@article{2487325245914127bbe259c3f6bace5c,
title = "Insider ownership and dividend policy in an imputation tax environment",
abstract = "Firms are more likely to pay dividends with higher payout ratios in an imputation environment. The effects of profitability and earned/contributed capital mix on the decision to pay dividends and dividend payout are weaker for firms following imputation tax system than traditional tax system. Insider ownership is positively related to the decision to pay dividends and dividend payout and this effect does not vary between traditional and imputation tax systems. Firms with higher foreign institutional ownership are less likely to pay dividends and have lower payout ratios. The study demonstrates the significance of the imputation tax system upon dividend policy.",
keywords = "Agency costs, Franked dividend, Imputation tax system, Insider ownership, Institutional ownership, Unfranked dividend",
author = "Balasingham Balachandran and Arifur Khan and Paul Mather and Michael Theobald",
note = "Funding Information: We gratefully acknowledge the helpful comments from anonymous referee, Harry DeAngelo, Linda DeAngelo, Janice How, Doureige Jurdi, Jeffery Netter, Lily Nguyen, Alireza Tourani Rad, and participants at the 2010 Financial Market and Corporate Governance conference, seminar series of Auckland University of Technology and Queensland University of Technology. We also gratefully acknowledge the research assistance provided by Eswaran Velayutham, Seelan Tharmaseelan and Yun (Tracy) Zhou. We also acknowledge funding support from ARC grant DP140102918, and research grants from Deakin University and La Trobe University. Funding Information: We gratefully acknowledge the helpful comments from anonymous referee, Harry DeAngelo, Linda DeAngelo, Janice How, Doureige Jurdi, Jeffery Netter, Lily Nguyen, Alireza Tourani Rad, and participants at the 2010 Financial Market and Corporate Governance conference, seminar series of Auckland University of Technology and Queensland University of Technology. We also gratefully acknowledge the research assistance provided by Eswaran Velayutham, Seelan Tharmaseelan and Yun (Tracy) Zhou. We also acknowledge funding support from ARC grant DP140102918 , and research grants from Deakin University and La Trobe University . Publisher Copyright: {\textcopyright} 2017 Elsevier B.V.",
year = "2019",
month = feb,
doi = "10.1016/j.jcorpfin.2017.01.014",
language = "English",
volume = "54",
pages = "153--167",
journal = "Journal of Corporate Finance",
issn = "0929-1199",
publisher = "Elsevier",
}