Home Volumul 2 IMAPCTUL IMPOZITELOR PE DIVIDEND ASUPRA DECIZIILOR FINANCIARE

IMAPCTUL IMPOZITELOR PE DIVIDEND ASUPRA DECIZIILOR FINANCIARE


Mihaela Diaconu
Universitatea “Petre Andrei” din Iasi, Facultatea de Economie
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Abstract
The paper highlights the impact of dividend taxes on the firm’s investment decisions, based
on the analytical framework of the „new” view and „traditional” view of dividend taxation.
Using the neoclassical model of investment we find that the firm will be affected by
increasing the dividend tax rate if it pursues investment financed by issuing shares. This
impact is due to increased gross rate of return necessary to achieve the company’s
investment. Conversely, if we consider the use of undistributed profits as a means of
financing, dividend tax does not predict the impact on investment decisions. In this case,
the capital gain taxes are relevant in the investment decisions due the impact on gross rate
of return. In the same time, the two types of taxes dimensions guide, also the financing
decision of the company. These conclusions are formulated considering the classical
dividend tax system practiced yet in Romania.
Keywords: dividend taxation, capital gains taxation, „old view” of dividend taxation,
„new” view of dividend taxation, investments neoclassical model.

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