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http://ssrn.com/abstract=2100300
 
 

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Taxation and the Cash Flow Sensitivity of Dividends


Marcus Jacob


WHU - Otto Beisheim School of Management

Martin Jacob


WHU - Otto Beisheim School of Management

July 4, 2012

Economics Letters, Vol. 118, No. 1, 2013

Abstract:     
This paper investigates tax reasons for cross-sectional deviations from the general consensus in literature that a firm’s cash flow has a positive effect on dividend payout. We use a large multinational panel data set to show that the positive cash flow sensitivity of dividends is decreasing in dividend taxes.

Number of Pages in PDF File: 10

Keywords: taxation, dividends, cash flow sensitivity

JEL Classification: G10, H24, H25

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Date posted: July 4, 2012 ; Last revised: April 3, 2013

Suggested Citation

Jacob, Marcus and Jacob, Martin, Taxation and the Cash Flow Sensitivity of Dividends (July 4, 2012). Economics Letters, Vol. 118, No. 1, 2013. Available at SSRN: http://ssrn.com/abstract=2100300 or http://dx.doi.org/10.2139/ssrn.2100300

Contact Information

Marcus Jacob
WHU - Otto Beisheim School of Management ( email )
Burgplatz 2
Vallendar, 56179
Germany
Martin Jacob (Contact Author)
WHU - Otto Beisheim School of Management ( email )
Burgplatz 2
D-56179 Vallendar, 56179
Germany
HOME PAGE: http://www.whu.edu/steuer
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