Den finanspolitiske berg- og dalbanen - og markedets kamp for å henge med : en teoretisk studie av påvirkningen skatt på dividende kan ha på norske aksjeselskapers kapitalstruktur

Abstract

This master thesis within corporate finance, investigates the capital structure of firms. Taxation can be an influential factor on the capital structure of firms. The thesis aims to shed light on this connection. More specifically it investigates the consequences of the Norwegian law on tax exemption for dividends. The law was active from 1992 until 2006 when it was repealed by a tax reform. Tax exemption for dividends for incorporated stock-holders is still maintained. The thesis endeavors to answer the research question: "Following the 2006 tax reform: Will taxation on dividends for private stock holders affect the capital structure of Norwegian public corporations?" Due to a short time period since the implementation of the tax reform, it is too early to make an empirical study. Thus this study presents a well-founded theoretical basis for future empirical studies within the field.