000			01711nab a2200229 c 4500
999			_c152123 _d152123
003			ES-MaIEF
005			20260319133638.0
007			ta
008			260318t2025 ||||| |||| 00| 0 eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100			_973568 _aCoulton, Jeffrey J
245	1	0	_aDividend imputation in Australia: franking credits, tax changes and payout policy _c Jeffrey J Coulton and Chao Kevin Li
520			_aWe investigate the value-relevance of a firm`s undistributed franking credits. Franking credits accrue when firms pay tax on their earnings in Australia. We find a positive association between franking credit balances and equity value. In addition, we document a positive association between franking credit balances and firm`s dividend payout ratios. In the lead up to the 2019 Australian federal election, there was a proposal to change the taxation treatment of franking credits received as a cash rebate. The association between franking credit balances and payout ratios increased in anticipation of the rule change, and a negative relation between short-window abnormal share returns and franking credit balances around the announcement of the proposed change in tax policy. Our evidence shows that the undistributed franking credit balance disclosed by firms in financial reports is valued by investors.
650		4	_941482 _aCREDITO
650		4	_947460 _aIMPUESTOS
650		4	_943504 _aEMPRESAS
650		4	_942810 _aDIVIDENDOS
650		4	_948067 _aPOLITICA FISCAL
700			_973567 _aLi, Chao Kevin
773	0		_9175201 _oOP 1867/2025/2 _tAustralian Tax Forum: a journal of Taxation Policy, Law and Reform _w(IEF)103415 _x0812-695X _g v. 40, n. 2, 2025, p. 193-224
942			_cART