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Substitutions- oder Komplementenhypothese im Rahmen der Ausschüttungspolitik schweizerischer Kapitalgesellschaften: Eine empirische Studie

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  • Pick, Tobias
  • Knirsch, Deborah
  • Niemann, Rainer
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    Abstract

    Der Beitrag untersucht für am SMI kotierte Unternehmen, ob diese Aktienrückkäufe als Substitute oder Komplemente für Nennwertrückzahlungen und Dividendenzahlungen verwenden. Durch die Verwendung einer Regressionsanalyse können unternehmensspezifische Faktoren wie der Verschuldungsgrad und die Unternehmensgrösse oder branchenspezifische Besonderheiten isoliert werden. Es wird gezeigt, dass Aktienrückkäufe statistisch signifikant als flexible Ergänzung zur Dividende eingesetzt werden. Nennwertrückzahlungen dagegen dienen tendentiell als Substitut zu Aktienrückkäufen. Unternehmen gehen dabei sequentiell vor: Sie schütten zunächst steuerfreies Kapital in Form einer Nennwertrückzahlung aus und nutzen anschliessend Aktienrückkäufe als flexibles Ausschüttungsinstrument. Insofern berücksichtigen Manager bei der Ausschüttungsentscheidung steuerliche Optimierungsüberlegungen. -- The paper analyzes whether Swiss SMI corporations use share repurchases to replace or to complement par value repayments or dividend payments. By means of a regression analysis we separate firm-specific and industry-specific influences. We show that share repurchases are used in addition to dividend payments rather than substituting them. In contrast, par value repayments are typically replaced by share repurchases. Corporations use the methods one after another: They first make use of tax-free par value repayment, and in the following year they repurchase outstanding shares for the purpose of redemption. This shows that corporations take taxes into account when optimizing their payout strategies.

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    Bibliographic Info

    Paper provided by arqus - Arbeitskreis Quantitative Steuerlehre in its series arqus Discussion Papers in Quantitative Tax Research with number 53.

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    Date of creation: 2008
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    Handle: RePEc:zbw:arqudp:53

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    1. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
    2. Dusan ISAKOV & Dennis Y. CHUNG & Christophe PERIGNON, 2005. "Repurchasing Shares on a Second Trading Line," FAME Research Paper Series rp162, International Center for Financial Asset Management and Engineering.
    3. Jagannathan, Murali & Stephens, Clifford P. & Weisbach, Michael S., 2000. "Financial flexibility and the choice between dividends and stock repurchases," Journal of Financial Economics, Elsevier, vol. 57(3), pages 355-384, September.
    4. Christopher F Baum, 2006. "An Introduction to Modern Econometrics using Stata," Stata Press books, StataCorp LP, number imeus, March.
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