Tax Reform and Payout Policy:Do Shareholder Clienteles or Payout Policy Adjust?

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Use this URL to link or cite this item: http://hdl.handle.net/10227/778
Title: Tax Reform and Payout Policy:Do Shareholder Clienteles or Payout Policy Adjust?
Author: Korkeamaki, Timo; Liljeblom, Eva; Pasternack, Daniel
Citation: Journal of Corporate Finance 16, 572-587.
Abstract: Changes in taxation of corporate dividends offer excellent opportunities to study dividend clientele effects. We explore payout policies and ownership structures around a major tax reform that took place in Finland in 2004. Consistent with dividend clienteles affecting firms’ dividend policy decisions, we find that Finnish firms altered their dividend policies based on the changed tax incentives of their largest shareholders. While firms adjust their payout policies, our results also indicate that ownership structures of Finnish firms also changed around the 2004 reform, consistent with shareholder clienteles adjusting to the new tax system.
URI: http://hdl.handle.net/10227/778
Date: 2011-01-03
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