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.

Related Publications

Download this project

Published Versions

V1 [2023-06-19]

Export Metadata

Dublin Core

DDI 2.5

Report a Problem

Found a serious problem with the data, such as disclosure risk or copyrighted content? Let us know.

This material is distributed exactly as it arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.