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

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dc.contributor.author Korkeamaki, Timo
dc.contributor.author Liljeblom, Eva
dc.contributor.author Pasternack, Daniel
dc.date.accessioned 2011-01-03T07:50:22Z fi
dc.date.accessioned 2011-03-02T09:32:56Z
dc.date.available 2011-01-03T07:50:22Z fi
dc.date.available 2011-03-02T09:32:56Z
dc.date.issued 2011-01-03
dc.identifier.citation Journal of Corporate Finance 16, 572-587. fi
dc.identifier.uri http://hdl.handle.net/10227/778
dc.description.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. fi
dc.language.iso en
dc.publisher Elsevier en
dc.relation.isformatof http://www.sciencedirect.com/science?
dc.subject tax reform fi
dc.subject dividends fi
dc.subject share repurchases fi
dc.subject ownership clienteles fi
dc.subject.other Finance fi
dc.title Tax Reform and Payout Policy:Do Shareholder Clienteles or Payout Policy Adjust? fi
dc.identifier.doi 10.1016/j.jcorpfin.2009.12.003
dc.relation.version Personal final accepted version

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