Code for: "Dividend Taxes and the Allocation of Capital: Comment"

Principal Investigator(s): View help for Principal Investigator(s) Laurent Bach, ESSEC Business School; Antoine Bozio, EHESS & IPP; Arthur Guillouzouic, IPP; Clément Malgouyres, CREST & IPP

Version: View help for Version V1

Name	File Type	Size	Last Modified
data			04/18/2023 05:38:PM
dofile			05/06/2023 11:16:AM
result			04/18/2023 05:38:PM
list_datasets.xlsx	application/vnd.openxmlformats-officedocument.spreadsheetml.sheet	9.2 KB	04/18/2023 01:38:PM
readme.txt	text/plain	7 KB	05/06/2023 07:14:AM

Project Citation:

Bach, Laurent, Bozio, Antoine, Guillouzouic, Arthur, and Malgouyres, Clément. Code for: “Dividend Taxes and the Allocation of Capital: Comment.” Nashville, TN: American Economic Association [publisher], 2023. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2023-06-19. https://doi.org/10.3886/E185061V1

Project Description

Summary:

Boissel and Matray (2022) find that investment increased after 2013 in French firms facing higher dividend taxes. We identify an alteration in the code plotting the event-study of the effect of this reform on investment. Using identical data and removing this alteration, we find differential pre-trends between treated and control firms. We also establish that the controls referred to as “size growth”, used in all the diff-in-diff specifications, effectively are controls for lagged investment, i.e., the main outcome variable. Removing such controls attenuates differential pre-trends but leaves no clear event-study evidence of a positive effect of dividend taxation on investment.

Scope of Project

Subject Terms: Dividend tax; Intertemporal income shifting; Firm behavior

JEL Classification:
      G35 Payout Policy
      H24 Personal Income and Other Nonbusiness Taxes and Subsidies; includes inheritance and gift taxes
      O16 Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

Geographic Coverage: France

Time Period(s): 2008 – 2017

Collection Date(s): 2010 – 2019

Universe: French firms filing corporate tax forms

Data Type(s): program source code

Methodology

Response Rate: 100%

Sampling: Exhaustive

Data Source: Administrative data from French tax authorities

Unit(s) of Observation: Firms.

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Published Versions

V1 [2023-06-19]

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DDI 2.5

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