there is a serious conflict of interest between large shareholders and terjemahan - there is a serious conflict of interest between large shareholders and Bahasa Indonesia Bagaimana mengatakan

there is a serious conflict of inte

there is a serious conflict of interest between large shareholders and small shareholders. In addition, higher proportions of shares held by executives are positively related to in-creased dividend payments and companies with higher proportions of investment fund shares are positively related to increased dividend payments, indicating that both have an important effect on companies’ dividend policies.

5. Empirical results

Tables 4–6 present the empirical results of Models (1)–(3), respectively.

Table 4 presents the results of Model (1). In columns (1) and (2) of Table 4, we find that the proportion of shares held by individual shareholders (individual) has a negative and significant relationship with increased dividend payments, _108.643 (p = 0.000) and _75.779 (p = 0.000), which indicates that there is an apparent conflict of interest between large shareholders and small shareholders. However, the coefficients of the interaction be-tween the tax cut and individual shareholders in Table 4 columns (1) and (2), tax _ individ-ual, are positive and significant, 53.998 (p = 0.001) and 48.674 (p = 0.001), thus indicating that following the dividend tax cut, the companies with higher proportions of shares held by individual shareholders were more likely to increase their dividend payments. Deng et al. (2007) argue that dividend payments represent the shared interests of large and small shareholders; therefore the dividend tax cut has alleviated the conflict of interest be-tween the two classes of shareholders to some extent.

Table 5 presents the results of Model (2). Cash dividends are an important revenue source for securities investment funds. Especially during times of market downturn, secu-rities investment funds prefer to invest in listed companies that offer cash dividends. We find the coefficients of Fund in Table 5 columns (1) and (2) are positive and significant, 11.454 (p = 0.000) and 9.554 (p = 0.000), which suggest that companies with higher pro-portions of shares held by investment funds are more likely to increase their dividend pay-ments. Moreover, after the dividend tax cut, this increasing tendency is more obvious. Without including the other control variables, the coefficient of Tax _ Fund in Table 5 col-umn (1) is positive and significant; while with all the control variables, the coefficient of Tax _ Fund in Table 5 column (2) is also positive and significant.

Table 6 presents the results of Model (3). The coefficients of the interaction between the tax cut and shares held by executives in Table 6 columns (1) and (2), Tax _ Director, are po-sitive and significant, 0.024 and 0.025, thus indicating the existence of opportunistic behavior arising from executives’ self-interested motivation to increase dividend payments.


6. Robustness tests

A number of robustness checks were undertaken. First, the observation window was modified to (_2, 3) years, i.e. between 13 June, 2003 and 13 June, 2008,5 but this does not alter the main conclusions.

Second, we ignore the effects of the regulations, ‘Administration of Offerings of New Shares by Listed Companies Procedures’ and ‘Profits distributed accumulatively in the latest 3 years in cash or stocks shall be no less than 20% of annual distributive

profits of the latest 3 years’ issued in May 2001 and the main conclusions do

not change.

Third, during the sample period the shares held by funds increase year by year. There-fore, even without the dividend tax cut, companies with higher proportions of shares held by funds are also likely to have increased their dividend payments. We also consider this fact in a robustness test. As the number of shares held by funds changes little between 2004 and 2005, we use the 2004 and 2005 samples to re-estimate the results and find that all conclusions are still robust.

7. Conclusion

Dividend taxation is an important component of the taxes of individual investors and has attracted the attention of policymakers and financial economists. Recently, numerous countries have focused on capital market taxation reforms. However, what is confusing is that the dividend tax reforms in different countries have been in completely different directions. Some countries, such as Britain and Germany, have increased their dividend tax rates, while other countries, such as the United States, have decreased their dividend tax rates. Moreover, there are also different theoretical arguments concerning dividend taxes. The ‘traditional view’ argues that reduced dividend tax rates increase companies’ dividend payments, while the ‘new theory’ states the contrary.

