International Journal of Managerial Finance最新文献_第3页

The real implications of mimicking peer firms' cash holdings 模仿同行公司现金持有量的真正含义

IF 1.7 Q2 BUSINESS, FINANCE

International Journal of Managerial Finance

Pub Date : 2023-11-28 DOI: 10.1108/ijmf-03-2023-0164

Marvelous Kadzima, Michael Machokoto, Edward Chamisa

Purpose

This study empirically examines the nonlinear effects of mimicking peer firms' cash holdings on shareholder value, with consideration of macroeconomic conditions.

Design/methodology/approach

An instrumental variable approach for nonlinear models is estimated for a large sample of US firms over the period 1991–2019. This approach addresses the reflection problem in examining peer effects, whereby it is impossible to separate the individual's effects on the group, or vice versa, if both are simultaneously determined.

Findings

The authors find an inverted U-shaped association between shareholder value and mimicking intensity of peer firms' cash holdings. This result suggests that mimicking peer firms' cash holdings is subject to diminishing returns. It is more beneficial at lower levels of mimicking intensity but less so or suboptimal at higher levels. Further evidence indicates that this inverted U-shaped shareholder value-mimicking intensity nexus is asymmetric. Specifically, it is salient for decreases relative to increases in cash holdings and, more importantly, in good relative to bad macroeconomic states. The findings are robust to several concerns and have important implications for liquidity management policies.

Originality/value

The authors provide new empirical evidence of the nonlinear effects of mimicking peer firms' cash holdings on shareholder value, which varies with macroeconomic conditions.

目的本研究在考虑宏观经济条件下，实证检验了模仿同行公司现金持有量对股东价值的非线性影响。设计/方法/方法对1991-2019年期间美国公司的大量样本进行了非线性模型的工具变量方法估计。这种方法解决了检查同伴效应时的反射问题，因此，如果同时确定个人对群体的影响，则不可能将个人对群体的影响分开，反之亦然。研究发现:作者发现，股东价值与同行公司现金持有的模仿强度之间呈倒u型关系。这一结果表明，模仿同行公司的现金持有量受制于收益递减。在较低水平的模仿强度下，它更有益，但在较高水平上则不那么有益或不太理想。进一步的证据表明，这种倒u型股东价值模仿强度关系是不对称的。具体来说，现金持有量的减少相对于现金持有量的增加，更重要的是，宏观经济状况的好坏相对于宏观经济状况的好坏，这一点很明显。这一发现有力地解决了几个问题，并对流动性管理政策具有重要意义。作者提供了新的经验证据，证明模仿同行公司的现金持有量对股东价值的非线性影响，这种影响随宏观经济条件的变化而变化。

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引用次数: 0

The impact of economic policy uncertainty on sustainability (ESG) performance: the role of the firm life cycle 经济政策不确定性对ESG绩效的影响:企业生命周期的作用

IF 1.7 Q2 BUSINESS, FINANCE

International Journal of Managerial Finance

Pub Date : 2023-11-27 DOI: 10.1108/ijmf-04-2022-0158

Muhammad Azeem Qureshi, Tanveer Ahsan, Ammar Ali Gull, Zaghum Umar

Purpose

This study investigates the impact of economic policy uncertainty (EPU) on corporate sustainability [environmental, social and governance (ESG)] performance and aims to explore whether uncertainty-induced sustainability performance is influenced by the firm's life cycle (LC).

Design/methodology/approach

The study uses data from European non-financial firms listed during the period from 2002 to 2022 to extend the nascent literature regarding EPU and sustainability performance while applying a dynamic panel data regression analysis (Generalized Method of Moments - GMM System) on 11,462 firm-year observations of 1,869 European firms.

Findings

The authors find overwhelming evidence that policy uncertainty affects the sustainability performance of European firms. The firms restrict their environmental and governance-related activities and address immediate issues to survive during periods of high EPU. Conversely, the firms increase their social engagements to decrease uncertainty-induced information asymmetry. The authors' results show that the intensity and type of sustainability performance are also influenced by the firm's LC. The results imply that board gender diversity (BGD) increases while power concentration with the chief executive officer (CEO) decreases sustainability performance.

Practical implications

These findings have important implications for policymakers, potential investors, firm management and other stakeholders given the firms' access to resources and preferences to encounter uncertainty vary across different LC stages.

