Marginal stockholder tax rate and clientele effect in Singapore
The objective of this research is to determine the marginal stockholder tax rate and observe whether any clientele effect exists in the Singapore stock market. In addition, to review some of the studies concerning dividend policy in some of the major stock market. Research methodology adopted in...
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| Main Authors: | , , |
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| Other Authors: | |
| Format: | Final Year Project |
| Language: | English |
| Published: |
2015
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/63020 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | The objective of this research is to determine the marginal
stockholder tax rate and observe whether any clientele effect exists in the
Singapore stock market. In addition, to review some of the studies
concerning dividend policy in some of the major stock market.
Research methodology adopted includes collecting data from the
Stock Exchange of Singapore journals, the Sabre Centre at the School of
Accountancy and Business and other sources. Analysis were then
performed to investigate the applicability of the clientele hypothesis in
Singapore. The study reveals that the clientele effect in Singapore stock
market is the same as that observed in the United States. This is so even
when Singapore practices the imputation system of taxation while the
United States uses the classical system. Our results are inconsistent with
that by Ariff and Johnson (1990).
Lastly, this study reviews the reasons why firms are reluctant to
change dividend policy and concludes with the limitation of the study and
recommending areas for further research. |
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