This paper investigates a causal relationship between the 2005 dividend tax cut in China and increased dividend payments, in order to evaluate China’s dividend taxation reforms. We use the natural experiment and difference-in-difference estimator methods to esti-mate the impact of the dividend tax cut on companies’ dividend policies. We find that the 2005 dividend tax cut led firms to increase their dividend payments. Companies with higher proportions of tradable individual shares or investment fund shares were more likely to increase their dividend payouts. However, opportunistic behavior is also found to occur, where companies with higher proportions of shares held by executives were more likely to increase their dividend payments. These findings support a causal relation-ship between the tax cut and increased dividend payments and imply that the reform of dividend taxation in 2005 achieved its goal. However, due to this study’s short observation window, the long-term effects of the dividend tax cut still require further study.
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there is a serious conflict of interest between large shareholders and small shareholders. In addition, higher proportions of shares held by executives are positively related to in-creased dividend payments and companies with higher proportions of investment fund shares are positively related to increased dividend payments, indicating that both have an important effect on companies’ dividend policies.5. Empirical resultsTables 4–6 present the empirical results of Models (1)–(3), respectively.Table 4 presents the results of Model (1). In columns (1) and (2) of Table 4, we find that the proportion of shares held by individual shareholders (individual) has a negative and significant relationship with increased dividend payments, _108.643 (p = 0.000) and _75.779 (p = 0.000), which indicates that there is an apparent conflict of interest between large shareholders and small shareholders. However, the coefficients of the interaction be-tween the tax cut and individual shareholders in Table 4 columns (1) and (2), tax _ individ-ual, are positive and significant, 53.998 (p = 0.001) and 48.674 (p = 0.001), thus indicating that following the dividend tax cut, the companies with higher proportions of shares held by individual shareholders were more likely to increase their dividend payments. Deng et al. (2007) argue that dividend payments represent the shared interests of large and small shareholders; therefore the dividend tax cut has alleviated the conflict of interest be-tween the two classes of shareholders to some extent.Table 5 presents the results of Model (2). Cash dividends are an important revenue source for securities investment funds. Especially during times of market downturn, secu-rities investment funds prefer to invest in listed companies that offer cash dividends. We find the coefficients of Fund in Table 5 columns (1) and (2) are positive and significant, 11.454 (p = 0.000) and 9.554 (p = 0.000), which suggest that companies with higher pro-portions of shares held by investment funds are more likely to increase their dividend pay-ments. Moreover, after the dividend tax cut, this increasing tendency is more obvious. Without including the other control variables, the coefficient of Tax _ Fund in Table 5 col-umn (1) is positive and significant; while with all the control variables, the coefficient of Tax _ Fund in Table 5 column (2) is also positive and significant.Table 6 presents the results of Model (3). The coefficients of the interaction between the tax cut and shares held by executives in Table 6 columns (1) and (2), Tax _ Director, are po-sitive and significant, 0.024 and 0.025, thus indicating the existence of opportunistic behavior arising from executives’ self-interested motivation to increase dividend payments.6. Robustness testsA number of robustness checks were undertaken. First, the observation window was modified to (_2, 3) years, i.e. between 13 June, 2003 and 13 June, 2008,5 but this does not alter the main conclusions.Second, we ignore the effects of the regulations, ‘Administration of Offerings of New Shares by Listed Companies Procedures’ and ‘Profits distributed accumulatively in the latest 3 