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Company Tax Systems and their Effects on Investors

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  • R. R. OFFICER

Abstract

The Campbell Committee recognized the importance of company tax systems, independently of the amount of tax revenue raised by such systems, on resource allocation. They recommended that the government should work toward a full integration of company and personal taxes. This study, which arose out of work for that committee, examines the effect on the main classes of investors of different company tax systems and speculates on the effect on dividend and financing decisions of companies.

Suggested Citation

  • R. R. Officer, 1982. "Company Tax Systems and their Effects on Investors," The Economic Record, The Economic Society of Australia, vol. 58(4), pages 339-351, December.
    • Handle: RePEc:bla:ecorec:v:58:y:1982:i:4:p:339-351
    DOI: 10.1111/j.1475-4932.1982.tb00384.x
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    References listed on IDEAS

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    1. Peter L. Swan, 1976. "Income Taxes, Profit Taxes and Neutrality of Optimizing Decisions," The Economic Record, The Economic Society of Australia, vol. 52(2), pages 166-181, June.
    2. DeAngelo, Harry & Masulis, Ronald W, 1980. "Leverage and Dividend Irrelevancy under Corporate and Personal Taxation," Journal of Finance, American Finance Association, vol. 35(2), pages 453-464, May.
    3. Fama, Eugene F, 1974. "The Empirical Relationships Between the Dividend and Investment Decisions of Firms," American Economic Review, American Economic Association, vol. 64(3), pages 304-318, June.
    4. Black, Fischer & Scholes, Myron, 1974. "The effects of dividend yield and dividend policy on common stock prices and returns," Journal of Financial Economics, Elsevier, vol. 1(1), pages 1-22, May.
    5. Long, John Jr., 1978. "The market valuation of cash dividends : A case to consider," Journal of Financial Economics, Elsevier, vol. 6(2-3), pages 235-264.
    6. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-275, May.
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    Cited by:

    1. Jouko Ylä-Liedenpohja, 2003. "Taxation and Valuation of International Real Investments," CESifo Working Paper Series 1013, CESifo.

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