Originality/value

To the best of the authors' knowledge, this is the first study that investigates the role of the firm's LC in the relationship between policy uncertainty and sustainability performance in the European context.

目的研究经济政策不确定性(EPU)对企业可持续发展[环境、社会和治理(ESG)]绩效的影响，探讨不确定性诱发的可持续发展绩效是否受到企业生命周期(LC)的影响。设计/方法/方法本研究使用2002年至2022年期间上市的欧洲非金融公司的数据，扩展有关EPU和可持续性绩效的新兴文献，同时对1869家欧洲公司的11,462家公司的年度观察结果应用动态面板数据回归分析(广义矩法- GMM系统)。研究结果作者发现，政策的不确定性影响了欧洲公司的可持续性绩效。公司限制其环境和治理相关的活动，并解决紧迫的问题，以在高EPU期间生存。相反，企业增加社会参与以减少不确定性引起的信息不对称。研究结果表明，可持续发展绩效的强度和类型也受到公司LC的影响。结果表明，董事会性别多样性(BGD)增加，而首席执行官(CEO)的权力集中降低了可持续发展绩效。这些发现对政策制定者、潜在投资者、公司管理层和其他利益相关者具有重要意义，因为公司对资源的获取和遇到不确定性的偏好在不同的LC阶段有所不同。原创性/价值据作者所知，这是第一个在欧洲背景下调查公司LC在政策不确定性和可持续性绩效之间关系中的作用的研究。

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引用次数: 0

Family involvement and corporate financialization: evidence from China 家族参与与企业金融化:来自中国的证据

Q2 BUSINESS, FINANCE

International Journal of Managerial Finance

Pub Date : 2023-11-10 DOI: 10.1108/ijmf-11-2022-0513

Lixia Wang, Yingqian Gu, Wanxin Liu

Purpose Under the background of continuous sluggishness of the real economy and expansion of asset sectors, the Chinese economy exists a trend of “from the real to the virtual.” Managing the corporate financialization is the key to prevent the real economy “from real to virtual.” The paper explores the influence of family involvement on corporate financialization since family firms are an important proportion of real sectors. Design/methodology/approach Based on Socioemotional Wealth Theory, this paper makes empirical study using the data of Chinese A-share listed companies from 2008 to 2022 to explore the influence of family involvement on corporate financialization, mainly from the perspectives of family engagement, family identity of CEO and family control power. Findings These are the findings: (1) Family engagement will inhibit corporate financialization; (2) Compared with employing external managers, family members acting as CEOs will decrease corporate financialization; (3) The proportion of family ownership is negatively correlated with the level of corporate financialization. Originality/value The originality of this paper include these: (1) Analyzing the differences in the financialization of real enterprises with different characteristics and attributes; (2) Expanding the research on the internal motivation of the financialization of the real enterprises, and supplementing the research literature on family firms and corporate financialization; (3) Exploring the internal influence mechanism of financialization of family firms under the background of Chinese culture.

在实体经济持续低迷、资产行业扩张的背景下，中国经济存在“脱实向虚”的趋势。管理好企业金融化是防止实体经济“脱实向虚”的关键。由于家族企业是实体产业的重要组成部分，本文探讨了家族参与对企业金融化的影响。本文基于社会情感财富理论，利用2008 - 2022年中国a股上市公司的数据，主要从家族参与、CEO家族认同和家族控制权三个角度，对家族参与对企业金融化的影响进行实证研究。研究发现:(1)家族参与会抑制企业金融化;(2)与聘请外部管理者相比，家族成员担任ceo会降低企业的金融化程度;(3)家族持股比例与企业金融化水平呈负相关。本文的创新之处在于:(1)分析了不同特征属性实体企业金融化的差异;(2)拓展实体企业金融化的内在动因研究，补充家族企业与企业金融化的研究文献;(3)探索中国文化背景下家族企业金融化的内在影响机制。

