Brunzell, Tor and Holm, Sören and Jonsson, Bengt
(2010).
Dividend or reinvestment when taxes are considered?
Technical Report.
Vindeln:
(S) > Dept. of Forest Resource Management
(NL, NJ) > Dept. of Forest Resource Management, Sveriges lantbruksuniversitet.
Skog & trä
; 2010:4
[Report]
|
PDF
1MB |
Abstract
The article analyzes theoretically how a firm maximizes the value of shareholder’s wealth with its policy for dividend/reinvestment of the profit from operations, when taxes are considered. In the study, the net present value, i.e. the present value after deduction for taxes, is used as objective function. Four different taxes are considered. The analysis shows the terms on which it is profitable to receive dividend payout or to reinvest at an arbitrary time. Under the assumption of a unique maximum net present value, the terms at the time for the maximum net present value are also presented. The article can be applied in forest economy.
| Authors/Creators: | Brunzell, Tor and Holm, Sören and Jonsson, Bengt |
|---|---|
| Title: | Dividend or reinvestment when taxes are considered? |
| Series/Journal: | Skog & trä (1403-6398) |
| Year of publishing : | 2010 |
| Number: | 2010:4 |
| Number of Pages: | 13 |
| Place of Publication: | Vindeln |
| Publisher: | Enheten för skoglig fältforskning, Sveriges lantbruksuniversitet |
| ISBN for printed version: | 978-91-977896-5-3 |
| ISSN: | 1403-6398 |
| Language: | English |
| Publication Type: | Report |
| Full Text Status: | Public |
| Subjects: | Obsolete subject words > FORESTRY, AGRICULTURAL SCIENCES and LANDSCAPE PLANNING > Area economics > Forest economics |
| Keywords: | Financing, Management |
| URN:NBN: | urn:nbn:se:slu:epsilon-2-513 |
| Permanent URL: | http://urn.kb.se/resolve?urn=urn:nbn:se:slu:epsilon-2-513 |
| ID Code: | 5557 |
| Department: | (S) > Dept. of Forest Resource Management (NL, NJ) > Dept. of Forest Resource Management |
| Deposited By: | Ulla Nylander |
| Deposited On: | 27 Dec 2010 00:00 |
| Metadata Last Modified: | 02 Dec 2014 10:41 |
Repository Staff Only: item control page
Relations
Relations