This paper proposes the introduction of a consumption-based corporate income tax in the European Union. Our proposal would guarantee neutrality regarding investment decisions and at the same time increase cost-efficiency. The proposal is based on the S-base cash flow tax, where transactions within the corporate sector are not at all taxable and only transactions between shareholders and corpora...

Firm cash holdings increased substantially from 1980 to 2013. The overall distribution of firm cash holdings changed in the same period. We study the implications of these changes for monetary policy. We use Compustat data and a model with financial frictions that allows the calculation of the monetary policy effects according to the distribution of cash holdings. We find that the interest rate...

Purpose This study aims to examine cash dividend practices of travel and leisure (T&L) companies listed on the London Stock Exchange (LSE). Design/methodology/approach The uses a panel data set 524 firm-year observations 55 unique publicly UK T&L between 2007 2019. First, it modified version Lintner’s (1956) partial adjustment model for analysis regarding target payout ratio smoothing. ...

Buddhism and Taoism have been deeply rooted in China for generations both of them a profound impact on the local culture social norms. By employing 23,999 firm-year observations between 2008 2018, we examine how religious norms affect corporate cash policies. We provide strong evidence that religiosity significantly reduces level holdings, by mitigating financial constraints earnings management...

cash is a critical source for business enterprises and creating balance between available cash and the required cash is the most important factor concerning the economic viability of a business enterprise. both of the companies that do not hold enough cash or hold too much cash, face too much problems. this paper investigates the impact of deviation from the estimated optimal cash level on firm...

We present practical protocols for playing poker over the internet without having to trust a third party. Our poker protocols are dropout-tolerant in the sense that any party that drops out during the middle of the game is forced to pay a monetary penalty to all other parties. More generally, we introduce and design protocols for secure cash distribution with penalties, a primitive that simulta...

Purpose – This paper investigates whether the identity of controlling shareholder is a determinant to distribution earnings (IOE vis-à-vis regular dividends) in sample Brazilian public companies. Theoretical framework Through numerical exemplifications, we show that cost receiving cash payouts through Interest on Equity (IOE) significantly heterogeneous across shareholders. We use this diversit...