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Cited by 1,010

The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.

Taxes, Financing Decisions, and Firm Value

Open access
Fama, Eugene F., French, Kenneth R.·1998·The Journal of Finance
DOI 10.1111/0022-1082.00036
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Abstract

We use cross‐sectional regressions to study how a firm's value is related to dividends and debt. With a good control for profitability, the regressions can measure how the taxation of dividends and debt affects firm value. Simple tax hypotheses say that value is negatively related to dividends and positively related to debt. We find the opposite. We infer that dividends and debt convey information about profitability (expected net cash flows) missed by a wide range of control variables. This information about profitability obscures any tax effects of financing decisions.

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Crossref · 10.1111/0022-1082.00036

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Metadata

Authors
Fama, E. F., & French, K. R.
Venue
The Journal of Finance
Publisher
Wiley
Published
1998-06
Volume
53
Issue
3
Pages
819-843
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/0022-1082.00036
OpenAlex
W3123906439
Cited by
1,010
References
6
FWCI
69.94
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: Taxes, Financing Decisions, and Firm Value. https://app.cochat.ai/papers/10.1111/0022-1082.00036
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Fama, E. F., & French, K. R. (1998). Taxes, Financing Decisions, and Firm Value. The Journal of Finance. https://doi.org/10.1111/0022-1082.00036

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.