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Dividend or reinvestment when taxes are considered?

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
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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

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