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dc.contributor.authorBerzins, Janis
dc.contributor.authorBøhren, Øyvind
dc.contributor.authorStacescu, Bogdan
dc.date.accessioned2020-07-03T11:55:59Z
dc.date.available2020-07-03T11:55:59Z
dc.date.created2019-08-26T11:27:53Z
dc.date.issued2019
dc.identifier.citationJournal of Corporate Finance. 2019, 58 (October) 583-604.en_US
dc.identifier.issn0929-1199
dc.identifier.urihttps://hdl.handle.net/11250/2660715
dc.description.abstractWe find that potential conflicts between majority and minority shareholders strongly influence how dividends respond to taxes. When the controlling shareholder has a smaller stake, the incentives to extract private benefits are stronger – a shareholder conflict that can be mitigated by dividend payout. We study a large and clean regulatory shock in Norway that increases the dividend tax rate for all individuals from 0% to 28%. We find that dividends drop less the higher the potential shareholder conflict, suggesting that dividend policy trades off tax and agency considerations. The average payout ratio falls by 30 percentage points when the conflict potential is low, but by only 18 points when it is high. These lower dividends cannot be explained by higher salaries to shareholders or diverse liquidity needs. We also observe a strong increase in indirect ownership of high-conflict firms through tax-exempt holding companies and suggest policy implications for intercorporate dividend taxation.en_US
dc.language.isoengen_US
dc.publisherElsevieren_US
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.titleDividends and taxes: The moderating role of agency conflictsen_US
dc.typeJournal articleen_US
dc.typePeer revieweden_US
dc.description.versionpublishedVersionen_US
dc.source.pagenumber583-604en_US
dc.source.volume58en_US
dc.source.journalJournal of Corporate Financeen_US
dc.source.issueOctoberen_US
dc.identifier.doi10.1016/j.jcorpfin.2019.07.003
dc.identifier.cristin1718664
cristin.ispublishedtrue
cristin.fulltextpostprint
cristin.qualitycode2


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Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal
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