The Role of Personal Taxes in Corporate Decisions: An Empirical Analysis of Share Repurchases and Dividends
研究个人所得税如何影响公司管理者在股票回购和股利之间的选择，发现低股息率、股票亏损或小额资本利得、以及1986年税改前的公司更倾向回购，且机构持股比例高时管理者对股东税负更敏感。
This study investigates the impact of personal taxation on corporate managers' choices between share repurchases and dividends as a means of disbursing cash. Consistent with the notion that personal taxation influences the choice of disbursement method, we find that managers are more likely to choose a share repurchase if the firm has a low dividend yield, if the firm's stock has experienced losses or small recent capital gains, and if the payout occured before the Tax Reform Act of 1986. Further, managers are more sensitive to the shareholders' tax situations if institutional investors hold a large fraction of the shares.