G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w19609
来源IDWorking Paper 19609
Are Closely-Held Firms Tax Shelters?
Annette Alstadsæter; Wojciech Kopczuk; Kjetil Telle
发表日期2013-11-07
出版年2013
语种英语
摘要In 2004 Norwegian authorities announced a reform introducing dividend taxation for personal (but not corporate) owners to take effect starting in 2006. This change provided incentives to maximize dividends in 2004 and 2005, and to retain earnings in the following years. Using Norwegian registry data that cover the universe of non-publicly traded firms, we find that dividend payments responded very strongly to the anticipated reform, but also that much of the response was compensated by re-injecting shareholder equity in the same firms. On the other hand, following the reform firms began to retain earnings. While all categories of assets grow, the increase in durable assets categories that include equipment, machinery, company cars, planes and boats, is particularly striking. We find that personally owned firms and those that pursued aggressive dividend maximization policy in anticipation of the reform exhibit lower profits and economic activity in its aftermath, but retain earnings and accumulated assets at comparable or faster rate than others. The differential effect on assets is concentrated in financial (a potential substitute for private saving) and durable (a potential substitute for private consumption) asset categories.We interpret these results as indicating both the existence of real tax responses and supportive of the notion that in the presence of dividend taxation closely-held firms partially serve as tax shelters.
主题Microeconomics ; Households and Firms ; Financial Economics ; Corporate Finance ; Public Economics ; Taxation
URLhttps://www.nber.org/papers/w19609
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/577284
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Annette Alstadsæter,Wojciech Kopczuk,Kjetil Telle. Are Closely-Held Firms Tax Shelters?. 2013.
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