{"id":"https://openalex.org/W1988237686","doi":"https://doi.org/10.1111/j.1540-6261.1980.tb02176.x","title":"Leverage and Dividend Irrelevancy Under Corporate and Personal Taxation","display_name":"Leverage and Dividend Irrelevancy Under Corporate and Personal Taxation","publication_year":1980,"publication_date":"1980-05-01","ids":{"openalex":"https://openalex.org/W1988237686","doi":"https://doi.org/10.1111/j.1540-6261.1980.tb02176.x","mag":"1988237686"},"language":"en","primary_location":{"id":"doi:10.1111/j.1540-6261.1980.tb02176.x","doi":"https://doi.org/10.1111/j.1540-6261.1980.tb02176.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6261.1980.tb02176.x","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5004798112","display_name":"Harry DeAngelo","orcid":"https://orcid.org/0000-0002-1446-264X","observed_orcids":["https://orcid.org/0000-0002-1446-264X"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"HARRY DeANGELO","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5081687723","display_name":"Ronald W. Masulis","orcid":"https://orcid.org/0000-0001-5205-341X","observed_orcids":["https://orcid.org/0000-0001-5205-341X"]},"institutions":[{"id":"https://openalex.org/I161318765","display_name":"University of California, Los Angeles","ror":"https://ror.org/046rm7j60","country_code":"US","type":"education","lineage":["https://openalex.org/I161318765"]},{"id":"https://openalex.org/I201448701","display_name":"University of Washington","ror":"https://ror.org/00cvxb145","country_code":"US","type":"education","lineage":["https://openalex.org/I201448701"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"RONALD W. MASULIS","raw_affiliation_strings":["University of Washington, and University of California at Los Angeles and Securities and Exchange Commission. This paper was prepared prior to employment by the Commission, and does not necessarily reflect the views of the Commission or its staff. We would like to express our appreciation to Linda DeAngelo, Michael Jensen, and David Mayers for their helpful comments"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Washington, and University of California at Los Angeles and Securities and Exchange Commission. This paper was prepared prior to employment by the Commission, and does not necessarily reflect the views of the Commission or its staff. We would like to express our appreciation to Linda DeAngelo, Michael Jensen, and David Mayers for their helpful comments","institution_ids":["https://openalex.org/I161318765","https://openalex.org/I201448701"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":{"value":4430,"currency":"USD","value_usd":4430},"apc_paid":null,"fwci":29.2857,"has_fulltext":false,"cited_by_count":177,"citation_normalized_percentile":{"value":0.9924933,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":93,"max":99},"biblio":{"volume":"35","issue":"2","first_page":"453","last_page":"453"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9639000296592712,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9639000296592712,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11508","display_name":"Corporate Taxation and Avoidance","score":0.02850000001490116,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.002199999988079071,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.7979999780654907},{"id":"https://openalex.org/keywords/corporate-taxation","display_name":"corporate taxation","score":0.9390000104904175},{"id":"https://openalex.org/keywords/personal-taxation","display_name":"personal taxation","score":0.9950000047683716},{"id":"https://openalex.org/keywords/dividend-policy","display_name":"dividend policy","score":0.8169999718666077},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.699999988079071}],"concepts":[{"id":"https://openalex.org/C2776034101","wikidata":"https://www.wikidata.org/wiki/Q1509347","display_name":"Commission","level":2,"score":0.8803484439849854},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.8247689604759216},{"id":"https://openalex.org/C116168712","wikidata":"https://www.wikidata.org/wiki/Q181201","display_name":"Dividend","level":2,"score":0.6335065960884094},{"id":"https://openalex.org/C2778805511","wikidata":"https://www.wikidata.org/wiki/Q1713","display_name":"Citation","level":2,"score":0.4390987455844879},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3835103213787079},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.3639201521873474},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.34329813718795776},{"id":"https://openalex.org/C161191863","wikidata":"https://www.wikidata.org/wiki/Q199655","display_name":"Library science","level":1,"score":0.32488498091697693},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.32463255524635315},{"id":"https://openalex.org/C190253527","wikidata":"https://www.wikidata.org/wiki/Q295354","display_name":"Law and economics","level":1,"score":0.3220052719116211},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.2695416808128357},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.22605550289154053},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.14213326573371887}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1111/j.1540-6261.1980.tb02176.x","doi":"https://doi.org/10.1111/j.1540-6261.1980.tb02176.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6261.1980.tb02176.x","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},{"id":"doi:10.2307/2327405","doi":"https://doi.org/10.2307/2327405","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2327405","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:bla:jfinan:v:35:y:1980:i:2:p:453-64","doi":null,"is_oa":false,"landing_page_url":"http://links.jstor.org/sici?sici=0022-1082%28198005%2935%3A2%3C453%3ALADIUC%3E2.0.CO%3B2-F&origin=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":6,"referenced_works":["https://openalex.org/W1496168797","https://openalex.org/W2063955807","https://openalex.org/W2071681097","https://openalex.org/W2138357877","https://openalex.org/W2153524047","https://openalex.org/W4249929133"],"related_works":["https://openalex.org/W1591788504","https://openalex.org/W6981195386","https://openalex.org/W2326193070","https://openalex.org/W1978517036","https://openalex.org/W361768317","https://openalex.org/W4406994566","https://openalex.org/W2165529529","https://openalex.org/W3138150187","https://openalex.org/W2236674147","https://openalex.org/W2138357877"],"abstract_inverted_index":null,"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":6},{"year":2023,"cited_by_count":10},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":6},{"year":2020,"cited_by_count":5},{"year":2019,"cited_by_count":5},{"year":2018,"cited_by_count":4},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":6},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":7},{"year":2013,"cited_by_count":4},{"year":2012,"cited_by_count":8}],"updated_date":"2026-10-20T09:52:01.089006","created_date":"2016-06-24T00:00:00"}
