scholarly journals Taxation and Corporate Payout Policy

2006 ◽  
Vol 31 (4) ◽  
pp. 47-66
Author(s):  
Monica Singhania
Keyword(s):  
Regime Change ◽  
Total Sample ◽  
Growth Potential ◽  
Trade Off ◽  
Dividend Payout ◽  
Tax Preference ◽  
Tax Regimes ◽  
Significant Difference ◽  
The Impact ◽  
Dividend Tax

This study examines the dividend trends of 590 Indian companies over the period 1992–2004 of all manufacturing, non-government, non-financial, and non-banking companies listed on BSE for which there was no missing financial information over the period of the study. Dividend payout has been chosen for the purpose of examining the impact of taxation on dividend policy. Analysis was done for the full period under consideration, immediate one year of tax regime change, and immediate three years of tax regime change so as to conclusively establish the results and also to note the variations in results over different time frames, if any. For the purpose of this study, the sample was classified on the basis of dividend history, industry, and size. Of the 590 companies, 240 companies were regular payers—the companies that had paid dividend regularly without ever skipping the payments throughout the period of the study. According to tax preference or trade-off theory, favourable dividend tax should lead to higher payouts. The Union Budget of 1997 made dividends taxable in the hands of the company paying them and not in the hands of the investors receiving them. The corporate dividend tax aimed at improving the economic growth and flexibility by eliminating the tax bias against equity-financed investments thereby promoting saving and investment. The new system aimed at reducing the tax bias against capital gains in the earlier tax system, encouraging investment, and enhancing the long-term growth potential of the Indian economy. As compared to the earlier tax regime where the recipient shareholder paid the tax on the dividend received primarily on the basis of marginal tax slab rate applicable to him/her (varying between 0% to 30%), in the current structure of corporate dividend tax, the dividend paying companies pay dividend tax at a flat rate of 12.5 per cent as of financial year 2005–06. Implicitly, the present corporate dividend tax regime can be termed as a more favourable tax policy. The analysis of influence of changes in the tax regime on dividend behaviour reveals the following: Trade-off or tax preference theory does appear to hold true in the Indian context in the case of both the total sample companies as well as the regular payers. While in the case of total sample companies, the results are significant for the entire period of study and the immediate three year period, in case of regular payer, the results are significant for all the three time periods analysed. Though the results are somewhat mixed, it can be largely inferred that there is a significant difference in average dividend payout ratio in the two different tax regimes. There are wide industry-wise and size-wise variations in empirical findings visible over the period of study.

Impact of Dividend Tax Change on the Payout Policy of Indian Companies

2019 ◽  
Vol 20 (5) ◽  
pp. 1282-1291
Author(s):  
Sanjay Dhamija ◽  
Ravinder Kumar Arora
Keyword(s):  
Negative Impact ◽  
Payout Policy ◽  
Tax Law ◽  
Dividend Payout ◽  
Inside Ownership ◽  
Regulatory Changes ◽  
Before And After ◽  
The Government ◽  
The Impact ◽  
Dividend Tax

The article examines the impact of regulatory changes in the tax on dividends on the payout policy of Indian companies. The tax law was recently amended to levy tax on dividends received by large shareholders. As the promoters group is the largest shareholder, this is expected to have a negative impact on the payout policy of companies. Furthermore, companies with larger promoter holdings have a higher motivation to reduce their payout. The study covers 370 companies present in the BSE 500 Index and compares the dividend payout of the companies before and after the introduction of tax levy. The study finds that the newly introduced tax indeed caused a shift in the dividend policy of companies, particularly those companies which have high levels of inside ownership. The findings have significant implications for companies, investors and the government.

scholarly journals Stiffness of the Masseter Muscle in Children—Establishing the Reference Values in the Pediatric Population Using Shear-Wave Elastography

