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  • The article deals with dividends and their distribution from investors from a theoretical point of view. Some studies try to analyzed the reaction of the market on the dividend announcement and found out the change of dividend policy is associated with abnormal returns around the dividend announcement date. Another researches directly questioned the investors about their dividend preference and beliefs. Investors want the dividend from many reasons (e.g. some of them explain the dividend preference by the existence of transaction cost; investors prefer the dividend today, because there is less risky; the managers have private information about the firm). The most controversial theory of dividend policy was developed by Modigliani and Miller (1961) who demonstrated that in the perfect and complete capital markets the dividend policy is irrelevant and the value of the company is independent of its payout policy. Nevertheless, in the real world the capital markets are imperfect, because of asymmetric information, transaction costs, incomplete contracting possibilities and taxes.
  • The article deals with dividends and their distribution from investors from a theoretical point of view. Some studies try to analyzed the reaction of the market on the dividend announcement and found out the change of dividend policy is associated with abnormal returns around the dividend announcement date. Another researches directly questioned the investors about their dividend preference and beliefs. Investors want the dividend from many reasons (e.g. some of them explain the dividend preference by the existence of transaction cost; investors prefer the dividend today, because there is less risky; the managers have private information about the firm). The most controversial theory of dividend policy was developed by Modigliani and Miller (1961) who demonstrated that in the perfect and complete capital markets the dividend policy is irrelevant and the value of the company is independent of its payout policy. Nevertheless, in the real world the capital markets are imperfect, because of asymmetric information, transaction costs, incomplete contracting possibilities and taxes. (en)
Title
  • Theoretical background of dividend taxation
  • Theoretical background of dividend taxation (en)
skos:prefLabel
  • Theoretical background of dividend taxation
  • Theoretical background of dividend taxation (en)
skos:notation
  • RIV/00216208:11230/11:10100219!RIV12-GA0-11230___
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • P(GAP403/10/1235), P(GPP403/10/P278), S, Z(MSM0021620841)
http://linked.open...iv/cisloPeriodika
  • January
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
http://linked.open.../riv/druhVysledku
http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 235090
http://linked.open...ai/riv/idVysledku
  • RIV/00216208:11230/11:10100219
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • investor; payout policy; taxation; dividend distribution (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • FR - Francouzská republika
http://linked.open...ontrolniKodProRIV
  • [A64B985CF2D9]
http://linked.open...i/riv/nazevZdroje
  • Proceedings of World Academy of Science, Engineering and Technology
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...vavai/riv/projekt
http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • 73
http://linked.open...iv/tvurceVysledku
  • Teplý, Petr
  • Ilková, Margaréta
http://linked.open...n/vavai/riv/zamer
issn
  • 2070-3740
number of pages
http://localhost/t...ganizacniJednotka
  • 11230
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