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The primary goal of this paper is to investigate the relationship between stock market liquidity and firm dividend policy within a market implementing the tax imputation system. The main aim is to understand how the tax imputation system influences the relationship between firm dividend policy and stock market liquidity within a cross-sectional framework.

This paper investigates the relationship between stock market liquidity and the dividend payout policy under the full tax imputation system in the Australian market. This study uses the Generalized Least Squares regressions with firm- and year-fixed effects.

In contrast to the negative relationship between the liquidity of common shares and the firms' dividends documented in countries with the double tax system, the study reveals that in Australia, the dividend payout ratios are positively associated with liquidity after controlling for various explanatory variables with both the contemporaneous and lagged time periods. Such a finding is robust to the use of alternative liquidity proxies and to the sub-period tests and remains during the COVID-19 pandemic period.

The insights derived from this study have significant implications for various stakeholders within the economy. The findings provide regulators with valuable insights to conduct a more holistic assessment of how the tax system impacts the economy, especially concerning the dividend choices of firms. Within the context of a full tax imputation system, investors can make investment decisions without factoring in the taxation impact. Simultaneously, firms can be relieved of concerns about losing investors who prioritize liquidity, particularly when a high dividend payout might not align optimally with their financial strategy.

This study contributes to the literature by extending the literature on the tax clientele effects on dividend policy, providing evidence that the tax imputation system can moderate the impact of liquidity on dividend policy. This study examines the impact of the dividend tax imputation system on the substitution effect between dividends and liquidity.

This study examines the impact of the $60 billion tariff announcement of the US government on the Chinese exporting firms. In particular, it focuses on the firms whose revenues are highly dependent on the US economy.

This study uses an experimental analysis and the event study methodology. The sample includes firms listed in mainland China and Hong Kong Stock Exchanges that have the highest revenues from exporting to the USA. The data are obtained from China Stock Market and Accounting Research (CSMAR) and DataStream.

The authors find that the tariff announcement has significantly negative impacts on stock performance both before and after the announcement, and the impacts are heterogeneous across all sample firms. For A shares listed in Mainland China, firms with more revenues from the US experience greater price drops on the announcement day, regardless of being in the targeted industry or not. But such finding is absent from H shares listed in Hong Kong. The authors also find that for all the firms, greater pricing power can alleviate the impacts of the tariff announcement.

The results provide implications to investors, policymakers and regulators on the further US-China cooperation in the future.

This is the first study documenting the heterogeneity of the impact of the tariff announcement and thus contributes to the prosperous studies on the varied firm-level responses in the Chinese stock market, and to the burgeoning literature by filling the gap of the financial market responses to the protectionist policy announcement.

Random point-contact between the space bearing retainer and the rolling elements may cause wear of the space bearing retainer. The paper aims to clarify the friction and wear behaviors of polyimide bearing retainer under point-contact condition.

Space bearing retainers were cut into flat specimens and the tribological behaviors of the specimens were studied under point-contact condition using a friction and wear testing machine. Different sliding velocities and normal loads were used to simulate the running state of space bearing retainer. The wear behaviors of the space bearing retainer were analyzed by SEM and white light interferometer.

The friction coefficient of the polyimide composites decreased with increase in sliding velocity from 1  to 5 mm/s. Moreover, with increase in sliding velocity and normal load, the wear rate of the polyimide composites decreased and increased, respectively. Moreover, the wear behaviors of the polyimide composites were mainly determined by the combined actions of ploughing friction and adhesive friction. The lubricating properties of transfer film and wear debris were limited under point-contact condition.

The paper includes implications for the understanding of the wear mechanism of the polyimide composites space bearing retainer under point-contact condition and then to optimize space bearing retainer materials further.

Under point-contact condition, wear debris can hardly participate in the friction process because of limited contact area. Consequently, the wear debris has limited impact on the wear process to decrease the friction and wear.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-01-2020-0017/