Stock ownership bunching

• 발행기관: 한국재정학회(구 한국재정·공공경제학회)
• 저자명: Masanori Orihara Kazuki Onji
• 간행물 정보: 『한국재정학회 학술대회 논문집』2016년도 추계학술대회 논문집, 1~28쪽, 전체 28쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2016.10.30

영문 초록

Under the Japanese tax system, individual investors whose ownership stakes are at or above a statutory threshold face over 30 percentage points higher dividend tax rates relative to those below the threshold. The April 2003 dividend tax reform created a sharp tax differential across a threshold of 5% ownership share while the October 2011 tax reform reduced the threshold to 3%. We hypothesize that these tax reforms induced individual shareholders to restrict their ownership stakes to levels below these thresholds, and test this hypothesis using an investor-level panel dataset. We find that half of the affected individual shareholders sold stocks to restrict ownership stake, but one-third of these stock sales were nominal in a sense that these transactions took place between shareholders and their personal asset management companies. Our study suggests that dividend taxes may not affect the substance of corporate ownerships at large if tax avoidance strategies are available.

목차

1. Introduction

2. Dividend taxation in Japan

3. Data

4. Results

5. Conclusion

키워드

stock ownership stock selling dividend taxation quasi-experiment