Millman, Gregory J.
March 2003
Financial Executive;Mar/Apr2003, Vol. 19 Issue 2, p22
Academic Journal
The article discusses a proposal by U.S. president George W. Bush to reduce taxes investors pay on dividends. Despite the assertions of some, the measure would have little or no impact on corporate capital structures. Reduced taxation would, however, put more pressure on firms to dividend out excess cash. If a firm that normally maintains little excess cash announces a dividend increase, the market often interprets that as a sign of management's confidence about business conditions. For a company such as Microsoft with substantial cash balances, though, dividends could mean the firm has no good ideas on where to invest its money.


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