362
Views
1
CrossRef citations to date
0
Altmetric
Articles

Investor tax-driven preferences for dividends and share repurchases of listed companies

ORCID Icon
Pages 71-87 | Received 18 Oct 2016, Accepted 27 Nov 2017, Published online: 11 Jan 2018

References

  • Allen, F., Bernardo, A. E., & Welch, I. (2000). A theory of dividends based on tax clienteles. The Journal of Finance, 55(6), 2499–2536. doi: 10.1111/0022-1082.00298
  • Baker, H. K. & Jabbouri, I. (2016). How Moroccan managers view dividend policy. Managerial Finance, 42(3), 270–288. doi: 10.1108/MF-07-2015-0211
  • Bester, P. G. (2008). Shareholder distribution choices for industrial companies listed on the JSE: Share buybacks versus dividends (Unpublished master’s thesis). Stellenbosch University, Bellville, South Africa.
  • Chinhema, M. (2014). Dividend tax reform and ex-dividend behaviour: The case of South Africa (Unpublished master’s thesis). University of Cape Town, Cape Town, South Africa.
  • Chivaka, R., Siddle, A., Bayne, L., Cairney, C., & Shev, J. (2009). Reasons for share repurchases in South Africa: Theory versus practice. South African Journal of Accounting Research, 23(1), 1–30. doi: 10.1080/10291954.2009.11435137
  • Cobbett, J. (2008). R6 bn STC ‘gift’ for pension funds. Moneyweb, February 2008. Retrieved from: http://www.moneyweb.co.za/archive/r6bn-stc-gift-for-pension-funds/
  • Correia, C., Flynn, D., Uliana, E., Wormald, M., & Dillon, J. (2015). Financial management (8th ed.). Cape Town: Juta.
  • Deneys Reitz. (1999). Share buybacks: the tax implications. SAICA Integritax 737, October 1999.
  • Filen, C. (2011). STC change to dividend withholding tax. Moneyweb, 21 November 2011. Retrieved from: http://www.moneyweb.co.za/archive/stc-change-to-dividend-withholding-tax/
  • Firer, C., Gilbert, E., & Maytham, A. (2008). Dividend policy in South Africa. Investment Analysts Journal, 68, 5–19.
  • Geiler, P. & Renneboog, L. (2015). Taxes, earnings payout, and payout channel choice. Journal of International Financial Markets, Institutions and Money, 37, 178–203. doi: 10.1016/j.intfin.2015.01.005
  • Hanlon, M. & Heitzman, S. (2010). A review of tax research. Journal of Accounting and Economics, 50(2), 127–178. doi: 10.1016/j.jacceco.2010.09.002
  • Johannesburg Stock Exchange (JSE). (n.d.a). JSE Limited Listings Requirements. Retrieved from: https://www.jse.co.za/content/JSEEducationItems/JSEListingsRequirements.pdf
  • Johannesburg Stock Exchange (JSE). (n.d.b). Glossary of investment and stock market terms – JSE. Retrieved from: https://www.jse.co.za/investor-type/individual/glossary
  • Korkeamaki, T., Liljeblom, E., & Pasternack, D. (2010). Tax reform and payout policy: Do shareholder clienteles or payout policy adjust? Journal of Corporate Finance, 16(4), 572–587. doi: 10.1016/j.jcorpfin.2009.12.003
  • Marcus, M. & Toerien, F. (2014). The relative cost of internal vs. external equity in South Africa: The impact of capital gains and dividend taxes. South African Journal of Accounting Research, 28(1), 97–116. doi: 10.1080/10291954.2014.11463129
  • Montgomery, L. A. (2015). The relationship between the dividend payout ratio and the subsequent earnings growth: A South African study (Unpublished master’s thesis). University of Cape Town, Cape Town, South Africa.
  • National Treasury (South Africa). (2010). Explanatory Memorandum on the Taxation Laws Reform Bill 2010. Pretoria: Government Printers.
  • Republic of South Africa (RSA). 1962. Income Tax Act, Act No. 58 of 1962. Pretoria: Government Printers.
  • Republic of South Africa (RSA). 2007. Security Transfer Tax Act, Act No. 25 of 2007. Pretoria: Government Printers.
  • Republic of South Africa (RSA). 2008. Companies Act, Act No. 71 of 2008. Pretoria: Government Printers.
  • Roeleveld, J. (2015). The road to dividend withholding tax in South African income tax law. In J. Hattingh, J. Roeleveld, & C. West (Eds.), Income tax in South Africa: The first 100 years (1914−2014) (pp. 111−131). Juta: Cape Town.
  • South African Revenue Service (SARS). (2014). Tax guide for share owners (Issue 4). Retrieved from: www.sars.gov.za
  • South African Revenue Service (SARS). (2015a). Comprehensive guide to dividends tax. Retrieved from: www.sars.gov.za
  • South African Revenue Service (SARS). (2015b). Comprehensive guide to capital gains tax. Retrieved from: www.sars.gov.za
  • South African Revenue Service (SARS). (2016). Tax pocket guide 2016. Retrieved from: http://www.treasury.gov.za/
  • South African Revenue Service (SARS). (2017). Tax pocket guide 2017. Retrieved from: http://www.treasury.gov.za/
  • Short, H., Zhang, H., & Keasey, K. (2002). The link between dividend policy and institutional ownership. Journal of Corporate Finance, 8(2), 105–122. doi: 10.1016/S0929-1199(01)00030-X
  • Toerien, F. & Marcus, M. (2014). The effect of South African dividend and capital gains taxes on share prices and investor expected returns. Journal of Applied Business Research, 30(3), 895–908.
  • Venter, S. (2014). The impact of the introduction of DT in South Africa on foreign and local investors (Unpublished master’s thesis). University of Pretoria, Pretoria, South Africa.
  • Wesson, N. & Hamman, W. D. (2012). The repurchase by a holding company of treasury shares held by subsidiaries: A South African perspective. South African Journal of Business Management, 43(4): 33–44.
  • Wesson, N. (2015). An empirical model of choice between share repurchases and dividends for companies in selected JSE-listed sectors (Unpublished doctoral thesis). Stellenbosch University, Bellville, South Africa.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.