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Optimaal dividendbeleid en belastingheffing: Een nutsmodel

Optimal dividend behaviour and taxation: A utility model

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Summary

The optimum management with respect to the appropriation of entrepreneurial profits is described and explained by means of a utility model. For various reasons, distribution as well as retention of profits are supposed to be the arguments of a rather flexible utility function: a so-called ‘MCES-function.’ In conjunction with the optimum divident management, the effects of taxation are also studied: the degree of discrimination between the two components of the appropriation of profits is investigated for three systems of corporation profits taxation, namely, the classical system, the two rate system, and the imputation system. It is shown that the utility model is of a comprehensive character, which means that some other dividend models are special cases of it.

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Authors
  1. P. W. Moerland
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Additional information

De auteur wenst Prof. Dr. A. 1. Diepenhorst, Prof. Dr. W. H. Somermeijer en Ir. W. J. Keller hartelijk te bedanken voor hun waardevolle suggesties die deze studie ten goede zijn gekomen.

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Moerland, P.W. Optimaal dividendbeleid en belastingheffing: Een nutsmodel. De Economist 123, 198–222 (1975). https://doi.org/10.1007/BF02078437

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