The paper utilizes a panel data set compiled from 4,421 Chinese listed companies, covering a period from 2007 to 2021. This comprehensive dataset allows for an extensive analysis of the relationship b
This paper presents a simple model of market equilibrium to explain why firms that maximize the value of their shares pay dividends even though the funds could instead be retained and subsequently dis
The individual income tax burden on dividends was lowered sharply in 2003 from a maximum rate of 35% to 15%, creating a unique opportunity to analyze the effects of dividend taxes on dividend payments
