Trading Volume and Capital Gains Tax - Evidence from Selected Stock Markets with Different Characteristics

• Authors: Agata Gniadkowska-Szymańska , Mariya Gubareva

Title variants

PL

Wielkość obrotu a podatek od zysków kapitałowych – analiza na podstawie wybranych rynków akcji

Abstracts

PL

Cel artykułu/hipoteza: Celem niniejszego artykułu jest zbadanie zależności między po-datkiem od zysków kapitałowych płaconym przez inwestorów a płynnością rynku wyra-żoną wielkością obrotu. Metodyka: W niniejszym opracowaniu jako zmienną, na którą mogą wpływać podatki od zysków kapitałowych, zaproponowano miarę płynności rynku, wyrażoną wielkością ob-rotu. Niniejszy artykuł przedstawia nowe podejście do analizy płynności rynków kapita-łowych. Wyniki/Rezultaty badania: Na podstawie analizy danych stwierdzono, że im wyższe po-datki od zysków kapitałowych płacą inwestorzy, tym będą oni mniej skłonni do realizacji swoich zysków i tak wygląda sytuacja na wysoko rozwiniętym rynku (analizowany rynek amerykański). Jednak, jak wynika z uzyskanych wyników, w przypadku krajów europej-skich reprezentujących rynki giełdowe po transformacji systemowej, im wyższe podatki od zysków kapitałowych, tym wyższy powinien być obrót akcjami na tych rynkach.

EN

The purpose of the article/hypothesis: The goal of this paper is to investigate the relationship between capital gains tax paid by investors and the liquidity of the market, expressed by the trading volume. Methodology: In this study, the measure of market liquidity, expressed by the trading volume, has been proposed as a variable that may be influenced by taxes on capital gains. The article presents a new approach to the analysis of the liquidity of capital markets. Results of the research: Based on the data analysis, it was found that the higher the taxes on capital gains are paid by investors, the less likely they are to take their profits, and this is the situation on a highly developed market (the analysed US market). However, as it turns out from the results obtained, in the case of European countries representing stock markets after the systemic transformation, the higher the taxes on capital gains, the higher the share trading in these markets should be.

Keywords

PL

podatki; podatek od zysków kapitałowych; rynki kapitałowe; wielkość obrotu; płynność rynków

EN

trading volume; capital gains tax; stock markets; market liquidity; taxes

• Publisher: Uniwersytet Łódzki. Wydawnictwo Uniwersytetu Łódzkiego
• Journal: Finanse i Prawo Finansowe
• Year: 2022
• Volume: 3
• Issue: 35
• Pages: 43-52

Dates

published

2022

Contributors

author

Agata Gniadkowska-Szymańska

• University of Lodz, Faculty of Economics and Sociology

• https://orcid.org/0000000273213360

author

Mariya Gubareva

• ISEG – Lisbon School of Economics and Management, Portugal and SOCIUS/CSG - Research in Social Sciences and Management, Lisbon, Portugal

• https://orcid.org/0000000168297021

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Identifiers

DOI

10.18778/2391-6478.3.35.03

Biblioteka Nauki

2121896