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引用次数: 0

Oil price uncertainty and corporate inventory investment 油价不确定性与企业库存投资

Q2 BUSINESS, FINANCE

International Journal of Managerial Finance

Pub Date : 2023-10-30 DOI: 10.1108/ijmf-05-2023-0261

Amanjot Singh

Purpose This study examines the relationship between oil price uncertainty (OPU) and corporate inventory investments using a sample of 6,072 USA manufacturing firms from 1992 to 2019. Design/methodology/approach The author's study employs a panel dataset to examine the relationship between OPU and corporate inventory investments. The author uses several alternative specifications such as fixed effects models, an instrumental variable analysis, an impact threshold for confounding variable (ITCV) analysis, alternative measures, additional control variables and the percent bias analysis to account for endogeneity issues. Findings Corporate inventory investments decrease in response to high OPU. This decrease in inventory investments happens regardless of firms' expected stockout costs, information environment and reliance on external financing. As a potential mechanism, an uncertainty-induced increase in cash holdings contributes to this reduction in inventory investments. Also, the effect of OPU is non-linear and asymmetric. In response to the volatility of positive (negative) oil price changes, inventory investments decrease (increase) up to a certain point and increase (decrease) after that. Further, uncertainty-induced adjustments in inventory investments positively influence the operating performance of firms. Originality/value The author's study adds to the growing literature that examines the impact of OPU on corporate outcomes. Inventory investments directly affect business operations and could better reflect firms' responses to an uncertain environment.

本研究以1992年至2019年美国6072家制造业企业为样本，考察了油价不确定性(OPU)与企业库存投资之间的关系。设计/方法/方法作者的研究采用面板数据集来检验OPU与企业库存投资之间的关系。作者使用了几种替代规范，如固定效应模型，工具变量分析，混杂变量(ITCV)分析的影响阈值，替代措施，额外的控制变量和百分比偏差分析来解释内质性问题。研究结果:企业库存投资因OPU高而减少。库存投资的减少与企业的预期库存成本、信息环境和对外部融资的依赖无关。作为一种潜在的机制，不确定性导致的现金持有量增加有助于库存投资的减少。此外，OPU的影响是非线性和不对称的。随着油价正(负)变化的波动，库存投资在一定程度上减少(增加)，在此之后增加(减少)。此外，不确定性导致的库存投资调整对企业的经营绩效有积极影响。原创性/价值作者的研究增加了越来越多的文献，研究OPU对公司成果的影响。库存投资直接影响企业经营，可以更好地反映企业对不确定环境的反应。

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引用次数: 0

The more, the merrier? The role of an auditor's certification in loan pricing 人越多越开心?审计师认证在贷款定价中的作用

Q2 BUSINESS, FINANCE

International Journal of Managerial Finance

Pub Date : 2023-10-25 DOI: 10.1108/ijmf-03-2023-0170

Bolortuya Enkhtaivan, Zagdbazar Davaadorj

Purpose The purpose of this paper is to explore the role of three different audit characteristics in loan pricing—the most significant credit term for borrowers. Three characteristics include audit reputation, audit tenure and audit specialization. Design/methodology/approach To examine audit characteristics simultaneously to measure their effect on loan pricing, this study uses a full-rank, three-way interaction model and conducts slope difference tests. It also includes the joint effects of these variables to estimate any incremental benefits of possessing multiple qualifications. Findings When studying the three qualifications together, none of them alone is strong enough to affect the loan interest. But, a Big 4 auditor with tenure can benefit the client by reducing the interest by about 1.98%. The more expertise the auditor has, the better value it brings to borrowers. A highly qualified auditor with additional expertise can significantly reduce loan pricing further by about 2.96 percent. Originality/value Examining the costs and benefits of hiring certified auditors is crucial for borrowers. While the variables are not exhaustive, an understanding of the added value of hiring high-quality auditors with more than one or two qualifications to their potential premium fees helps borrowers in managers' audit selection decisions. At the same time, the results shed some light on which of the auditor's qualifications lenders might prioritize when pricing a borrower's loan.

本文的目的是探讨三种不同的审计特征在贷款定价中的作用，贷款定价是借款人最重要的信贷期限。三个特征包括审计美誉度、审计任期和审计专业化。设计/方法/方法为了同时考察审计特征以衡量其对贷款定价的影响，本研究采用全秩、三方交互模型并进行斜率差异检验。它还包括这些变量的联合效应，以估计拥有多个资格的任何增量收益。研究结果表明，单独考察三个条件对贷款利息的影响都不够大。但是，拥有终身职位的四大会计师事务所可以减少约1.98%的利息，从而使客户受益。审计人员的专业知识越多，为借款人带来的价值就越高。一个具有额外专业知识的高素质审计人员可以进一步将贷款定价显著降低约2.96%。独创性/价值审查聘请注册审计师的成本和收益对借款人至关重要。虽然这些变量并非详尽无遗，但了解聘请具有一两个以上资格的高质量审计师的潜在溢价的附加价值，有助于借款人在管理人员的审计选择决策中发挥作用。与此同时，调查结果也揭示出，在为借款人的贷款定价时，贷款人可能会优先考虑审计师的哪些资格。

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引用次数: 0

How does management respond to stock price crashes? 管理层如何应对股价暴跌?

