Search results

1 – 10 of over 1000
Open Access
Article
Publication date: 13 June 2018

Timóteo Zagonel, Paulo Renato Soares Terra and Diogo Favero Pasuch

This study aims to analyze the influence of taxes and corporate governance on the dividend policy of Brazilian companies.

4951

Abstract

Purpose

This study aims to analyze the influence of taxes and corporate governance on the dividend policy of Brazilian companies.

Design/methodology/approach

The authors identify the changes of the tax legislation in Brazil in the period 1986-2011 and check their effect on corporate dividend policies for preferred and common shares. The authors use panel data Probit and Tobit estimation to verify the probability of companies to pay dividends under different tax regimes. The final sample comprises 672 companies, 1,159 traded stocks and 30,134 observations

Findings

The authors’ results suggest that changes in the tax legislation have a significant influence on dividend payments. Also, firms do not follow target payout ratios, but dividends are moderately dependent on past payments. Dividend payouts are affected by stock voting rights, privatization and dividend deductibility. Changes in regulation that reduce the agency problems among shareholders affect positively payout ratios.

Practical implications

For managers, maximizing shareholders’ value requires taking into account the consequences of the taxation when designing financial policies for the firm. For investors, stock portfolio selection should take into account payout behavior and how changes in dividend taxation affect stocks’ value. For policymakers, the effects of changes in the tax code on corporate behavior are of utmost importance to stimulate private investment and economic growth.

Originality/value

There are several tax law changes in Brazil within the period analyzed, creating a good opportunity to study the effect of taxation on dividend policy and its dynamics over time.

Details

RAUSP Management Journal, vol. 53 no. 3
Type: Research Article
ISSN: 2531-0488

Keywords

Open Access
Article
Publication date: 11 March 2020

Sara Torregrosa-Hetland

The purpose of this paper is to estimate tax evasion and its impact on progressivity, redistribution and the measurement of inequality, using microdata from the Spanish income tax

4522

Abstract

Purpose

The purpose of this paper is to estimate tax evasion and its impact on progressivity, redistribution and the measurement of inequality, using microdata from the Spanish income tax for 2001-2004.

Design/methodology/approach

The approach follows Feldman and Slemrod (2007) by exploiting the relation of charitable donations with the composition of income but introduces two methodological innovations, which could be useful for further studies: correction for sample selection with a Heckman two-step setting and the calculation of different evasion rates for top incomes with an interaction term.

Findings

Evasion in capital incomes was significant throughout these years. Financial incomes were reported at around 50-70 per cent of their real value, with the lowest estimates corresponding to the top decile. Revenues from fixed capital display similarly low compliance rates for the top 10 per cent. Tax evasion in self-employment incomes (direct assessment) is estimated at 20 per cent for 2001. Mostly because of a composition effect, this means that fraud was higher at the top of the income distribution, thus having a regressive impact. Inequality statistics and top income concentration estimates should, therefore, be revised upwards.

Originality/value

This is the first paper to estimate the distributive impacts of tax evasion in Spain, and one of very few internationally.

Details

Applied Economic Analysis, vol. 28 no. 83
Type: Research Article
ISSN: 2632-7627

Keywords

Content available
Article
Publication date: 2 April 2021

James R. Barth, Yanfei Sun and Shen Zhang

The exact criteria used by state governors for choosing opportunity zones (OZs) are not publicly available. This paper aims to examine whether state governors selected the most…

Abstract

Purpose

The exact criteria used by state governors for choosing opportunity zones (OZs) are not publicly available. This paper aims to examine whether state governors selected the most distressed communities, or those with the highest proportions of minorities, as OZs.

Design/methodology/approach

This paper compares the distressed communities chosen as OZs in states throughout the country to an equal number of those eligible distressed communities but not selected. Moreover, this paper uses regression analysis to determine whether the poverty rate, median family income, population, percentage of population that is minority and the percentage of population that is African American are significant explanatory factors in the choice of OZs.

Findings

After describing the tax incentives for investing in OZs, this paper documents that governors did not select many of the most distressed communities, or those with high proportions of minorities, in their individual states.

Originality/value

This paper describes in some detail the way in which investors may generate tax benefits by investing in eligible property or businesses in OZs. It also examines the extent to which the degree of poverty and the percentage of the population that is minority (and African American) were key factors in the selection of OZs. It arises an issue that the chosen communities are not necessarily those most in need of more investment or those heavily populated by minorities, particularly African Americans.

