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Payout policies of privately held firms: Flexibility and the role of income taxes

机译:私营企业的支付政策:灵活性和所得税的作用

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摘要

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.
机译:我们研究了所有者工资和股息作为私有公司替代支付渠道的重要性。使用2000年至2009年期间瑞典所有紧密控股的公司及其所有者-经理的数据,我们发现股息占所有者-经理总支出的四分之一。股息被用作灵活的支付渠道。工资是首选的支付渠道,而且比较棘手。支付渠道的选择和支付水平受股息和工资税的影响。与支付渠道灵活性的差异相一致,股东税对股息的影响大于对工资的影响。

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