Journal of Banking and Finance ·Volume 85· DEC 2017

投资者保护，税收与股利政策：从1838到2012年的长期证据

作者：Leentje Moortgat(University of Antwerp)

Jan Annaert(University of Antwerp, Antwerp Management School)

Marc Deloof(University of Antwerp, Antwerp Management School)

摘要：通过使用1838年至2012年在布鲁塞尔证券交易所上市的所有比利时公司的独特样本，我们研究了投资者保护和税收立法是否会影响股利政策。在第一次世界大战之前，比利时的投资者保护非常薄弱，但随着时间的推移逐渐改善。股息红利税在1920年才开始实施。虽然普遍认为投资者保护和税收影响股利政策，但我们发现，即使在控制了公司特征之后，股利政策也是非常稳定的。投资者保护和税收立法的变化似乎对股利政策影响不大。

关键词：股利政策，投资者保护，股息红利税，比利时，长期证据

Investor protection, taxation and dividend policy: Long-run evidence, 1838–2012

Leentje Moortgat(University of Antwerp) Jan Annaert(University of Antwerp, Antwerp Management School) Marc Deloof(University of Antwerp, Antwerp Management School)

ABSTRACT

We investigate whether investor protection and taxation legislation affect dividend policy, using a unique sample of all Belgian firms listed on the Brussels Stock Exchange between 1838 and 2012. Investor protection was very weak in Belgium before World War I, but gradually improved over time. Dividend taxation was introduced only in 1920. While it is generally believed that investor protection and taxation affect dividend policy, we find that dividend policy has been remarkably stable over time, even after controlling for firm characteristics. Changes in investor protection and taxation legislation seem to have had little impact on dividend policy.

Keywords: Dividend policy, Investor protection, Dividend taxes, Belgium, Long-run evidence

原文链接：

https://www.sciencedirect.com/science/article/pii/S0378426617302005

翻译：张展