Journal article

The Impact of Australia’s Income Tax System on Company Ownership Structure

Sean Pinder, Dean Hanlon

Australian Tax Forum: a journal of taxation policy, law and reform | The Tax Institue | Published : 2019

Abstract

This study examines the links between investor residency, tax status and the corporate ownership structure of Australian listed companies. We find that there is a preference by resident individuals, incorporate companies and superannuation funds to hold a significantly higher proportion of shares in companies that pay fully franked dividends, relative to other companies. Furthermore, our results show that non-resident investors, in general, hold a significantly higher proportion of shares in companies that pay either unfranked or partially franked dividends, relative to other companies. Finally, there is some evidence that resident individual investors hold a significantly higher proportion ..

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University of Melbourne Researchers