Do multinational firms respond to personal dividend income tax rates?

M. Jonathan C. Eklund ()
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M. Jonathan C. Eklund: University of Tuebingen

Empirical Economics, 2022, vol. 62, issue 4, No 9, 1743-1771

Abstract: Abstract This study examines the effect of investor-level income taxes on profit repatriation and dividend payout policies of multinational firms. The empirical estimations include two million firm-year observations in 130 countries. By augmenting the Lintner model of dividend payments, I employ parametric as well as semiparametric techniques to provide evidence that income taxes on dividends neither alter dividend payments to investors nor within-firm dividend payments. These results remain robust to a wide range of alternative specifications.

Keywords: Dividend income taxes; Dividend payments; Lintner model; Semiparametric estimation; Multinational firms (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s00181-021-02088-2

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