Tax Costs and Signalling Benefits: The Impact of Surplus ACT
研究拥有剩余预缴公司税的公司，在通过股利传递信息时面临额外税收成本，发现投资者对股利意外的反应受盈利信号和税收规划影响，且当盈利信号为正、税收约束紧时，减少股利反而提升公司价值。
Companies with surplus ACT are faced with additional tax costs if they use dividends to signal information to investors, hence there is a trade‐off between tax costs and signalling benefits. This paper provides evidence that investors' reactions to dividend surprises are influenced by the signal generated by earnings and tax planning considerations. The results indicate that in the presence of a positive earnings signal and a binding tax constraint, decreases in dividends are value enhancing.