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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

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.

Suggested Citation

  • Pick, Tobias & Knirsch, Deborah & Niemann, Rainer, 2008. "Substitutions- oder Komplementenhypothese im Rahmen der Ausschüttungspolitik schweizerischer Kapitalgesellschaften: Eine empirische Studie," arqus Discussion Papers in Quantitative Tax Research 53, arqus - Arbeitskreis Quantitative Steuerlehre.
  • Handle: RePEc:zbw:arqudp:53
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    5. 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.
    6. Nikolay Nenovsky & S. Statev, 2006. "Introduction," Post-Print halshs-00260898, HAL.
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