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•We study whether tax morale is subject to a self-serving bias.•We conduct a real-effort laboratory experiment.•The assignment to treatments with and without tax evasion opportunity is random.•Tax morale is significantly lower in the treatments with evasion opportunity.•The result indicates that tax morale is egoistically biased.
This paper investigates tax reasons for cross-sectional deviations from the general consensus in literature that a firm’s cash flow has a positive effect on dividend payout. We use a large multinational panel data set to show that the positive cash flow sensitivity of dividends is decreasing in dividend taxes.
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