Amberger Harald J
Vienna University of Economics and Business.
Contemp Account Res. 2023 Spring;40(1):451-487. doi: 10.1111/1911-3846.12831. Epub 2022 Dec 31.
Dividends are a key mechanism for shareholders to discipline managers and mitigate agency conflicts. This study examines whether the volatility of tax payments is associated with dividend payouts. Consistent with the predictions, results suggest that firms with more volatile tax payments are less likely to pay dividends overall and their dividends are lower in magnitude when doing so. These effects are economically significant and incremental to a firm's operating risk. The link between volatile tax payments and the likelihood of dividend payouts is weaker for firms that distribute dividends to alleviate agency conflicts. Similarly, the link between volatile tax payments and the amount of dividend payouts is weaker for firms that hold more cash for tax reasons. Taken together, these findings add to our understanding of the economic consequences of volatile tax payments and the determinants of dividend payouts.
股息是股东约束管理层和缓解代理冲突的关键机制。本研究考察了纳税额的波动性是否与股息支付相关。与预测结果一致，研究结果表明，纳税额波动较大的公司总体上支付股息的可能性较低，并且在支付股息时，其股息数额也较小。这些影响在经济上具有重要意义，并且是公司经营风险之外的增量影响。对于为缓解代理冲突而分配股息的公司，纳税额波动与股息支付可能性之间的联系较弱。同样，出于税务原因持有更多现金的公司，纳税额波动与股息支付金额之间的联系也较弱。综上所述，这些发现增进了我们对纳税额波动的经济后果以及股息支付决定因素的理解。
