Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/286814 
Year of Publication: 
2021
Citation: 
[Journal:] Empirical Economics [ISSN:] 1435-8921 [Volume:] 62 [Issue:] 4 [Publisher:] Springer [Place:] Berlin, Heidelberg [Year:] 2021 [Pages:] 1743-1771
Publisher: 
Springer, Berlin, Heidelberg
Abstract: 
This study examines the effect of investor-level income taxes on profit repatriation and dividend payout policies of multinational firms. The empirical estimations include two million firm-year observations in 130 countries. By augmenting the Lintner model of dividend payments, I employ parametric as well as semiparametric techniques to provide evidence that income taxes on dividends neither alter dividend payments to investors nor within-firm dividend payments. These results remain robust to a wide range of alternative specifications.
Subjects: 
Dividend income taxes
Dividend payments
Lintner model
Semiparametric estimation
Multinational firms
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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