[go: up one dir, main page]

IDEAS home Printed from https://ideas.repec.org/a/eee/quaeco/v40y2000i2p279-293.html
   My bibliography  Save this article

The effects of tax and regulatory changes on commercial bank dividend policy

Author

Listed:
  • Casey, K. Michael
  • Dickens, Ross N.
Abstract
No abstract is available for this item.

Suggested Citation

  • Casey, K. Michael & Dickens, Ross N., 2000. "The effects of tax and regulatory changes on commercial bank dividend policy," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(2), pages 279-293.
  • Handle: RePEc:eee:quaeco:v:40:y:2000:i:2:p:279-293
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1062-9769(99)00051-4
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Sundaram, Sridhar & Rangan, Nanda & Davidson, Wallace III, 1992. "The market valuation effects of the Financial Institutions Reform, Recovery and Enforcement Act of 1989," Journal of Banking & Finance, Elsevier, vol. 16(6), pages 1097-1122, December.
    2. Fama, Eugene F & French, Kenneth R, 1992. "The Cross-Section of Expected Stock Returns," Journal of Finance, American Finance Association, vol. 47(2), pages 427-465, June.
    3. Grammatikos, Theoharry & Yourougou, Pierre, 1990. "Market expectations of the effects of the Tax Reform Act of 1986 on banking organizations," Journal of Banking & Finance, Elsevier, vol. 14(6), pages 1171-1187, December.
    4. Miller, Merton H. & Scholes, Myron S., 1978. "Dividends and taxes," Journal of Financial Economics, Elsevier, vol. 6(4), pages 333-364, December.
    5. Dempsey, Stephen J & Laber, Gene, 1992. "Effects of Agency and Transaction Costs on Dividend Payout Ratios: Further Evidence of the Agency-Transaction Cost Hypothesis," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 15(4), pages 317-321, Winter.
    6. Timothy H. Mills & Clyde L. Posey & Dwight C. Anderson, 1994. "Stock Market Reactions To the Tax Reform Act of 1986: an Analysis of the Agribusiness Industry," Public Finance Review, , vol. 22(2), pages 222-238, April.
    7. David Lynn Skinner, 1993. "Twenty‐Five Years Of Tax Law Changes And Investor Response," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 16(1), pages 61-70, March.
    8. Sterk, William E & Vandenberg, Pieter A, 1990. "The Market Valuation of Cash Dividends and the Tax Differential Theory of Dividend Policy: A Case Revisited," The Financial Review, Eastern Finance Association, vol. 25(3), pages 441-455, August.
    9. Han, Ki C, 1994. "The Effect of the 1986 Tax Reform Act on Ex-dividend Day Return Behavior," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 17(2), pages 175-186, Summer.
    10. Bolster, Paul J. & Janjigian, Vahan, 1991. "Dividend Policy and Valuation Effects of the Tax Reform Act of 1986," National Tax Journal, National Tax Association;National Tax Journal, vol. 44(4), pages 511-518, December.
    11. Merton H. Miller & Franco Modigliani, 1961. "Dividend Policy, Growth, and the Valuation of Shares," The Journal of Business, University of Chicago Press, vol. 34, pages 411-411.
    12. Banz, Rolf W., 1981. "The relationship between return and market value of common stocks," Journal of Financial Economics, Elsevier, vol. 9(1), pages 3-18, March.
    13. Keim, Donald B., 1983. "Size-related anomalies and stock return seasonality : Further empirical evidence," Journal of Financial Economics, Elsevier, vol. 12(1), pages 13-32, June.
    14. Fedenia, Mark & Grammatikos, Theoharry, 1991. "Portfolio rebalancing and the effective taxation of dividends and capital gains following the Tax Reform Act of 1986," Journal of Banking & Finance, Elsevier, vol. 15(3), pages 501-519, June.
    15. Miller, Merton H & Rock, Kevin, 1985. "Dividend Policy under Asymmetric Information," Journal of Finance, American Finance Association, vol. 40(4), pages 1031-1051, September.
