Dividend reductions and signalling in an imputation environment

Paper

Balachandran, Balasingham, Krishnamurti, Chandrasekhar, Theobald, Michael and Vidanapathirana, Berty. 2010. "Dividend reductions and signalling in an imputation environment." Balachandran, Balasingham (ed.) Inaugural Finance and Corporate Governance Conference (FCGC 2010). Melbourne, Australia 07 - 09 Apr 2010 Melbourne, Australia.
Paper/Presentation Title

Dividend reductions and signalling in an imputation environment

Presentation TypePaper
AuthorsBalachandran, Balasingham (Author), Krishnamurti, Chandrasekhar (Author), Theobald, Michael (Author) and Vidanapathirana, Berty (Author)
EditorsBalachandran, Balasingham
Journal or Proceedings TitleProceedings of the Inaugural Finance and Corporate Governance Conference (FCGC 2010)
Number of Pages34
Year2010
Place of PublicationMelbourne, Australia
Web Address (URL) of Paperhttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1331300##
Web Address (URL) of Conference Proceedingshttp://www.latrobe.edu.au/__data/assets/file/0003/67305/2010-gsm-fcgc-program.pdf
Conference/EventInaugural Finance and Corporate Governance Conference (FCGC 2010)
Event Details
Inaugural Finance and Corporate Governance Conference (FCGC 2010)
Parent
Finance and Corporate Governance Conference
Event Date
07 to end of 09 Apr 2010
Event Location
Melbourne, Australia
Abstract

In contrast to the double taxation system prevailing in the U.S., Australian firms operate under an imputation environment with respect to dividend payments. We argue that the dividend imputation tax system increases the signalling potential of dividend reductions and our findings support this view. We find that abnormal changes in profitability are negative in the year following dividend reductions and are negatively related to the dividend reduction. The relation is statistically significantly stronger for franked dividends. Overall, our study shows conclusively that dividend reductions in Australia constitute a strong signal regarding the future prospects of the firm and, as such, our results are at variance with the results obtained in the U.S.

Keywordsprice reaction; Australia; dividend reductions; signalling; franked; unfranked; interim and final
ANZSRC Field of Research 2020350108. Taxation accounting
350208. Investment and risk management
380107. Financial economics
Public Notes

Copyright La Trobe University.

Byline AffiliationsLa Trobe University
Auckland University of Technology, New Zealand
University of Birmingham, United Kingdom
Monash University
Institution of OriginUniversity of Southern Queensland
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