scholarly journals The Efficiency Costs of Dividend Taxation with Managerial Firms*

2021 ◽  
Author(s):  
Marko Koethenbuerger ◽  
Michael E Stimmelmayr
Keyword(s):  
Corporate Finance ◽  
Empirical Work ◽  
Efficiency Analysis ◽  
Incentive Pay ◽  
Managerial Incentive ◽  
Agency Model ◽  
Corporate Agency ◽  
Dividend Taxation ◽  
Efficiency Cost ◽  
Agency Models

Abstract The paper provides a positive and efficiency analysis of dividend taxation in a corporate agency model with a costly managerial effort. Unlike existing (agency) models, this model is consistent with empirical work in corporate finance and able to predict empirically observed investment responses to dividend taxation. In addition, we show that investment changes are not sufficient to infer, first, the efficiency cost of dividend taxation and, second, the financing regime underlying firms’ investments. We provide a testable implication that allows to empirically uncover the source of investment finance by comparing investment responses to dividend taxes and managerial incentive pay.

scholarly journals The Macroeconomics of Corporate Debt

2020 ◽  
Vol 9 (3) ◽  
pp. 656-665 ◽  
Author(s):  
Markus Brunnermeier ◽  
Arvind Krishnamurthy
Keyword(s):  
Corporate Finance ◽  
Empirical Work ◽  
Household Finance ◽  
Important Research ◽  
Special Issue ◽  
Corporate Financing ◽  
Editorial Decision ◽  
The 2008 Financial Crisis ◽  
New Research ◽  
Macroeconomic Implications

Abstract The 2020 COVID-19 crisis can spur research on firms’ corporate finance decisions and their macroeconomic implications, similar to the wave of important research on banking and household finance triggered by the 2008 financial crisis. What are the relevant corporate finance mechanisms in this crisis? Modeling dynamics and timing considerations are likely important, as is integrating corporate financing considerations into modern quantifiable macroeconomics models. Recent empirical work, including articles in this special issue, on the drag from debt in the COVID-19 crisis provides a first glimpse into the new research agenda. (JEL E22, E44, G32, G33) Received July 23, 2020; editorial decision: July 23, 2020 by Editor Andrew Ellul

The Equilibrium Relationships between Performance-Based Pay, Performance, and the Commission and Detection of Fraudulent Misreporting

2018 ◽  
Vol 94 (2) ◽  
pp. 325-356 ◽  
Author(s):  
Buhui Qiu ◽  
Steve L. Slezak
Keyword(s):  
Pay For Performance ◽  
Internal Governance ◽  
Managerial Incentive ◽  
Agency Model ◽  
Signal Jamming ◽  
Ex Post ◽  
Information Manipulation ◽  
Performance Based Pay ◽  
Equilibrium Relationships ◽  
Governance Costs

ABSTRACT We develop an agency model in which managerial information manipulation creates pooling and entails ex post costs internal and/or external to the firm. We examine the implications of the strategic interactions between shareholders (who set internal governance and managerial incentive compensation), the manager (who exerts effort and reports on its outcome), and an external regulatory authority or RA (who investigates for fraud and levies penalties ex post). When the RA cannot pre-commit to an ex post investigation strategy, a fraudulent equilibrium obtains if the firm's internal governance costs are sufficiently high. Consistent with (so far fairly scant) post-SOX empirical evidence, but the opposite of the implications of signal-jamming models and equilibria with pre-commitment, the model implies an increase in minimum internal governance standards or ex post fraud penalties (as with SOX) results in decreased equilibrium pay-for-performance sensitivity and firm performance.

scholarly journals Dividend and Corporate Taxation in an Agency Model of the Firm

2010 ◽  
Vol 2 (3) ◽  
pp. 1-31 ◽  
Author(s):  
Raj Chetty ◽  
Emmanuel Saez
Keyword(s):  
Firm Behavior ◽  
Corporate Taxation ◽  
Income Taxation ◽  
Corporate Taxes ◽  
Agency Model ◽  
First Order ◽  
Corporate Income Taxation ◽  
Dividend Taxation ◽  
Second Order Efficiency ◽  
Conflicting Interests

Recent evidence on the effect of dividend taxes on firm behavior is inconsistent with neoclassical theories of dividend and corporate taxation. We develop a simple agency model in which managers and shareholders have conflicting interests to explain the evidence. In this model, dividend taxation induces managers to undertake unproductive investments by retaining earnings, and creates a first-order deadweight cost. In contrast, corporate taxes do not distort the manager's payout decision and may only create second-order efficiency costs. Corporate income taxation may therefore be a more efficient way to generate revenue than dividend taxation, challenging existing intuitions based on neoclassical models. (JEL D21, G35, H25, H32)