    16. Elton, Edwin J & Gruber, Martin J, 1970. "Marginal Stockholder Tax Rates and the Clientele Effect," The Review of Economics and Statistics, MIT Press, vol. 52(1), pages 68-74, February.
    17. Black, Fischer & Scholes, Myron, 1974. "The effects of dividend yield and dividend policy on common stock prices and returns," Journal of Financial Economics, Elsevier, vol. 1(1), pages 1-22, May.
    18. Bolster, Paul J. & Janjigian, Vahan, 1991. "Dividend Policy and Valuation Effects of the Tax Reform Act of 1986," National Tax Journal, National Tax Association, vol. 44(4), pages 511-18, December.
    19. Casey, K Mike, et al, 1999. "Examining the Impact of the 1986 Tax Reform Act on Corporate Dividend Policy: A New Methodology," The Financial Review, Eastern Finance Association, vol. 34(3), pages 33-46, August.
    20. Michael S. Rozeff, 1982. "Growth, Beta And Agency Costs As Determinants Of Dividend Payout Ratios," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 5(3), pages 249-259, September.
    21. Cox, Raymond A K & Kleiman, Robert T & Stout, R Gene, 1994. "Tax Policy and Shareholder Wealth: Some Evidence from the Tax Reform Act of 1986," The Financial Review, Eastern Finance Association, vol. 29(2), pages 249-273, May.
    22. Jensen, Gerald R. & Solberg, Donald P. & Zorn, Thomas S., 1992. "Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(2), pages 247-263, June.
    23. Madura, Jeff & Tucker, Alan L. & Zarruk, Emilio R., 1993. "Market reaction to the thrift bailout," Journal of Banking & Finance, Elsevier, vol. 17(4), pages 591-608, June.
    24. Albert Eddy & Bruce Seifert, 1988. "Firm Size And Dividend Announcements," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 11(4), pages 295-302, December.
    25. Zarowin, Paul, 1990. "Size, Seasonality, and Stock Market Overreaction," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 25(1), pages 113-125, March.
    26. Ashok J. Robin, 1991. "The Impact of the 1986 Tax Reform Act on Ex-Dividend Day Returns," Financial Management, Financial Management Association, vol. 20(1), Spring.
    27. Ki C. Han, 1994. "The Effect Of The 1986 Tax Reform Act On Ex-Dividend Day Return Behavior," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 17(2), pages 175-186, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Ashraf, Badar Nadeem & Bibi, Bushra & Zheng, Changjun, 2016. "How to regulate bank dividends? Is capital regulation an answer?," Economic Modelling, Elsevier, vol. 57(C), pages 281-293.
    2. Eric Haye, 2015. "Hedge Fund Ownership, Board Composition and Dividend Policy in the Telecommunications Industry," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 6(1), pages 111-118, January.
    3. Michele Fabrizi & Elisabetta Ipino & Michel Magnan & Antonio Parbonetti, 2021. "Real regulatory capital management and bank payouts: Evidence from available‐for‐sale securities," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(9-10), pages 1918-1939, October.
    4. Marco Belloni & Maciej Grodzicki & Mariusz Jarmuzek, 2024. "Why European banks adjust their dividend payouts?," Journal of Banking Regulation, Palgrave Macmillan, vol. 25(3), pages 284-304, September.
    5. Rashid Ameer, 2008. "Product market competition, regulation and dividend payout policy of Malaysian banks," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 16(4), pages 318-334, November.
    6. van der Kwaak, Christiaan & Madeira, João & Palma, Nuno, 2023. "The long-run effects of risk: an equilibrium approach," European Economic Review, Elsevier, vol. 153(C).
    7. Forti, Cristiano & Schiozer, Rafael F., 2015. "Bank dividends and signaling to information-sensitive depositors," Journal of Banking & Finance, Elsevier, vol. 56(C), pages 1-11.
