Managerial Response to the May 2003 Dividend Tax Cut
通过对328位财务高管的调查，发现2003年股息税削减促使部分公司开始派发或增加股息，但高管认为税收因素的重要性低于现金流稳定性、现金持有和历史股息水平。
We survey 328 financial executives to determine the effects of the May 2003 dividend tax cut. We find that the tax cut led to initiations and dividend increases at some firms. However, executives say that among the factors that affect dividend policy, the tax rate reduction is less important than the stability of future cash flows, cash holdings, and the historic level of dividends. Tax effects have roughly the same importance as attracting institutional investors and the availability of profitable investments. We also find that press releases only occasionally mention the dividend tax cut as the reason for an initiation.