2021 ◽  
Vol 18 (18) ◽  
pp. 9619
Author(s):  
Cyprian Olchowy ◽  
Anna Olchowy ◽  
Aleksander Pawluś ◽  
Mieszko Więckiewicz ◽  
Luca Maria Sconfienza
Keyword(s):  
Shear Wave ◽  
Masseter Muscle ◽  
Pediatric Population ◽  
Shear Wave Elastography ◽  
Total Sample ◽  
Healthy Children ◽  
Significant Difference ◽  
The Right ◽  
The Impact ◽  
Masseter Muscles

In children, the quality and muscle function are altered in many pathologic conditions, including temporomandibular disorders. Although several methods have been used to evaluate muscle tonus, none became a golden standard. Moreover, the masseter muscle characteristics in children have not been investigated to date. This study aimed to measure the stiffness of the masseter muscle using shear-wave elastography in healthy children. We enrolled 30 healthy children (mean age 10.87 ± 3.38 years). The stiffness of masseter muscles was measured with shear wave elastography. Stiffness for the total sample was 6.37 ± 0.77 kPa. A comparison of the measurements did not show significant differences between the right and the left masseter muscles (left—6.47 ± 0.78 kPa; right—6.24 ± 0.76 kPa; p = 0.3546). A significant difference was seen between boys and girls (boys—5.94 ± 0.50 kPa; girls—6.63 ± 0.80; p = 0.0006). Shear-wave elastography is a promising diagnostic tool. It may help to detect changes in the stiffness of the masseter muscle and draw attention to pathological processes within the jaw muscles. Directions for further research shall include determining stiffness values in pathological conditions and the impact of biological and functional factors on the stiffness of the masseter muscle.

scholarly journals Taxation and Dividend Payout: The Case of the Republic of Serbia

2021 ◽  
Author(s):  
Biljana Jovković ◽  
Stefan Vržina
Keyword(s):  
Income Tax ◽  
Dividend Policy ◽  
Statistical Tests ◽  
Transition Countries ◽  
Lower Number ◽  
Corporate Income Tax ◽  
Dividend Payout ◽  
The Republic ◽  
The Impact ◽  
Dividend Tax

Research Question: The paper investigates the relationship between taxation and dividend payout decisions of companies in the Republic of Serbia. Motivation: Including taxation in dividend policy discussion may allow for better understanding of decisions of companies to pay dividends. Prior worldwide research results on the impact of taxation on dividend policy are inconclusive, often contradicting and cannot be universally accepted. Despite abundant research in previous decades, the key drivers of dividend policy of companies are still unknown and there exists a so-called dividend puzzle. In addition, the research on dividend policy of companies in transition countries (including the Republic of Serbia) is relatively scarce. On the other hand, research in transition countries is important as transition countries have a significantly lower level of capital market efficiency and liquidity, having a lower number of joint stock companies and a lower number of companies that regularly pay dividends. Idea: Since tax burden may be a significant obstacle for companies to pay dividends, it may be relevant to research into whether corporate income tax burden has an impact on dividend payout ratio of companies, as well as the impact of dividend tax that shareholders have to pay on the dividend payout. Data: The study captured 23 companies listed on the Belgrade Stock Exchange between 2013 and 2018 that paid dividends in at least one year. In total, the research involved 92 dividend payouts. Research data have been retrieved from the Business Registers Agency of the Republic of Serbia. Tools: Research hypotheses are tested using EViews and IBM SPPS software. Statistical methods included descriptive statistics, correlation and regression analysis, as well as non-parametric statistical tests for independent samples. Findings: The analysis shows that corporate income tax does not impact a dividend payout ratio of companies, indicating that companies do not consider the corporate income tax when deciding on dividends, mostly due to the effective tax rates being considerably lower than the statutory tax rate of 15%. Also, statistical tests show that the dividend tax does not impact the dividend payout ratio, as there is no significant difference in the dividend payout ratio between companies whose largest shareholder is high taxed and companies whose largest shareholder is low taxed. Contribution: Research results may be of interest for company management when designing the dividend policy as well as for investors when deciding on shares investment in accordance with their tax preferences.