    8. Lepetit, L. & Meslier, C. & Strobel, F. & Wardhana, L., 2018. "Bank dividends, agency costs and shareholder and creditor rights," International Review of Financial Analysis, Elsevier, vol. 56(C), pages 93-111.
    9. Srivastav, Abhishek & Armitage, Seth & Hagendorff, Jens, 2014. "CEO inside debt holdings and risk-shifting: Evidence from bank payout policies," Journal of Banking & Finance, Elsevier, vol. 47(C), pages 41-53.
    10. Duha Al-Kuwari, 2012. "Are Large Shareholders Conducting Influential Monitoring in Emerging Markets? An Investigation into the Impact of Large Shareholders on Dividend Decisions: The Case of Kuwait," Research in World Economy, Research in World Economy, Sciedu Press, vol. 3(2), pages 52-67, September.
    11. Lin, Xiaowei & Huang, Hung-Yi & Lee, Yun-Chi, 2023. "Proxy solicitation, ownership structure, and bank cash dividends," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 15-23.
    12. Akhigbe, Aigbe & Whyte, Ann Marie, 2012. "Does the use of stock incentives influence the payout policy of financial institutions?," The Quarterly Review of Economics and Finance, Elsevier, vol. 52(1), pages 63-71.
    13. Trinh, Vu Quang & Kara, Alper & Elnahass, Marwa, 2022. "Dividend payout strategies and bank survival likelihood: A cross-country analysis," International Review of Financial Analysis, Elsevier, vol. 81(C).
    14. Kanas, Angelos, 2013. "Bank dividends, risk, and regulatory regimes," Journal of Banking & Finance, Elsevier, vol. 37(1), pages 1-10.
    15. Salvatore Cardillo & Jacopo Raponi, 2023. "EU banks' dividend policies: main determinants and the role of capital ratios," Temi di discussione (Economic working papers) 1403, Bank of Italy, Economic Research and International Relations Area.
    16. Benoît D'Udekem, 2014. "Rational Dividend Addiction in Banking," Working Papers CEB 14-013, ULB -- Universite Libre de Bruxelles.
    17. Avkiran, Necmi K. & Goto, Mika, 2011. "A tool for scrutinizing bank bailouts based on multi-period peer benchmarking," Pacific-Basin Finance Journal, Elsevier, vol. 19(5), pages 447-469, November.
    18. Seyed Alireza Athari, 2021. "The effects of institutional settings and risks on bank dividend policy in an emerging market: Evidence from Tobit model," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4493-4515, July.
    19. Imran, Kashif & Usman, Muhammad & Nishat, Muhammad, 2013. "Banks dividend policy: Evidence from Pakistan," Economic Modelling, Elsevier, vol. 32(C), pages 88-90.
    20. Shaojie Lai & Qing Wang & Jiangze Du & Shuwen Pi, 2021. "Has the Propensity to Pay Dividends Declined? Evidence from the US Banking Sector," JRFM, MDPI, vol. 14(3), pages 1-14, March.
    21. Carow, Kenneth A. & Cox, Steven R. & Roden, Dianne M., 2004. "Mutual holding companies: Evidence of conflicts of interest through disparate dividends," Journal of Banking & Finance, Elsevier, vol. 28(2), pages 277-298, February.
    22. Karlo Kauko, 2016. "Does Opaqueness Make Equity Capital Expensive for Banks?," Revista de Economía del Rosario, Universidad del Rosario, vol. 17(2), pages 203-227, February.
    23. Rola Elkabbani & Christian Richter & Mona ElBannan, 2020. "Determining dividend payouts of the MENA banking industry: a probit approach," Economics and Business Letters, Oviedo University Press, vol. 9(3), pages 221-229.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Frankfurter, George M. & Wood, Bob Jr., 2002. "Dividend policy theories and their empirical tests," International Review of Financial Analysis, Elsevier, vol. 11(2), pages 111-138.
    2. Baker, H. Kent & Powell, Gary E. & Veit, E. Theodore, 2002. "Revisiting the dividend puzzle: Do all of the pieces now fit?," Review of Financial Economics, Elsevier, vol. 11(4), pages 241-261.