Q2 BUSINESS, FINANCE

International Journal of Managerial Finance

Pub Date : 2023-10-18 DOI: 10.1108/ijmf-05-2023-0250

Suvra Roy, Ben R. Marshall, Hung T. Nguyen, Nuttawat Visaltanachoti

Purpose The purpose of this study is to investigate (1) how managers respond to stock price crashes, (2) why they respond and (3) how their responses affect shareholders. Design/methodology/approach This study employs a panel regression with various firm-level controls and firm- and year-fixed effects. The sample is comprised of 101,532 firm-year observations with 11,727 unique firms from 1950 to 2019. Using mutual fund flow redemption pressure as an exogenous variable to stock price crashes, the paper provides further evidence of the causality of documented findings. Findings Management becomes more focused on improving transparency, raising investment efficiency, reducing agency conflicts and regaining the trust of shareholders by investing in social capital and employee welfare. These actions increase firm value. This study also suggests that management undertakes these actions out of concern for their tenure of employment. Originality/value The catalysts of stock price crashes are well documented, but much less is known about what happens following stock price crashes. This study provides more insights into the understanding of corporate crisis management practices following adverse events.

本研究的目的是调查(1)管理者如何应对股价暴跌，(2)他们为什么会做出反应，(3)他们的反应如何影响股东。设计/方法/方法本研究采用面板回归与各种公司层面的控制和公司和年固定效应。该样本由101532个公司年的观察结果组成，从1950年到2019年，有11727家独特的公司。利用共同基金流量赎回压力作为股价暴跌的外生变量，本文进一步证明了文献研究结果的因果关系。管理层通过对社会资本和员工福利的投资，更加注重提高透明度、提高投资效率、减少代理冲突和重获股东信任。这些行为增加了公司的价值。这项研究还表明，管理层采取这些行动是出于对其就业任期的考虑。原创性/价值股票价格崩溃的催化剂是有据可查的，但对于股票价格崩溃之后发生的事情却知之甚少。本研究对不良事件后企业危机管理实践的理解提供了更多的见解。

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引用次数: 0

Effects of time-varying political connections on loan contracts 时变政治关系对贷款合同的影响

Q2 BUSINESS, FINANCE

International Journal of Managerial Finance

Pub Date : 2023-10-10 DOI: 10.1108/ijmf-09-2022-0400

Hao Fang, Chieh-Hsuan Wang, Joseph C.P. Shieh, Chien-Ping Chung

Purpose The authors construct two time-varying political connection (PC) indexes to measure a firm's political tendencies toward ruling and opposing parties and analyze whether a firm with ruling party tendencies obtains better bank loan contracts compared to the contracts obtained by a firm with opposing party tendencies and a firm with fixed PC tendencies. Design/methodology/approach Linguistic text mining is used to construct the two time-varying PC indexes from news sources that reflect the tone and frequencies of characteristic texts to determine a firm's tendencies to favor the ruling or opposing parties. Findings The results show that varying PC firms connected to the ruling party receive preferential loan contracts when their political tendencies increase but varying PC firms connected to the opposition party do not. In contrast, fixed PC firms gain similar benefits only when the connection is determined in the presidential election year but not in other years. Firms supporting two parties receive minimal financial rewards in terms of loan terms. Originality/value In past studies, once a firm is identified as having a connection with a political party, it is assumed to have PC throughout the sample period (i.e. fixed PC firms). The authors lift this assumption and examine how varying PC affect bank loan contracts. The two time-varying PC indexes can identify a firm's more immediate party tendencies and more precise effects of a firm's party tendencies on bank loan contracts.

