DECIZIILE ÎNTREPRINDERII PRIVIND DIVIDENDELE
               ÎN CONTEXTUL POLITICII FISCALE ACTUALE /
                   COMPANY’S DECISIONS ON DIVIDENDS
                IN THE CONTEXT OF CURRENT TAX POLICY

Prep. univ. drd. Adina Martin, Universitatea “Al. I. Cuza” Iasi, Facultatea de Economie si
Administrare a Afacerilor, e-mail: amartin@uaic.ro

Abstract
The aim of this paper is to present the enterprise decisions regarding dividends distribution in the
context of the modifications of the fiscal laws about the methods used to impose the dividends and
the profit obtained on the capital market. The different level of these taxes has an influence on the
dividend decisions, meaning that a high level of the dividend tax comparing with the level of
capital market profit tax, determines the stockholders to prefer the investment of the profit instead
of receiving dividends. In this paper we try to analyze these aspects in the context of Romanian
fiscal policy taking into account the modifications that had been taken in the last few years.

Keywords: dividend, profit, fiscal policy, capital market

JEL codes: G35, G11, G38