Page 53 - 臺大管理論叢第32卷第1期

NTU Management Review
Vol. 32 No. 1 Apr. 2022, 45-92
DOI:10.6226/NTUMR.202204_32(1).0002

The Effects of Halved Imputation Tax Credits and
Wealthy Tax on the Dividend Policies of Listed
Companies: A Comparative Study of Family and Non-

Family Firms in Taiwan

可扣抵稅額減半及富人稅對我國上市櫃公司股利政策之

影響—家族企業與非家族企業之差異

Ming-Chin Chen, Department of Accounting, National Chengchi University
陳明進 / 國立政治大學會計學系
Chia-Wen Chang, Department of Accounting, Tamkang University
張嘉文 / 淡江大學會計學系
Received 2018/6, Final revision received 2021/9
Abstract
This study examines the effects of halved imputation tax credits and wealthy tax on
the dividend polices of listed companies in Taiwan, and tests whether family and non-
family firms would respond differently to the impacts of these tax reforms. We find that
firms with high imputation credit ratios and high shareholdings of individual directors
and supervisors have a relatively higher dividend payout ratio in the year before the tax
reforms, and that the result is only prevalent among family firms. Conversely, we find that
after the tax reforms, family and non-family firms with high imputation credit ratios and
high shareholdings of individual directors and supervisors did not pay relatively lower
dividends, with their dividend payout ratios being insignificantly different from those
other types of firms. Finally, our additional analyses indicate that firms affected by the tax
reforms pay relatively high dividends in the period preceding the tax reforms and pay less
dividends after the reforms, consistent with the tax clientele theory. However, this result
is only significant for non-family firms, suggesting that family firms are more concerned
about non-tax costs than non-family firms in deciding whether to change their dividend
policies in response to the tax reforms.
【Keywords】halved imputation tax credits, wealthy tax, dividend policy

領域主編：姜堯民教授

45