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A tax motivation for smoothing dividends

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  • Rozycki, John J.

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  • Rozycki, John J., 1997. "A tax motivation for smoothing dividends," The Quarterly Review of Economics and Finance, Elsevier, vol. 37(2), pages 563-578.
    • Handle: RePEc:eee:quaeco:v:37:y:1997:i:2:p:563-578
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    1. Chen, Nai-Fu & Grundy, Bruce & Stambaugh, Robert F, 1990. "Changing Risk, Changing Risk Premiums, and Dividend Yield Effects," The Journal of Business, University of Chicago Press, vol. 63(1), pages 51-70, January.
    2. Michaely, Roni, 1991. "Ex-dividend Day Stock Price Behavior: The Case of the 1986 Tax Reform Act," Journal of Finance, American Finance Association, vol. 46(3), pages 845-859, July.
    3. Gombola, Michael J & Liu, Feng-Ying, 1993. "Considering Dividend Stability in the Relation between Dividend Yields and Stock Returns," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(2), pages 139-150, Summer.
    4. Peterson, Pamela P. & Peterson, David R. & Ang, James S., 1985. "Direct evidence on the marginal rate of taxation on dividend income," Journal of Financial Economics, Elsevier, vol. 14(2), pages 267-282, June.
    5. Christie, William G., 1990. "Dividend yield and expected returns *1: The zero-dividend puzzle," Journal of Financial Economics, Elsevier, vol. 28(1-2), pages 95-125.
    6. DeAngelo, Harry, 1991. "Payout Policy and Tax Deferral," Journal of Finance, American Finance Association, vol. 46(1), pages 357-368, March.
    7. Divecha, Arjun & Morse, Dale, 1983. "Market Responses to Dividend Increases and Changes in Payout Ratios," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 18(2), pages 163-173, June.
    8. Miller, Merton H & Scholes, Myron S, 1982. "Dividends and Taxes: Some Empirical Evidence," Journal of Political Economy, University of Chicago Press, vol. 90(6), pages 1118-1141, December.
    9. Mantripragada, K. G., 1976. "An empirical test of the stable dividend hypothesis," Journal of Business Research, Elsevier, vol. 4(4), pages 325-335, November.
    10. Jean-Marie Gagnon & Jean-Marc Suret, 1991. "Ex-Dividend Day Price Changes And Implied Tax Rates: An Evaluation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 14(3), pages 255-262, September.
    11. Constantinides, George M, 1983. "Capital Market Equilibrium with Personal Tax," Econometrica, Econometric Society, vol. 51(3), pages 611-636, May.
    12. Pruitt, Stephen W & Gitman, Lawrence J, 1991. "The Interactions between the Investment, Financing, and Dividend Decisions of Major U.S. Firms," The Financial Review, Eastern Finance Association, vol. 26(3), pages 409-430, August.
    13. Gagnon, Jean-Marie & Suret, Jean-Marc, 1991. "Ex-dividend Day Price Changes and Implied Tax Rates: An Evaluation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 14(3), pages 255-262, Fall.
    14. Michael J. Gombola & Feng-Ying Liu, 1993. "Considering Dividend Stability In The Relation Between Dividend Yields And Stock Returns," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(2), pages 139-150, June.
    15. Miller, Merton H. & Scholes, Myron S., 1978. "Dividends and taxes," Journal of Financial Economics, Elsevier, vol. 6(4), pages 333-364, December.
    16. Green, Richard C & Talmor, Eli, 1985. "The Structure and Incentive Effects of Corporate Tax Liabilities," Journal of Finance, American Finance Association, vol. 40(4), pages 1095-1114, September.
    17. Heaton, Hal, 1987. "On the Bias of the Corporate Tax against High-Risk Projects," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 22(3), pages 365-371, September.
    18. Sterk, William E & Vandenberg, Pieter A, 1990. "The Market Valuation of Cash Dividends and the Tax Differential Theory of Dividend Policy: A Case Revisited," The Financial Review, Eastern Finance Association, vol. 25(3), pages 441-455, August.
    19. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411-411.
    20. Lamoureux, Christopher G., 1990. "Dividends, taxes, and normative portfolio theory," Journal of Economics and Business, Elsevier, vol. 42(2), pages 121-131, May.
    21. Marsh, Terry A & Merton, Robert C, 1987. "Dividend Behavior for the Aggregate Stock Market," The Journal of Business, University of Chicago Press, vol. 60(1), pages 1-40, January.
    22. Smith, Clifford W. & Stulz, René M., 1985. "The Determinants of Firms' Hedging Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(4), pages 391-405, December.
    23. George J. Papaioannou & Craig M. Savarese, 1994. "Corporate Dividend Policy Response to the Tax Reform Act of 1986," Financial Management, Financial Management Association, vol. 23(1), Spring.
    24. Chaplinsky, Susan & Seyhun, H Nejat, 1990. "Dividends and Taxes: Evidence on Tax-Reduction Strategies," The Journal of Business, University of Chicago Press, vol. 63(2), pages 239-260, April.
    25. Bond, Michael T. & Mougoue, Mbodja, 1991. "Corporate dividend policy and the partial adjustment model," Journal of Economics and Business, Elsevier, vol. 43(2), pages 165-178, May.
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    Cited by:

    1. Bouvatier, Vincent & Lepetit, Laetitia & Strobel, Frank, 2014. "Bank income smoothing, ownership concentration and the regulatory environment," Journal of Banking & Finance, Elsevier, vol. 41(C), pages 253-270.
    2. Jeong, Jinho, 2013. "Determinants of dividend smoothing in emerging market: The case of Korea," Emerging Markets Review, Elsevier, vol. 17(C), pages 76-88.
    3. Nishant B. Labhane & Jitendra Mahakud, 2018. "Dividend Smoothing and Business Groups: Evidence from Indian Companies," Global Business Review, International Management Institute, vol. 19(3), pages 690-706, June.
    4. repec:hal:wpaper:hal-00916674 is not listed on IDEAS

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