目的构建两个时变政治联系(PC)指标来衡量企业对执政党和反对党的政治倾向，并分析具有执政党倾向的企业是否比具有反对党倾向的企业和具有固定政治联系倾向的企业获得更好的银行贷款合同。设计/方法/方法语言文本挖掘用于从新闻来源构建两个时变PC指数，这些指数反映了特征文本的语气和频率，以确定公司倾向于支持执政党或反对党。结果表明，与执政党有关联的不同PC企业在其政治倾向增加时获得优惠贷款合同，而与在野党有关联的不同PC企业则没有。相比之下，固定个人电脑公司只有在总统选举年确定连接时才能获得类似的利益，而在其他年份则没有。支持双方的公司在贷款条件方面获得的经济回报很少。在过去的研究中，一旦一个公司被确定为与一个政党有联系，它就被认为在整个样本期间都有PC(即固定的PC公司)。作者取消了这一假设，并研究了不同的PC如何影响银行贷款合同。两个随时间变化的PC指数可以识别企业更直接的政党倾向和企业政党倾向对银行贷款合同的更精确的影响。

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引用次数: 0

Do all CEO pay regulations hurt firm performance? Evidence from China 所有的CEO薪酬法规都会损害公司业绩吗?来自中国的证据

Q2 BUSINESS, FINANCE

International Journal of Managerial Finance

Pub Date : 2023-10-03 DOI: 10.1108/ijmf-09-2021-0458

Xiaochuan Tong, Weijie Wang, Yaowu Liu

Purpose The authors study and compare the effects of three CEO compensation restricting policies issued by the Chinese government in 2009, 2012 and 2015. This paper aims to shed light on the conditions under which CEO compenstation can be effectively regulated without negatively affecting firm performance. Design/methodology/approach These policies targeted state-owned enterprises (SOEs), especially central state-owned enterprises (CSOEs). Using these policies as natural experiments, the authors investigate how their effects differ on CEO compensation, firm performance and two known performance-decreasing mechanisms: perk consumption and tunneling activities. Findings The authors show that restricting CEO pay does not necessarily backfire in terms of deteriorating firm performance. This non-decreasing firm performance can be achieved by restricting perk consumption and tunneling activities while introducing CEO pay regulations. Originality/value The authors exploit a powerful experimental setting in the context of China. The evidence contributes to the literature on CEO pay regulations and is relevant to the managerial decisions of policy makers and boards of directors.

目的研究并比较2009年、2012年和2015年中国政府出台的三次CEO薪酬限制政策的效果。本文旨在阐明CEO薪酬在不对公司绩效产生负面影响的情况下能够得到有效监管的条件。这些政策的目标是国有企业，特别是中央国有企业。作者利用这些政策作为自然实验，研究了它们对CEO薪酬、公司绩效以及两种已知的绩效下降机制(福利消费和隧道活动)的影响。研究结果表明，就公司业绩恶化而言，限制CEO薪酬并不一定会适得其反。这种不下降的企业绩效可以通过限制福利消费和隧道活动来实现，同时引入CEO薪酬法规。原创性/价值作者利用了中国背景下强有力的实验环境。这些证据有助于研究CEO薪酬法规的文献，并与决策者和董事会的管理决策相关。

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引用次数: 0

CEO overconfidence and tax avoidance: role of institutional and family ownership CEO过度自信与避税:机构和家族所有权的作用

Q2 BUSINESS, FINANCE

International Journal of Managerial Finance

Pub Date : 2023-10-02 DOI: 10.1108/ijmf-12-2022-0545

Zahra Souguir, Naima Lassoued, Houssam Bouzgarrou

Purpose This study aims to investigate the effect of overconfident chief executive officers (CEOs) on corporate tax avoidance and whether this relationship is affected by institutional and family ownership. Design/methodology/approach Using a sample of French-listed firms from 2009 to 2021, the authors find that firms managed by overconfident CEOs engage in more tax avoidance practice. Findings The authors further find that institutions and families are likely to discourage tax avoidance practices, paying close attention to their long-term horizons and reputational concerns. Overall, the authors' findings shed light on the monitoring role of institutional and family shareholders in restraining the effect of CEO behavioral bias on companies' tax avoidance. Originality/value To the authors' knowledge, no study has investigated the impact of managerial overconfidence on the tax behavior of French firms. The authors also extend the growing literature regarding managerial effects by providing new evidence that French firms held by concentrated institutional and family ownership curtail CEO overconfidence behavior toward corporate tax avoidance practices.