scholarly journals Seasonality in schizophrenia—An analysis of a nationwide registry with 110,735 hospital admissions

2020 ◽  
Vol 63 (1) ◽  
Author(s):  
B. Hinterbuchinger ◽  
D. König ◽  
A. Gmeiner ◽  
S. Listabarth ◽  
M. Fellinger ◽  
...  
Keyword(s):  
Seasonal Variations ◽  
Multiple Testing ◽  
Hospital Admissions ◽  
Seasonal Pattern ◽  
Influencing Factor ◽  
Total Sample ◽  
Seasonal Patterns ◽  
Significant Difference ◽  
Level Of Significance ◽  
The Impact

Abstract Background. Seasonal patterns in hospitalizations have been observed in various psychiatric disorders, however, it is unclear whether they also exist in schizophrenia. Previous studies found mixed results and those reporting the presence of seasonality differ regarding the characteristics of these patterns. Further, they are inconclusive whether sex is an influencing factor. The aim of this study was therefore to examine if seasonal patterns in hospitalizations can be found in schizophrenia, with special regard to a possible influence of sex, by using a large national dataset. Methods. Data on all hospital admissions within Austria due to schizophrenia (F20.0–F20.6) for the time period of 2003–2016 were included. Age standardized monthly variation of hospitalization for women and men was analyzed and the level of significance adjusted for multiple testing. Results. The database comprised of 110,735 admissions (59.6% men). Significant seasonal variations were found in the total sample with hospitalization peaks in January and June and a trough in December (p < 0.0001). No significant difference in these patterns was found between women and men with schizophrenia (p < 0.0001). Conclusion. Our study shows that schizophrenia-related hospitalizations follow a seasonal pattern in both men and women. The distribution of peaks might be influenced by photoperiod changes which trigger worsening of symptoms and lead to exacerbations in schizophrenia. Further research is necessary to identify underlying factors influencing seasonal patterns and to assess whether a subgroup of patients with schizophrenia is especially vulnerable to the impact of seasonal variations.

scholarly journals THE IMPACT OF TOURISM ON RURAL DEVELOPMENT - EXAMPLE OF UNDEVELOPED VILLAGES IN REPUBLIC OF SERBIA

2021 ◽  
Vol XIX (1) ◽  
pp. 35-48
Keyword(s):  
Rural Development ◽  
Structural Equation ◽  
Local Population ◽  
Total Sample ◽  
Sem Analysis ◽  
Equation Modeling ◽  
Significant Difference ◽  
The Republic ◽  
The Impact

The aim of the research in this paper is to determine which factors the local population identifies as those that can, through the development of tourism, most influence or predict rural development or revitalization in the Republic of Serbia. In order to examine this, the survey was conducted during 2019, on a total sample of 680 respondents, in 45 rural municipalities in the country. The authors used a modified questionnaire, containing four groups of factors, with adequate 22 questions for research on a given issue. The SPSS AMOS software, version 26.00, was used for data analysis and processing. The authors checked the reliability of the questionnaire, whose value proved to be very good, and confirmed the grouping into exactly four groups of factors by Factor analysis. Descriptive statistical analysis yielded average scores for given items. The obtained suitability indices indicated the agreement of the Structural structural equation modeling (SEM) with the data, as well as the quality of the research and the confirmation of the hypotheses. The obtained results of the SEM analysis showed that there is no statistically significant difference in the impact of given factors in predicting rural development, and that the local population has a positive attitude about the impact of tourism on rural development.

scholarly journals Impact Of Environmental Awareness On Consumer Attitudes- A Study Of Selected Green Products

2021 ◽  
Vol 58 (1) ◽  
pp. 2248-2254
Author(s):  
Jubilee Goyal , Dr. H. S. Grewal
Keyword(s):  
Economic Status ◽  
Environmental Awareness ◽  
Consumer Attitudes ◽  
Total Sample ◽  
Attitude Scale ◽  
Consumer Attitude ◽  
Green Products ◽  
Significant Difference ◽  
The Impact ◽  
The City

