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臺大管理論叢
第
26
卷第
3
期
57
availability; further investigations using longer periods are warranted.
5. Originality/Contribution
Prior studies in Taiwan have focused on the impacts of introducing the integrated
income tax system on dividends payouts. Few studies have provided empirical evidence to
discuss the relationship between the reduction of corporate income tax and dividend payouts.
We examined the tax reforms to elucidate whether firms consider tax incentives when
determining their dividend payouts. Furthermore, the tax system in Taiwan differs from those
of the United States and China. In context with our discussion, tax reforms in many
integrated income tax system countries, such as Germany or Finland, differ from those of
Taiwan. This study provides some insights for other countries that have undergone similar
tax reforms. Finally, dividends are distributed in cash in other countries. In contrast,
Taiwanese businesses distribute both cash and stock dividends simultaneously. The findings
of this study provide empirical evidence on the relationship between cash and stock dividend
payouts.