本研究旨在探讨过度自信的首席执行官(ceo)对企业避税的影响，以及这种关系是否受到机构和家族所有权的影响。采用2009年至2021年的法国上市公司样本，作者发现，由过度自信的首席执行官管理的公司参与了更多的避税行为。作者进一步发现，机构和家庭可能会阻止避税行为，密切关注他们的长期视野和声誉问题。总体而言，作者的研究结果揭示了机构股东和家族股东在抑制CEO行为偏见对公司避税的影响方面的监督作用。据作者所知，没有研究调查过管理层过度自信对法国公司税收行为的影响。作者还提供了新的证据，证明由集中机构和家族所有的法国公司减少了CEO对公司避税行为的过度自信行为，从而扩展了有关管理效应的日益增长的文献。

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引用次数: 1

Dividend policy and firm liquidity under the tax imputation system in Australia 澳大利亚税收抵扣制度下的股利政策与企业流动性

Q2 BUSINESS, FINANCE

International Journal of Managerial Finance

Pub Date : 2023-09-28 DOI: 10.1108/ijmf-01-2023-0018

Min Bai, Yafeng Qin, Feng Bai

Purpose The primary goal of this paper is to investigate the relationship between stock market liquidity and firm dividend policy within a market implementing the tax imputation system. The main aim is to understand how the tax imputation system influences the relationship between firm dividend policy and stock market liquidity within a cross-sectional framework. Design/methodology/approach This paper investigates the relationship between stock market liquidity and the dividend payout policy under the full tax imputation system in the Australian market. This study uses the Generalized Least Squares regressions with firm- and year-fixed effects. Findings In contrast to the negative relationship between the liquidity of common shares and the firms' dividends documented in countries with the double tax system, the study reveals that in Australia, the dividend payout ratios are positively associated with liquidity after controlling for various explanatory variables with both the contemporaneous and lagged time periods. Such a finding is robust to the use of alternative liquidity proxies and to the sub-period tests and remains during the COVID-19 pandemic period. Research limitations/implications The insights derived from this study have significant implications for various stakeholders within the economy. The findings provide regulators with valuable insights to conduct a more holistic assessment of how the tax system impacts the economy, especially concerning the dividend choices of firms. Within the context of a full tax imputation system, investors can make investment decisions without factoring in the taxation impact. Simultaneously, firms can be relieved of concerns about losing investors who prioritize liquidity, particularly when a high dividend payout might not align optimally with their financial strategy. Originality/value This study contributes to the literature by extending the literature on the tax clientele effects on dividend policy, providing evidence that the tax imputation system can moderate the impact of liquidity on dividend policy. This study examines the impact of the dividend tax imputation system on the substitution effect between dividends and liquidity.

本文的主要目的是研究在实行税收抵扣制度的市场中，股票市场流动性与公司股息政策之间的关系。主要目的是了解税收抵扣制度如何影响公司股息政策和股票市场流动性之间的关系在一个横截面框架内。设计/方法/方法本文研究了澳大利亚市场在完全税收抵扣制度下股票市场流动性与股息支付政策之间的关系。本研究使用具有固定效应和固定年效应的广义最小二乘回归。与双重税制国家的普通股流动性与公司股息之间的负相关关系相反，研究表明，在澳大利亚，在控制了各种解释变量后，股息支付率与流动性呈正相关，包括同期和滞后时期。这一发现适用于使用替代流动性代理和分期测试，并且在COVID-19大流行期间仍然有效。本研究得出的见解对经济中的各种利益相关者具有重要意义。这些发现为监管机构提供了有价值的见解，可以对税收制度如何影响经济进行更全面的评估，特别是在企业的股息选择方面。在一个完整的税收抵扣制度的背景下，投资者可以在不考虑税收影响的情况下做出投资决策。与此同时，公司也不必担心会失去优先考虑流动性的投资者，尤其是在高股息支付可能与公司的财务策略不一致的情况下。本研究通过扩展税收客户对股利政策影响的文献，提供证据证明税收抵扣制度可以调节流动性对股利政策的影响，从而对文献做出贡献。本研究探讨股利税归算制度对股利与流动性之间替代效应的影响。

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引用次数: 1