Family firms’ dividend policies: Evidence from a Japanese tax reform
Family firms’ dividend policies: Evidence from a Japanese tax reform
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家族企业的股息政策：来自日本税制改革的证据
DOI：
10.1016/j.frl.2021.102199
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发表时间：
2022
影响因子：
10.4
通讯作者：
Orihara Masanori
中科院分区：
文献类型：
--
作者：
Kasahara Akitada;Orihara Masanori
我们假设家族企业的股利政策部分取决于家族股东的消费平滑动机。我们的论文使用2011年日本股息税改革来验证这一假设，该改革仅提高了部分大家族股东的股息税率。在这个准实验的设置，我们发现，家族企业的非执行家族股东，谁可能是食利者，抵消了税收增加增加，增加股息。这种行为不能用标准的股利政策理论来解释，它预测了较低的股利支付，并突出了家族企业独特的治理问题。
We hypothesize that family firms’ dividend policies are in part determined by a consumption smoothing motive of family shareholders. Our paper tests this hypothesis using a Japanese dividend tax reform in 2011 which increased the dividend tax rate for only some groups of major family shareholders. In this quasi-experimental setting, we find that family firms with non-executive family shareholders, who were likely rentiers, counteracted the tax increase by increasing dividends. This behavior cannot be explained by standard theories of dividend policy, which predict a lower dividend payout, and highlights a unique governance problem in family firms.