Dividend reductions and signaling in an imputation environment

Paper

Balachandran, Balasingham, Krishnamurti, Chandrasekhar, Theobald, Michael and Vidanapathirana, Berty. 2009. "Dividend reductions and signaling in an imputation environment ." Benson, Karen (ed.) AsianFA 2009: Asian Finance Association International Conference. Brisbane, Australia 30 Jun - 03 Jul 2009 Brisbane, Australia.
Paper/Presentation Title

Dividend reductions and signaling in an imputation environment

Presentation TypePaper
AuthorsBalachandran, Balasingham (Author), Krishnamurti, Chandrasekhar (Author), Theobald, Michael (Author) and Vidanapathirana, Berty (Author)
EditorsBenson, Karen
Journal or Proceedings TitleProceedings of the 2009 Asian Finance Association International Conference
Number of Pages38
Year2009
Place of PublicationBrisbane, Australia
ISBN9781864999556
Web Address (URL) of Paperhttp://www.business.uq.edu.au/display/news/UQ+Business+School+hosts+Asian+Finance+Association+2009+conference
Conference/EventAsianFA 2009: Asian Finance Association International Conference
Event Details
AsianFA 2009: Asian Finance Association International Conference
Event Date
30 Jun 2009 to end of 03 Jul 2009
Event Location
Brisbane, Australia
Abstract

In contrast to the double taxation system prevailing in the U.S., Australian firms operate within an imputation tax environment with respect to dividend payments. We argue that the dividend imputation tax system increases the signaling potential of dividend reductions and our empirical findings strongly support this view. We find that the size of the dividend reduction is related to the tax credit status of the dividend. Abnormal changes in profitability are negative in the year following dividend reductions and are negatively related to the dividend reduction; similar signaling effects are found in terms of price reactions. The significance levels for the relations between abnormal change in profitability and dividend reductions, and price reactions and dividend reductions are statistically significantly stronger for dividends with associated tax credits. Overall, our study conclusively demonstrates that dividend reductions in Australia have strong signaling power and, as such, our results are at variance with the results obtained in the U.S.

Keywordsprice reaction; Australia; dividend reductions; signaling; franked dividends; unfranked dividends
ANZSRC Field of Research 2020350202. Finance
Public Notes

No evidence of copyright restrictions. No evidence of formal publication.

Byline AffiliationsLa Trobe University
Auckland University of Technology, New Zealand
University of Birmingham, United Kingdom
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