A History of Corporate Finance

1997 ◽  
Author(s):  
Jonathan Barron Baskin ◽  
Paul J. Miranti, Jr
Keyword(s):  
Corporate Finance ◽  
History Of

Trust in Management Information Systems (MIS)

2020 ◽  
Vol 64 (1) ◽  
pp. 6-16 ◽  
Author(s):  
Sarah M. Meeßen ◽  
Meinald T. Thielsch ◽  
Guido Hertel
Keyword(s):  
Information Systems ◽  
Information Overload ◽  
Management Information Systems ◽  
Empirical Work ◽  
Future Research ◽  
Management Information ◽  
Trust In Management ◽  
Actual Use ◽  
Trust In Technology ◽  
The Internet Of Things

Abstract. Digitalization, enhanced storage capacities, and the Internet of Things increase the volume of data in modern organizations. To process and make use of these data and to avoid information overload, management information systems (MIS) are introduced that collect, process, and analyze relevant data. However, a precondition for the application of MIS is that users trust them. Extending accounts of trust in automation and trust in technology, we introduce a new model of trust in MIS that addresses the conceptual ambiguities of existing conceptualizations of trust and integrates initial empirical work in this field. In doing so, we differentiate between perceived trustworthiness of an MIS, experienced trust in an MIS, intentions to use an MIS, and actual use of an MIS. Moreover, we consider users’ perceived risks and contextual factors (e. g., autonomy at work) as moderators. The introduced model offers guidelines for future research and initial suggestions to foster trust-based MIS use.

Jean Tirole: The political economy of corporate finance (On the book by J. Tirole “The theory of corporate finance”)

2017 ◽  
pp. 128-141
Author(s):  
N. Ranneva
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Graduate Students ◽  
Corporate Finance ◽  
Critical Review ◽  
The Political ◽  
Institutional Economic ◽  
New Type ◽  
Finance Theory ◽  
Empirical Material

The present article undertakes a critical review of the new book of Jean Tirole, the winner of the 2014 Nobel Prize in Economics, “The theory of cor- porate finance”, which has recently been published in Russian. The book makes a real contribution to the profession by summarizing the whole field of corporate finance and bringing together a big body of research developed over the last thirty years. By simplifying modeling, using unified analytical apparatus, undertaking reinterpretation of many previously received results, and structuring the material in original way Tirole achieves a necessary unity and simplicity in exposition of extremely heterogeneous theoretical and empirical material. The book integrates the new institutional economic theory into classical corporate finance theory and by doing so contributes to making a new type of textbook, which is quite on time and is likely to become essential reading for all graduate students in corporate finance and microeconomics and for everyone interested in these disciplines.

Recent trends in Component Based software development and Efficiency analysis of Semantic search based component retrieval Technique

2018 ◽  
pp. 105-113 ◽  
Author(s):  
Vishnu Sharma ◽  
Vijay Singh Rathore
Keyword(s):  
Software Development ◽  
Efficiency Analysis ◽  
Software Components ◽  
High Demand ◽  
Component Retrieval ◽  
Software Developer ◽  
Software Libraries ◽  
Retrieval Technique ◽  
Executable File ◽  
Recent Trends

In these days most of the software development uses preexisting software components. This approach provides plenty of benefits over the traditional development. Most of the software industries uses their own domain based software libraries where components resides in the form of modules, codes, executable file, documentations, test plans which may be used as it is or with minor changes. Due to shrinking time and high demand of software development it is necessary to use pre tested software components to ensure high functionality in software developed. Software components can be used very easily and without having the worries of errors and bugs because these are developed under expert supervision and well tested. What we have to do is just embed these components in our project. In this paper a survey got conducted over 112 software developer,testers and freelancers. In survey several issues in CBSD were identified. An efficient repository along with a component search engine is developed. All the component retrieval techniques were evaluated and compared with precise and recall method.

Luminous Environment and the Perceived Environment

2019 ◽  
pp. 15-21
Author(s):  
Banu Manav
Keyword(s):  
Experimental Studies ◽  
Light Output ◽  
Lighting Design ◽  
Lighting System ◽  
Main Concept ◽  
Healthy Environment ◽  
Perceived Environment ◽  
Efficiency Cost ◽  
Lighting Systems ◽  
User Friendly

In lighting design, the main concept is to achieve a healthy environment, which addresses energy efficiency, cost, maintenance, and quality. User-friendly lighting systems shall be adopted to architecture and interior architecture. User control over the lighting system is important, by dimming or increasing light output, by changing the colour of the light sets the inner atmosphere and affects user mood. Standards and codes on lighting shall also be evaluated by means of these topics. The paper aims to analyse how the luminous environment is affective on the perceived environment. Hence, a series of experimental studies and recent research will be evaluated in regard to understanding and designing luminous environment.

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