4.25产业经济学系列讲座第116期
Does Dividend Tax Impede Competition for Corporate Charters?
主讲人:吴嘉豪 副教授，香港中文大学
时间： 2014年4月25日 15:30-15:00
地点: 思源楼326室
主持人：肖俊极 副教授
Abstract:
In a model featuring corporations' location choices among states, we show that taxing dividends makes corporations less keen on shopping around the different states based on the differences in their takeover regulations. Consequently, states are more tempted to enacting more takeover regulations. A driving force in the model is that lowering dividend tax and reducing the no. of takeover regulations are complementary in curbing agency conflicts between management and shareholders. The implications of this driving force, that under a dividend tax cut, corporations governed by fewer anti-takeover provisions would react more by increasing dividends and reducing overall investment, are borne out in the data.
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