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Payout policies of privately held firms

  • 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.

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Metadaten
Author:Martin Jacob, Annette AlstadsaeterORCiD
URN:urn:nbn:de:hbz:992-opus4-6696
Handle:http://hdl.handle.net/10419/88161
Subtitle (English):flexibility and the role of income taxes
Series (Serial Number):FAccT Center Working Paper Series (12/2013)
Publisher:Arbeitskreis Quantitative Steuerlehre, arqus, e.V.
Place of publication:Berlin
Document Type:Working Paper
Language:English
Date of Publication (online):2018/06/17
Date of first Publication:2013/11/01
Release Date:2018/06/17
Tag:Ausschüttungspolitik; Dividende; Eigentümer-Gehalt; Eigner/Manager; Einkommensteuer; Privatunternehmen
Dividend; Income tax; Owner wage; Owner–manager; Payout policy; Private firm
Page Number:38
Note:
Zugl.: arqus Discussion Paper ; 152
Institutes:WHU Centers / WHU Financial Accounting & Tax Center (FAccT Center)
JEL-Classification:G Financial Economics / G3 Corporate Finance and Governance / G30 General
G Financial Economics / G3 Corporate Finance and Governance / G35 Payout Policy
H Public Economics / H2 Taxation, Subsidies, and Revenue / H24 Personal Income and Other Nonbusiness Taxes and Subsidies
H Public Economics / H2 Taxation, Subsidies, and Revenue / H25 Business Taxes and Subsidies
Licence (German):Copyright for this publication