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Adding shareholder value through dividend policy : UK evidence on tax-based shareholder clienteles

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dc.contributor.author Killian, Sheila
dc.date.accessioned 2020-08-04T13:42:01Z
dc.date.available 2020-08-04T13:42:01Z
dc.date.issued 2008
dc.identifier.issn 1995-7076
dc.identifier.uri http://hdl.handle.net/10344/9076
dc.description peer-reviewed en_US
dc.description.abstract This paper addresses the question of dividend clienteles based on shareholder-level taxation. In the United Kingdom in 1997, radical changes were made to the way in which the dominant shareholder clientele was taxed on dividend income. These changes provided a unique quasiexperimental opportunity for a direct test of dividend clienteles, and of tax theories. This issue is central to policy formation, and to predicting the likely impact on shareholder value of changes to the dividend policy pursued by firms. Evidence is presented of two distinct tax-based clienteles in the United Kingdom, with contrasting preferences, one of which was strong enough to influence payout in the firms in which this clientele invested. The implication for South African firms is that, as the tax system changes, the payout preference of shareholders may also change. It is imperative that corporate financial managers react to these clienteles, and their requirements. en_US
dc.language.iso eng en_US
dc.publisher AOSIS Publishing en_US
dc.relation.ispartofseries The Journal of Economic and Financial Sciences;2 (1),pp. 57-70
dc.relation.uri https://jefjournal.org.za/index.php/jef
dc.subject taxation en_US
dc.subject dividends en_US
dc.subject clienteles en_US
dc.subject shareholder value en_US
dc.subject United Kingdom en_US
dc.title Adding shareholder value through dividend policy : UK evidence on tax-based shareholder clienteles en_US
dc.type info:eu-repo/semantics/article en_US
dc.type.supercollection all_ul_research en_US
dc.type.supercollection ul_published_reviewed en_US
dc.date.updated 2020-08-04T13:37:15Z
dc.description.version PUBLISHED
dc.rights.accessrights info:eu-repo/semantics/openAccess en_US
dc.internal.rssid 1120185
dc.internal.copyrightchecked Yes
dc.description.status peer-reviewed


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