examine how dividend taxation affects payout. Utilizing an exogenous shock to dividend taxation, we show that absent any … frictions, dividend taxation has a large impact on payout. As agency issues and shareholder conflicts increase, owners' tax …-preferences have significantly smaller impact on payout. We identify three mechanisms that reduce the dividend-tax sensitivity …

's cash flow has a positive effect on dividend payout. We use a large multinational panel data set to show that the positive … cash flow sensitivity of dividends is decreasing in dividend taxes …

payout channel and are rather sticky. Choice of payout channel and level of payout are affected by dividend and wage taxation …

We compile a comprehensive international dividend and capital gains tax data set to study tax-based explanations of …

This article reconsiders the role of dividend taxation and its effect on the cost of capital of small firms. Using a … simple portfolio model for small open economies, we show that a decrease in dividend taxes on large companies unambiguously … increases the required rate of return for small companies. A dividend tax cut for both, large and small companies may however …

This article reconsiders the role of dividend taxation and its effect on the cost of capital of small firms. Using a … simple portfolio model for small open economies, we show that a decrease in dividend taxes on large companies unambiguously … increases the required rate of return for small companies. A dividend tax cut for both, large and small companies may however …

We test whether dividend taxes affect corporate investments. We exploit Sweden's 2006 dividend tax cut of 10 percentage … data and triple-difference estimators, we find that this dividend tax cut affects allocation of corporate investment …. Cashconstrained firms increase investment after the dividend tax cut relative to cash-rich firms. Reallocation is stronger among …

This paper analyzes whether a dividend tax cut for owner-managers of closely held corporations encourages income …, and self-employed. We find robust evidence of extensive income shifting across tax bases in response to the 2006 dividend … total income. Instead, they relabel earned income as dividend income. The income shifting effect is stronger for owner …

This paper tests the effect of dividend taxation on employment. Since dividend taxation affects real investments, tax … 2006 dividend tax cut and unique corporate-level data with income tax information on every employee, we find robust … evidence of dividend tax-induced employment effects. In response to the dividend cut, both employment and wage levels increase …

This paper analyzes whether a dividend tax cut for owner-managers of closely held corporations encourages income … dividend tax cut. Relative to owners of unincorporated businesses, owner-managers of closely held corporations do not increase … total income. Instead, they relabel earned income as dividend income. The income shifting effect is stronger for owner …