Executive Financial Incentives and Payout Policy: Firm Responses to the 2003 Dividend Tax Cut
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https://www.nber.org/papers/w11002
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资源简介：
We test whether executive stock ownership affects firm payouts using the 2003 dividend tax cut to identify an exogenous change in the after-tax value of dividends. We find that executives with higher stock ownership were more likely to increase dividends after the tax cut in 2003, whereas no
提供机构：
美国国家经济研究局
创建时间：
2004-12-01