years in cash or stocks shall be no less than 20% of annual distributive profits of the latest 3 years’ issued in May 2001 and the main conclusions donot change.Third, during the sample period the shares held by funds increase year by year. There-fore, even without the dividend tax cut, companies with higher proportions of shares held by funds are also likely to have increased their dividend payments. We also consider this fact in a robustness test. As the number of shares held by funds changes little between 2004 and 2005, we use the 2004 and 2005 samples to re-estimate the results and find that all conclusions are still robust.7. ConclusionDividend taxation is an important component of the taxes of individual investors and has attracted the attention of policymakers and financial economists. Recently, numerous countries have focused on capital market taxation reforms. However, what is confusing is that the dividend tax reforms in different countries have been in completely different directions. Some countries, such as Britain and Germany, have increased their dividend tax rates, while other countries, such as the United States, have decreased their dividend tax rates. Moreover, there are also different theoretical arguments concerning dividend taxes. The ‘traditional view’ argues that reduced dividend tax rates increase companies’ dividend payments, while the ‘new theory’ states the contrary.This paper investigates a causal relationship between the 2005 dividend tax cut in China and increased dividend payments, in order to evaluate China’s dividend taxation reforms. We use the natural experiment and difference-in-difference estimator methods to esti-mate the impact of the dividend tax cut on companies’ dividend policies. We find that the 2005 dividend tax cut led firms to increase their dividend payments. Companies with higher proportions of tradable individual shares or investment fund shares were more likely to increase their dividend payouts. However, opportunistic behavior is also found to occur, where companies with higher proportions of shares held by executives were more likely to increase their dividend payments. These findings support a causal relation-ship between the tax cut and increased dividend payments and imply that the reform of dividend taxation in 2005 achieved its goal. However, due to this study’s short observation window, the long-term effects of the dividend tax cut still require further study.
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ada konflik serius kepentingan antara pemegang saham besar dan pemegang saham kecil. Selain itu, proporsi yang lebih tinggi dari saham yang dimiliki oleh eksekutif yang positif terkait dengan pembayaran dividen di-berkerut dan perusahaan dengan proporsi yang lebih tinggi dari dana saham investasi positif terkait dengan pembayaran dividen meningkat, menunjukkan bahwa keduanya memiliki efek penting pada kebijakan dividen perusahaan. 5 . Hasil empiris Tabel 4-6 menyajikan hasil empiris dari Model (1) -. (3), masing-masing Tabel 4 menyajikan hasil Model (1). Dalam kolom (1) dan (2) dari Tabel 4, kita menemukan bahwa proporsi saham yang dimiliki oleh pemegang saham individu (individual) memiliki hubungan negatif dan signifikan dengan pembayaran dividen meningkat, _108.643 (p = 0,000) dan _75.779 (p = 0,000), yang menunjukkan bahwa ada konflik kepentingan antara pemegang saham besar dan pemegang saham kecil. Namun, koefisien interaksi menjadi-tween pemotongan pajak dan pemegang saham individu pada Tabel 4 kolom (1) dan (2), pajak _ individ-UAL, yang positif dan signifikan, 53,998 (p = 0,001) dan 48,674 (p = 0,001), sehingga menunjukkan bahwa setelah pemotongan pajak dividen, perusahaan dengan proporsi yang lebih tinggi dari saham yang dimiliki oleh pemegang saham individu lebih mungkin untuk meningkatkan pembayaran dividen. Deng et al. (2007) berpendapat bahwa pembayaran dividen mewakili kepentingan bersama dari pemegang saham besar dan kecil; Oleh karena itu pemotongan pajak dividen telah meringankan konflik kepentingan menjadi-tween dua kelas pemegang saham sampai batas tertentu. Tabel 5 menyajikan hasil Model (2). Dividen tunai merupakan sumber pendapatan penting bagi dana investasi surat berharga. Terutama selama masa penurunan