TY - UNPD A1 - Jacob, Martin A1 - Alstadsaeter, Annette T1 - Payout policies of privately held firms N2 - We study the importance of owner wages and dividends as alternative payout channels in privately held firms. Using data on all Swedish closely held corporations and their owner–managers over the period 2000–2009, we find that dividends comprise one-fourth of total payout to owner–managers. Dividends are used as a flexible payout channel. Wages are the preferred payout channel and are rather sticky. Choice of payout channel and level of payout are affected by dividend and wage taxation. Consistent with the difference in flexibility across payout channels, shareholder taxes have a stronger impact on dividends than on wages. T3 - FAccT Center Working Paper Series - 12/2013 KW - Privatunternehmen KW - Private firm KW - Ausschüttungspolitik KW - Payout policy KW - Eigner/Manager KW - Owner–manager KW - Dividende KW - Dividend KW - Eigentümer-Gehalt KW - Owner wage KW - Einkommensteuer KW - Income tax Y1 - 2018 UR - https://opus4.kobv.de/opus4-whu/frontdoor/index/index/docId/669 UR - https://nbn-resolving.org/urn:nbn:de:hbz:992-opus4-6696 N1 - Zugl.: arqus Discussion Paper ; 152 PB - Arbeitskreis Quantitative Steuerlehre, arqus, e.V. CY - Berlin ER -