Sammanfattning

The article analyzes theoretically how a firm maximizes the value of shareholder’s wealth with its policy for dividend/reinvestment of the profit from operations, when taxes are considered. In the study, the net present value, i.e. the present value after deduction for taxes, is used as objective function. Four different taxes are considered. The analysis shows the terms on which it is profitable to receive dividend payout or to reinvest at an arbitrary time. Under the assumption of a unique maximum net present value, the terms at the time for the maximum net present value are also presented. The article can be applied in forest economy.

Nyckelord

Financing; Management

Publicerad i

Skog & trä
2010, nummer: 2010:4
ISBN: 978-91-977896-5-3
Utgivare: Enheten för skoglig fältforskning, Sveriges lantbruksuniversitet

SLU författare

• Holm, Sören

  • Institutionen för skoglig resurshushållning, Sveriges lantbruksuniversitet
    

• Jonsson, Bengt

  • Institutionen för skoglig resurshushållning, Sveriges lantbruksuniversitet
    

UKÄ forskningsämne

Nationalekonomi


Permanent länk till denna sida (URI)

https://res.slu.se/id/publ/126200