Do dividend tax cuts lead firms to increase dividends: Evidence from China

Allen, F., Michaely, R., 2003. Handbook of the Economics of Finance, vol. 1. pp. 337–422. Baker, 2001, Factors influencing dividend policy decisions of NASDAQ firms, The Financial Review, 36, 19, 10.1111/j.1540-6288.2001.tb00018.x Brav, 2005, Payout policy in the 21st century, Journal of Financial Economics, 77, 483, 10.1016/j.jfineco.2004.07.004 Brown, 2007, Executive financial incentives and payout policy: firm responses to the 2003 dividend tax cut, The Journal of Finance, 4, 1935, 10.1111/j.1540-6261.2007.01261.x Blouin, J., Jana, R., Douglas, S., 2004. The Initial Impact of the 2003 Reduction in the Dividend Tax Rate. Working Paper. Chetty, 2005, Dividend taxes and corporate behavior: evidence from the 2003 dividend tax cut, Quarterly Journal of Economics, 120, 791 Deng, 2005, Family ownership and dividend policy, Management World, 7, 139 Deng, 2007, To share or to monopolize profits, Economic Research Journal, 4, 112 Dhaliwal, 2007, Did the 2003 tax act reduce the cost of equity capital, Journal of Accounting and Economics, 43, 121, 10.1016/j.jacceco.2006.07.001 Kato, 1995, The ex-dividend-day behavior of stock prices: the case of Japan, Review of Financial Studies, 8, 817, 10.1093/rfs/8.3.817 King, 1977 La Porta, 2000, Agency problems and dividend policies around the world, The Journal of Finance, 1, 1, 10.1111/0022-1082.00199 Leithner, 1993, Market value and aggregate dividends: a reappraisal of recent tests, and evidence from European markets, Swiss Journal of Economics and Statistics, 29, 99 Li, 2006, Dividends policy making and its factors, Journal of Financial Research, 1, 74 Petersen, 2008, Estimating standard errors in finance panel data sets: comparing approaches, Review of Financial Studies, 22, 435, 10.1093/rfs/hhn053 Wu, 2003, The research of the factors impacted on ‘NON-Normal High Dividend’ on China’s open companies, Economic Science, 1, 31 Yuan, 2004, The empirical study on the influential factors on ultra-ability dividends payout of listed company, Accounting Research, 10, 63 Zeng, 2005, The impact of dividend tax cut on asset prices, Economic Science, 6, 84 Zhang, 2007