Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/88161
Authors: 
Jacob, Martin
Alstadsæter, Annette
Year of Publication: 
2013
Series/Report no.: 
Arqus-Diskussionsbeiträge zur quantitativen Steuerlehre 152
Abstract: 
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.
Subjects: 
Payout Policy
Private Firms
Owner-managers
Dividends
Owner wages
Income Taxes
JEL: 
G30
G35
H24
H25
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.