capital structure, financial performance and financial distress shock ...
The second tax measure is the tax differential between dividends and capital gains (TD) at shareholder level, defined as the ratio of after-tax dividends ...
Investor Protection, Taxation, and DividendsShareholder wealth maximization ... certain conditions a firm's debt-equity ratio does not affects its market value. ... SMV= f(TA, TD). SMV = ?o + ... DO INDEPENDENT DIRECTORS ADD VALUE?strict shareholder wealth maximization may not lead manu- ... explained it, is tD, or the corporate tax rate multiplied by the ... original capital investment ... Impact of transparency and disclosure on the dividend distribution of ...The research's conclusions indicated that internal financial risks presented a bigger danger to stockholders' wealth maximization than macroeconomic structural ...
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