The Association between Goodwill Amortisation and the Dividend Payout Ratio
學年 102
學期 1
出版（發表）日期 2013-12-31
作品名稱 The Association between Goodwill Amortisation and the Dividend Payout Ratio
作品名稱（其他語言）
著者 Kung, Fan-Hua; Kieran James; Cheng, Chia-Ling; Syaiful Baharee Jaafar
單位 淡江大學會計學系
出版者 Faculty of Business and Accountancy
著錄名稱、卷期、頁數 Asian Journal of Business and Accounting 6(2), p.1-32
摘要 In Australia, from 1988 to 2004, amortisation of purchased goodwill to the income statement over a maximum twenty year period was mandatory. By contrast, accounting for identifiable intangible assets was completely unregulated. There was an incentive for certain acquirers to allocate much of the takeover purchase price towards identifiable intangible assets and away from purchased goodwill, so as to avoid the mandatory goodwill amortisation. One reason for this opportunistic action may have been to maximise the payment of franked dividends under Australia’s (then) newly introduced dividend imputation tax system. However, we find no significant association between the acquirer’s pre-bid dividend payout ratio and the percentage of takeover purchase price later allocated towards identifiable intangible assets. The percentage allocation decision - with respect to takeover purchase price - does not appear to have been significantly influenced by a desire to maintain or increase the dividend payout ratio under imputation. None of our control variables are significant except for the target’s pre-bid investment opportunity set which is only significant using one of our three proxy measures for this variable (the earnings-to-price ratio).
關鍵字 Accounting Policy Choice;Dividend Payout Ratio;Goodwill;Identifiable Intangible Assets;Intangible Assets;Purchased Goodwill
語言 en_US
ISSN 1985-4064
期刊性質 國外
收錄於 ESCI
產學合作
通訊作者
審稿制度 是
國別 MYS
公開徵稿
出版型式 ,電子版
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