This study aims to find the impact of environmental awareness on consumer attitudes for selected green products. The research was done on 600 respondents, both professionals and non-professionals in the city of Dehradun, capital of Uttarakhand, India. The objective was to study the respondent’s level of environmental awareness, to measure their level of consumer attitudes and to observe the impact of environmental awareness on consumer attitudes.Also a comparison was made between the environmental awareness and consumer attitudes on two groups’ professionals and non-professionals. The organic food products were the green products selected for this study. The total sample was equally divided into two group professionals and non-professionals. Stratified random sampling was used and all the subjects were matched on socio-economic status and age group.Environmental Awareness Test (EAWT) by Dr. K. Yeshodharawas used to assess the environmental awareness of the subjects. The Consumer Attitude Scale used was a 5 point Likert scale designed by the author.  Mean, S.D. and ANOVAs’ were used to infer findings and prove the proposed hypothesis. The findings revealed a significant difference in consumer attitudes of the respondents of the three levels of environmental awareness (high, medium and low)and also a significant difference in consumer attitudes of professionals and non-professionals.

scholarly journals Differentiated Instruction in a Calculus Curriculum for College Students in Taiwan

2017 ◽  
Vol 7 (1) ◽  
pp. 88
Author(s):  
Jing-Hua Chen ◽  
Yi-Chou Chen
Keyword(s):  
College Students ◽  
Differentiated Instruction ◽  
Teaching Method ◽  
Total Sample ◽  
Control Group ◽  
Significant Difference ◽  
Calculus Instruction ◽  
Quasi Experimental ◽  
And Control ◽  
The Impact

Objectives: To explore differentiated instruction within a calculus curriculum. For college students to learn concentration, motivation and the impact of academic achievement; explore the attitudes and ideas of students on differentiated instruction within a calculus curriculum; build up the diversity of mathematics education within varied educational settings. Participants: Sample data were collected from freshman students of the Army Academy: total sample = 60, experimental and control group each had 30. Methods: Quasi-experimental design. Study tested whether differentiated instruction would enhance calculus instruction, compared with a traditional teaching method. Results: As hypothesized, results showed a significant difference in calculus achievement between experimental and control groups. Conclusions: Results supported the effectiveness of differentiated instruction on calculus curriculum. Finally, depending on the research results, the researcher provided practical suggestions for the educational research.

Characteristics of Children Referred to a Lipid Clinic Before and After the Universal Screening Guidelines

2019 ◽  
Vol 58 (6) ◽  
pp. 656-664
Author(s):  
Kavitha Selvaraj ◽  
Alicia Olave-Pichon ◽  
Irwin Benuck ◽  
Adolfo J. Ariza ◽  
Helen J. Binns
Keyword(s):  
Universal Screening ◽  
Total Sample ◽  
Guideline Recommendation ◽  
Public Insurance ◽  
Chi Square ◽  
Screening Guidelines ◽  
Lipid Clinic ◽  
Significant Difference ◽  
Before And After ◽  
The Impact

In 2011, universal lipid screening was recommended for children aged 9 to 11 years; the impact of this recommendation on the lipid clinic setting is unknown. We examined the rate of primary and secondary dyslipidemia diagnoses in a lipid clinic before (2010-2011) and after (2012-2015) the guideline recommendation. We conducted a retrospective study of new clinic patients aged 0 to 20 years seen between April 2010 and April 2015. Chi-square testing was applied. The 345 subjects were 58% males; 48% ≥13 years; 56% Hispanic; and 59% obese. There was no difference in the rate of dyslipidemia diagnoses between periods (before: primary 23%, secondary 73%, no dyslipidemia 4% vs after: 22%, 72%, 6%, respectively; P = .616). There was no significant difference between periods in subject demographics for the total sample, but among those with primary dyslipidemia, pre- to post-guideline percentage of subjects with public insurance decreased (71% to 39%; P = .006). Additional strategies to increase identification of children with dyslipidemia are needed.