    3. H.Kent Baker & Gary E. Powell & E.Theodore Veit, 2002. "Revisiting the dividend puzzle," Review of Financial Economics, John Wiley & Sons, vol. 11(4), pages 241-261.
    4. Sabur Mollah, 2011. "Do emerging market firms follow different dividend policies?," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 28(2), pages 118-135, June.
    5. Jeff Whitworth & Ramesh P. Rao, 2010. "Do Tax Law Changes Influence Ex‐Dividend Stock Price Behavior? Evidence from 1926 to 2005," Financial Management, Financial Management Association International, vol. 39(1), pages 419-445, March.
    6. Kartal Demirg ne, 2015. "Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 418-426.
    7. Florackis, Chris & Kanas, Angelos & Kostakis, Alexandros, 2015. "Dividend policy, managerial ownership and debt financing: A non-parametric perspective," European Journal of Operational Research, Elsevier, vol. 241(3), pages 783-795.
    8. Jabbouri, Imad, 2016. "Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets," Research in International Business and Finance, Elsevier, vol. 37(C), pages 283-298.
    9. du Jardin, Philippe & Séverin, Eric, 2011. "Dividend policy," MPRA Paper 44382, University Library of Munich, Germany.
    10. Philip Brown & Alex Clarke, 1993. "The Ex-Dividend Day Behaviour of Australian Share Prices Before and After Dividend Imputation," Australian Journal of Management, Australian School of Business, vol. 18(1), pages 1-40, June.
    11. Maria Elisabete Duante Neves, 2017. "Payout and Firm's Catering," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 104-132.
    12. Lee, Yi-Tsung & Liu, Yu-Jane & Roll, Richard & Subrahmanyam, Avanidhar, 2006. "Taxes and dividend clientele: Evidence from trading and ownership structure," Journal of Banking & Finance, Elsevier, vol. 30(1), pages 229-246, January.
    13. Trevor S. Harris & R. Glenn Hubbard & Deen Kemsley, 1999. "The Share Price Effects of Dividend Taxes and Tax Imputation Credits," NBER Working Papers 7445, National Bureau of Economic Research, Inc.
    14. repec:ers:journl:v:v:y:2017:i:4:p:104-132 is not listed on IDEAS
    15. Baker, H. Kent & De Ridder, Adri & Råsbrant, Jonas, 2020. "Investors and dividend yields," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 386-395.
    16. Seyed Alireza Athari, 2021. "The effects of institutional settings and risks on bank dividend policy in an emerging market: Evidence from Tobit model," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 4493-4515, July.
    17. Adelegan, Olatundun, 2006. "Effects of taxes financing decisions and firm value in Nigeria," Proceedings of the German Development Economics Conference, Berlin 2006 1, Verein für Socialpolitik, Research Committee Development Economics.
    18. Thomas McCluskey & Bruce Burton & David Power, 2007. "Evidence on Irish financial directors' views about dividends," Qualitative Research in Accounting & Management, Emerald Group Publishing Limited, vol. 4(2), pages 115-132, June.
    19. Hartzmark, Samuel M. & Solomon, David H., 2013. "The dividend month premium," Journal of Financial Economics, Elsevier, vol. 109(3), pages 640-660.
    20. Duha Al-Kuwari, 2012. "Are Large Shareholders Conducting Influential Monitoring in Emerging Markets? An Investigation into the Impact of Large Shareholders on Dividend Decisions: The Case of Kuwait," Research in World Economy, Research in World Economy, Sciedu Press, vol. 3(2), pages 52-67, September.
    21. Amoako-Adu, Ben & Baulkaran, Vishaal & Smith, Brian F., 2014. "Analysis of dividend policy of dual and single class U.S corporations," Journal of Economics and Business, Elsevier, vol. 72(C), pages 1-29.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:quaeco:v:40:y:2000:i:2:p:279-293. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620167 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.