Temettü Geliri Üzerindeki Vergilerin Hisse Senedi Piyasası İşlem Hacmine Etkisi: OECD Örneği

Bu çalışmada temettü geliri üzerindeki kümülatif vergi oranının hisse senedi piyasası işlem hacmine etkisi OECD ülkeleri için 2000-2019 periyodu ele alınarak panel ARDL yaklaşımıyla incelenmektedir. Ampirik bulgular uzun vadede vergilerin ve dış ticarete açıklığın etkisinin negatif fakat reel faizin etkisinin pozitif olduğunu göstermektedir. Kısa vadede ise vergilerin etkisi negatif iken kişi başına düşen reel gayrisafi yurt içi hasılanın ve dış ticarete açıklığın etkisi pozitiftir. Temettü gelirinin üzerindeki vergilerin azaltılması hisse senedi piyasası işlem hacimlerini arttırarak finansal gelişmeye katkıda bulunacaktır.

The Effect of Dividend Income Taxes on Equity Market Transaction Volume: The Case of OECD Countries

In this study, the effect of the cumulative tax rate on the dividend income on the stock market transaction volume is examined with the panel-ARDL approach by considering the 2000-2019 period for OECD countries. Findings show the effect of taxes and trade openness is negative in the longrun, but the effect of real interest rates is positive. In the short-run, the effect of taxes is negative, while the effect of real gross domestic product per capita and trade openness is positive. The reduction of taxes on dividend In this study, the effect of the cumulative tax rate on the dividend income on the stock market transaction volume is examined with the panel-ARDL approach by considering the 2000-2019 period for OECD countries. Findings show the effect of taxes and trade openness is negative in the longrun, but the effect of real interest rates is positive. In the short-run, the effect of taxes is negative, while the effect of real gross domestic product per capita and trade openness is positive. The reduction of taxes on dividend

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