pasar, dana investasi secu-rities lebih memilih untuk berinvestasi di perusahaan yang terdaftar yang menawarkan dividen tunai. Kami menemukan koefisien Dana pada Tabel 5 kolom (1) dan (2) yang positif dan signifikan, 11,454 (p = 0,000) dan 9,554 (p = 0,000), yang menyatakan bahwa perusahaan dengan pro-bagian yang lebih tinggi dari saham yang dimiliki oleh investasi dana lebih mungkin untuk meningkatkan dividen pay-KASIH. Selain itu, setelah dipotong pajak dividen, meningkatkan kecenderungan ini lebih jelas. Tanpa termasuk variabel kontrol lainnya, koefisien Pajak _ Dana pada Tabel 5 col-UMN (1) adalah positif dan signifikan; sementara dengan semua variabel kontrol, koefisien Pajak _ Dana pada Tabel 5 kolom (2) juga positif dan signifikan. Tabel 6 menyajikan hasil Model (3). Koefisien interaksi antara pemotongan pajak dan saham yang dimiliki oleh eksekutif pada Tabel 6 kolom (1) dan (2), Pajak _ Direktur, yang po-rahasia dan sensitif dan signifikan, 0,024 dan 0,025, yang mengindikasikan adanya perilaku oportunistik yang timbul dari motivasi diri tertarik eksekutif untuk meningkatkan pembayaran dividen. 6. Ketahanan tes Sejumlah cek ketahanan yang dilakukan. Pertama, jendela pengamatan dimodifikasi untuk (_2, 3) tahun, yaitu antara 13 Juni 2003 dan 13 Juni, 2008,5 tetapi ini tidak mengubah kesimpulan utama. Kedua, kita mengabaikan efek dari peraturan, 'Administrasi Penawaran Saham New oleh Emiten Prosedur 'dan' Keuntungan didistribusikan akumulatif dalam terbaru 3 tahun dalam bentuk tunai atau saham harus tidak kurang dari 20% dari distributif tahunan keuntungan dari terbaru 3 tahun yang diterbitkan pada Mei 2001 dan kesimpulan utama melakukan tidak perubahan. Ketiga, selama periode sampel saham yang dimiliki oleh dana meningkat dari tahun ke tahun. Ada-kedepan, bahkan tanpa pemotongan pajak dividen, perusahaan dengan proporsi yang lebih tinggi dari saham yang dimiliki oleh dana juga cenderung mengalami peningkatan pembayaran dividen. Kami juga mempertimbangkan fakta ini dalam tes ketahanan. Karena jumlah saham yang dimiliki oleh dana perubahan kecil antara tahun 2004 dan 2005, kita menggunakan tahun 2004 dan 2005 sampel untuk memperkirakan ulang hasil dan menemukan bahwa semua kesimpulan masih kuat. 7. Kesimpulan Dividen perpajakan merupakan komponen penting dari pajak investor individu dan telah menarik perhatian para pembuat kebijakan dan ekonom keuangan. Baru-baru ini, banyak negara telah difokuskan pada reformasi perpajakan pasar modal. Namun, apa yang membingungkan adalah bahwa reformasi pajak dividen di berbagai negara telah di arah yang sama sekali berbeda. Beberapa negara, seperti Inggris dan Jerman, telah meningkatkan tarif pajak dividen mereka, sementara negara-negara lain, seperti Amerika Serikat, telah menurun tarif pajak dividen. Selain itu, ada juga argumen teoritis yang berbeda tentang pajak dividen. The 'Pandangan tradisional' berpendapat bahwa tingkat pajak dividen dikurangi meningkatkan 'pembayaran dividen, sedangkan' perusahaan teori baru 'menyatakan sebaliknya. Makalah ini menyelidiki hubungan sebab akibat antara 2.005 dividen pemotongan pajak di Cina dan pembayaran dividen meningkat, dalam rangka untuk mengevaluasi reformasi perpajakan dividen China. Kami menggunakan percobaan alami dan metode estimator perbedaan-in-perbedaan Esti-mate dampak dari pemotongan pajak dividen pada kebijakan dividen perusahaan. Kami menemukan bahwa 2.005 pemotongan pajak dividen menyebabkan perusahaan untuk meningkatkan pembayaran dividen. Perusahaan dengan proporsi yang lebih tinggi dari saham individu dapat diperdagangkan atau saham dana investasi lebih mungkin untuk meningkatkan pembayaran dividen mereka. Namun, perilaku oportunistik juga ditemukan terjadi, di mana perusahaan dengan proporsi yang lebih tinggi dari saham yang dimiliki oleh eksekutif lebih mungkin untuk meningkatkan pembayaran dividen. Temuan ini mendukung kausal hubungan-kapal antara pemotongan pajak dan pembayaran dividen meningkat dan menyiratkan bahwa reformasi perpajakan dividen pada tahun 2005 mencapai tujuannya. Namun, karena jendela pengamatan singkat studi ini, efek jangka panjang dari pemotongan pajak dividen masih memerlukan studi lebih lanjut.





























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