
4.3 Inefficient Investment Path for Low and High Tax Regimes . 71
4.4 Inefficient Investment Path for Low and High Tax Regimes With and Without
Learning. 74
4.5 Branching of the Bivariate Binomial Tree. 88
5.1 Timing: Free Cash Flow. 95
5.2 Marginal Profitability. 9e
5.3 Unconstrained Empire Building. 101
5.4 Constrained Empire Building . 105
5.5 Investment and Dividend Taxation. 108
List of Tables
4.1 Summary Statistics for Sample Data. 81
4.2 OLS Panel Regression for Tobin's q. 83
4.3 OLS Panel Regression for Tobin's q without the Tax Parameter. 84
4.4 Branching of the Bivariate Binomial Tree. 87 |
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| author | Lindeiner, Benita von |
| author_facet | Lindeiner, Benita von |
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| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Thesis Book |
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| id | DE-604.BV022890717 |
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| index_date | 2024-07-02T18:53:35Z |
| indexdate | 2024-07-09T21:07:51Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016095564 |
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| physical | IX, 130 S. graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
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| spelling | Lindeiner, Benita von Verfasser aut Essays on dividend taxation, agency problems, and investment behaviour Benita von Lindeiner 2007 IX, 130 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier St. Gallen, Univ., Diss., 2007 Dividendenpolitik (DE-588)4070510-9 gnd rswk-swf Steuerrecht (DE-588)4116614-0 gnd rswk-swf Kapitalgesellschaft (DE-588)4129472-5 gnd rswk-swf Steuer (DE-588)4057399-0 gnd rswk-swf Investitionsverhalten (DE-588)4114046-1 gnd rswk-swf Dividende (DE-588)4150311-9 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Investitionsverhalten (DE-588)4114046-1 s Kapitalgesellschaft (DE-588)4129472-5 s Steuerrecht (DE-588)4116614-0 s DE-604 Dividende (DE-588)4150311-9 s Steuer (DE-588)4057399-0 s Dividendenpolitik (DE-588)4070510-9 s DE-188 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016095564&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Lindeiner, Benita von Essays on dividend taxation, agency problems, and investment behaviour Dividendenpolitik (DE-588)4070510-9 gnd Steuerrecht (DE-588)4116614-0 gnd Kapitalgesellschaft (DE-588)4129472-5 gnd Steuer (DE-588)4057399-0 gnd Investitionsverhalten (DE-588)4114046-1 gnd Dividende (DE-588)4150311-9 gnd |
| subject_GND | (DE-588)4070510-9 (DE-588)4116614-0 (DE-588)4129472-5 (DE-588)4057399-0 (DE-588)4114046-1 (DE-588)4150311-9 (DE-588)4113937-9 |
| title | Essays on dividend taxation, agency problems, and investment behaviour |
| title_auth | Essays on dividend taxation, agency problems, and investment behaviour |
| title_exact_search | Essays on dividend taxation, agency problems, and investment behaviour |
| title_exact_search_txtP | Essays on dividend taxation, agency problems, and investment behaviour |
| title_full | Essays on dividend taxation, agency problems, and investment behaviour Benita von Lindeiner |
| title_fullStr | Essays on dividend taxation, agency problems, and investment behaviour Benita von Lindeiner |
| title_full_unstemmed | Essays on dividend taxation, agency problems, and investment behaviour Benita von Lindeiner |
| title_short | Essays on dividend taxation, agency problems, and investment behaviour |
| title_sort | essays on dividend taxation agency problems and investment behaviour |
| topic | Dividendenpolitik (DE-588)4070510-9 gnd Steuerrecht (DE-588)4116614-0 gnd Kapitalgesellschaft (DE-588)4129472-5 gnd Steuer (DE-588)4057399-0 gnd Investitionsverhalten (DE-588)4114046-1 gnd Dividende (DE-588)4150311-9 gnd |
| topic_facet | Dividendenpolitik Steuerrecht Kapitalgesellschaft Steuer Investitionsverhalten Dividende Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016095564&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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