배당소득과세의 배당정책효과: 한국과 미국을 중심으로

초록

Given that South Korea has recently introduced tax incentives for corporate dividend payout, this study attempts to ascertain whether dividend taxation imparts an influence to dividend payout by examining South Korean data in reference to the US data. Its findings show that dividend taxation affects dividend payout in South Korea while the dividend taxation effect is more pronounced in the post Global Financial Crisis period. Also it finds equivocal evidence for substitutability between dividend payout and share repurchase due to the limited data availability. Finally, mixed results are found on whether a relationship exists between the source of new project funding (i.e. rights issue and retained earnings) and dividend payout elasticity with respect to dividend tax.

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