Content available
Book part
Publication date: 16 April 2020

H. Kent Baker, John R. Nofsinger and Andrew C. Spieler

Abstract

Details

The Savvy Investor's Guide to Building Wealth Through Traditional Investments
Type: Book
ISBN: 978-1-83909-608-2

Content available
Book part
Publication date: 21 August 2019

Abstract

Details

Advances in Pacific Basin Business, Economics and Finance
Type: Book
ISBN: 978-1-78973-285-6

Content available
Book part
Publication date: 21 January 2020

H. Kent Baker, John R. Nofsinger and Vesa Puttonen

Abstract

Details

The Savvy Investor's Guide to Avoiding Pitfalls, Frauds, and Scams
Type: Book
ISBN: 978-1-78973-559-8

Open Access
Article
Publication date: 31 December 2014

Jinsoo Lee

This paper examines the effectiveness of the three macro-prudential measures introduced by the Korean government in 2010 and 2011: (i) introduction of limit for FX forward…

Abstract

This paper examines the effectiveness of the three macro-prudential measures introduced by the Korean government in 2010 and 2011: (i) introduction of limit for FX forward positions of domestic banks and foreign bank branches, (ii) reintroduction of tax on foreign investors' earnings from Korean government bonds, and (iii) imposition of macro-prudential stability levy on non-deposit foreign currency liabilities appeared in bank balance sheets. The results show that the three measures were not successful: The limits of FX forward position did not lead to the decrease in foreign borrowings. The reintroduction of the tax did not reduce foreign investments in Korean government bonds. Lastly, the levy on non-deposit foreign currency liabilities did not lower the foreign borrowings from the banks and did not result in more financing through deposits for banks. The ineffectiveness of the capital flow management system in controling the amount of foreign capital flows implies that the system might not be effective in mitigating the pressure on exchange rate caused by excessive volatility of foreign capital flows.

Details

Journal of International Logistics and Trade, vol. 12 no. 3
Type: Research Article
ISSN: 1738-2122

Keywords

Open Access
Article
Publication date: 15 August 2023

Andrew Pendleton, Andrew Robinson and Graeme Nuttall

The paper traces the development of employee ownership in the UK since the 1980s. It proposes that employee ownership is a function of macro-level contexts and micro-level…

1168

Abstract

Purpose

The paper traces the development of employee ownership in the UK since the 1980s. It proposes that employee ownership is a function of macro-level contexts and micro-level decisions, with the latter framed and guided by the former. The macro context comprises the regulatory framework and the provision of incentives to adopt employee ownership. The paper shows how the evolution of these has led to a steep increase in employee ownership in the last eight years.

Design/methodology/approach

The paper draws on several sources of empirical data to chart the development of employee ownership in the UK since the 1980s and to identify the current features of employee ownership. Two firm-level surveys conducted in 2015 and 2020/21 are supplemented by qualitative case study data collected in the early 1990s. An annual census of all employee-owned firms facilitates a comprehensive overview of the current state of UK employee ownership.

Findings

It is found that there has been a steep increase in the number of UK employee-owned firms since 2014 after several decades of uneven growth. This is attributed to the introduction of new incentives and to refinements of the regulatory framework. Over the period, there has been a shift from hybrid employee ownership, combining direct and indirect forms, to indirect ownership associated with the employee ownership trust model.

Originality/value

The paper provides an original history of employee ownership in the UK using rich and unique data, along with the most comprehensive picture of current employee ownership to date.

Details

Journal of Participation and Employee Ownership, vol. 6 no. 3
Type: Research Article
ISSN: 2514-7641

Keywords

Content available
Book part
Publication date: 1 January 2001

Abstract

Details

Dynamic General Equilibrium Modelling for Forecasting and Policy: A Practical Guide and Documentation of MONASH
Type: Book
ISBN: 978-0-44451-260-4

Open Access
Article
Publication date: 23 March 2020

Yara Ahmed, Racha Ramadan and Mohamed Fathi Sakr

This paper aims to evaluate the progressivity of health-care financing in Egypt by assessing all five financing sources individually and then combining them to analyze the equity…

5288

Abstract

Purpose

This paper aims to evaluate the progressivity of health-care financing in Egypt by assessing all five financing sources individually and then combining them to analyze the equity of the whole financing system.

Design/methodology/approach

Lorenz dominance analysis and Kakwani progressivity index were applied on data from 2010/2011 Household Income, Expenditure, and Consumption Survey and the National Health Accounts 2011 using Stata to evaluate the progressivity of each source of health-care finance and the financing system overall.

Findings

The data show that Egypt’s health-care system, which is largely financed by out-of-pocket (OOP) payments, is slightly regressive, with an overall Kakwani index of −0.079. The overall regressive effect was the result of three regressive sources (OOP payments, an earmarked cigarette tax and direct taxes), one proportional finance source (social health insurance) and two slightly progressive sources (indirect taxes and private health insurance). This shows that the burden of financing health care falls more on the poor. These results signal the need for reform of health-care financing in Egypt to reduce dependence on OOP payments to achieve more equitable financing.

Originality/value

The paper seeks to augment the literature on health-care financing in Egypt by calculating specific progressivity estimates for all five sources of financing the Egyptian health-care system and analyzing the overall equity of this financing system. It will, therefore, provide a benchmark for monitoring the equity of finance in the Egyptian health-care system in future studies and allow one to assess the impact of implemented financing reforms in the future on the level of progressivity of health system financing.

Details

Journal of Humanities and Applied Social Sciences, vol. 3 no. 1
Type: Research Article
ISSN: 2632-279X

Keywords

1 – 10 of over 1000