scholarly journals Sustainability of Both Pecking Order and Trade-Off Theories in Chinese Manufacturing Firms

2020 ◽  
Vol 12 (9) ◽  
pp. 3883 ◽  
Author(s):  
Huu Manh Nguyen ◽  
Thi Huong Giang Vuong ◽  
Thi Huong Nguyen ◽  
Yang-Che Wu ◽  
Wing-Keung Wong
Keyword(s):  
Capital Structure ◽  
Firm Size ◽  
Positive Relationship ◽  
Negative Relationship ◽  
Manufacturing Firms ◽  
Model Tests ◽  
Pecking Order ◽  
Trade Off ◽  
Dividend Payout ◽  
The Impact

Our study investigates Chinese manufacturing firms listed on both the Shanghai and the Shenzhen Stock Exchanges. These firms follow the pecking order or trade-off theories in their capital structure choices. Using panel data from the Taiwan Economic Journal and quantile regression, we construct three models to compare the two theories. Our first model tests the impact of profitability, tangible asset, firm size, and investment opportunities on leverage; our second model adds the dividend payout ratio to test the robustness of the first model; and our third model tests how leverage, profitability, firm size, and dividend variables affect a firm’s investments. From the results of all the models used in our study, we find a negative relationship between leverage and both profitability and the dividend payout ratio and a positive relationship between leverage and growth in a firm’s investments. We also find a negative relationship between dividends, firm size, and growth in a firm’s investments and a positive relationship between investment capital and profitability. The overall results indicate that the capital structure decisions of Chinese manufacturing firms are best explained by the pecking order theory.

scholarly journals Measuring physical activity using accelerometry in 13–15-year-old adolescents: the importance of including non-wear activities

2011 ◽  
Vol 14 (12) ◽  
pp. 2124-2133 ◽  
Author(s):  
Femke De Meester ◽  
Ilse De Bourdeaudhuij ◽  
Benedicte Deforche ◽  
Charlene Ottevaere ◽  
Greet Cardon
Keyword(s):  
Physical Activity ◽  
Repeated Measures ◽  
Large Scale ◽  
Total Sample ◽  
Young Adolescents ◽  
Cross Sectional ◽  
Time Activity ◽  
Wear Time ◽  
Significant Difference ◽  
The Impact

AbstractObjectiveThe present study aimed to examine the impact of non-wear activities registered in diaries when using accelerometers to assess physical activity (PA) in young adolescents.DesignData arise from a large-scale cross-sectional study on PA. PA was objectively assessed using Actigraph™ accelerometers (Actigraph MTI, Manufacturing Technology Inc., Pensacola, FL, USA) during seven consecutive days. Non-wear time activity diaries were provided to register the activities for which the accelerometer was removed. After correction to deal with over-reporting, the registered minutes of PA were used to replace periods of non-wear time measured by the accelerometer.SettingBetween October 2008 and May 2009 adolescents were recruited by home visits in Ghent (Belgium).SubjectsYoung adolescents (n 513; 48·6 % boys) aged 13 to 15 years.ResultsOf the total sample, 49·9 % registered at least one activity of moderate to vigorous intensity in the non-wear time activity diary. More adolescents registered an activity performed on a weekday than on a weekend day and the registered mean number of minutes of moderate to vigorous PA were higher on weekend days. Repeated-measures (M)ANOVA tests revealed a significant difference between the mean minutes with and without non-wear activities for all PA intensities, regardless of adolescents’ socio-economic status or gender. More adolescents achieved the PA recommendations after inclusion of the non-wear activities irrespective of accelerometer thresholds used.ConclusionsThe collection of information regarding non-wear time by non-wear time activity diaries when using accelerometers in 13–15-year-old adolescents can lead to different PA outcomes at the individual level and therefore can improve the ability to accurately measure PA.

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