English, Article, Journal or magazine article edition: 日本企業の配当政策と税制 国枝, 繁樹; 布袋, 正樹

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Bookmark: http://trove.nla.gov.au/version/91771
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • 日本企業の配当政策と税制
Author
  • 国枝, 繁樹
  • 布袋, 正樹
Physical Description
  • preprint
Notes
  • 本稿においては、Poterba (1987, 2004)の先行研究を踏まえ、証券税制の改正と日本企業の配当政策の関係につき実証分析を行う。具体的には、過去の証券税制の改正が、配当の株式譲渡益に対する税制上の相対的な有利さをどのように変化させたかにつき試算し、その上で、配当の税制上の相対的な有利さの変化が、日本企業の配当政策に影響を与えたかを推定する。その際、日本企業が伝統的に従ってきたとされる「1割配当」ルールの影響についても明示的に考慮する。主な分析結果は以下のとおりである。①証券税制は過去の日本企業の配当政策に影響を与えていない。②日本企業の配当額の説明要因としては、当期純利益よりも、株式額面総額の代理変数である資本金の方がはるかに重要であった。これらの結果は、過去の日本企業の配当政策において、株式額面の一定割合を配当するという慣行が重視されており、税制は重要な影響を有しなかったことを示している。, Following Poterba (1987, 2004), we conduct empirical study about the effects of tax policy changes on Japanese firms’ dividend policy. After estimating the effects of past tax policy changes on relative tax advantages of dividend over capital gain, we analyze the effects of the estimated relative tax advantage on Japanese firms’ dividend policy. We also consider the effects of so called “10%” dividend rule, which was referred as the traditional practice of Japanese firms’ dividend policy. Main findings are following. ①Dividend and capital gains tax policy did not affect Japanese firms’ dividend policy significantly. ② The nominal amount of capital stock, which is used as a proxy for the total amount of the nominal value of stocks in the analysis, was much more important determinants of dividend policy of Japanese firms than net income. These findings imply that in their past decision of dividend policies, many Japanese firms followed “10% dividend rule” without appropriate consideration to tax policy.
  • RePEc:hit:econdp:2009-07
Language
  • English
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