| 000 | 01524nab a2200277 c 4500 | ||
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_c146700 _d146700 |
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| 003 | ES-MaIEF | ||
| 005 | 20221110131836.0 | ||
| 007 | ta | ||
| 008 | 221110t2022 us ||||| |||| 00| 0|eng d | ||
| 040 |
_aES-MaIEF _bspa _cES-MaIEF |
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| 100 | 1 |
_970166 _aBoissel, Charles |
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| 245 | 0 |
_aDividend taxes and the allocation of capital _c by Charles Boissel and Adrien Matray |
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| 500 | _aResumen. | ||
| 504 | _aBibliografía. | ||
| 520 | _aThis paper investigates the 2013 threefold increase in the French dividend tax rate. Using administrative data covering the universe of firms from 2008 to 2017 and a quasi-experimental setting, we find that firms swiftly cut dividend payments and used this tax-induced increase in liquidity to invest more. Heterogeneity analyses show that firms with high demand and returns on capital responded most while no group of firms cut their investment. Our results reject models in which higher dividend taxes increase the cost of capital and show that the tax-induced increase in liquidity relaxes credit constraints, which can reduce capital misallocation. | ||
| 650 |
_aSOCIEDADES _948454 |
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| 650 |
_aEMPRESAS _943504 |
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| 650 |
_aDIVIDENDOS _942810 |
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| 650 |
_aIMPUESTOS _947460 |
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| 650 | 4 |
_954834 _aINCREMENTO |
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| 650 | 4 |
_948255 _aRENDIMIENTOS DE CAPITAL |
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| 650 | 4 |
_aFRANCIA _944475 |
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| 700 | 1 |
_970167 _aMatray, Adrien |
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| 773 | 0 |
_9168340 _oOP 234/2022/9 _tThe American Economic Review _w(IEF)103372 _x 0002-8282 _g v.112, n. 9, September 2022, p. 2884-2920 |
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| 942 | _cART | ||