The paper examines the effect of dividend taxation on employment and productivity. I exploit a dividend tax cut of 10 percentage points for closely held private corporations in Sweden. Using data on all closely held Swedish firms with exact information on employees and their wages, I find that firms with limited internal funds increase productivity and wages relative to firms with sufficient internal funds whose investment decisions are less affected by dividend taxes. My findings indicate that dividend taxes constrain firms in investing efficiently. Lower taxes can result in higher capital and labor input and, thus, in higher productivity.

中文翻译：

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股息税、就业和企业生产力

本文考察了股息税对就业和生产力的影响。我为瑞典的私人控股私营公司利用了 10 个百分点的股息税减免。使用所有密切持有的瑞典公司的数据以及员工及其工资的准确信息，我发现，相对于拥有充足内部资金且投资决策受股息税影响较小的公司，内部资金有限的公司提高了生产率和工资。我的研究结果表明，股息税限制了公司的有效投资。较低的税收可以导致更高的资本和劳动力投入，从而提高生产率。