This work examines the impact of taxation on the distribution policy of corporations in an international comparison (Germany, Austria, Switzerland). For the Federal Republic of Germany, the price formation on the stock market at the time of share buybacks is analyzed under different tax systems. For Switzerland and Austria, the influence of taxation on the choice of different distribution forms is empirically analyzed. While in Switzerland, managers take tax considerations into account and distribute capital to their shareholders in a tax-optimized manner, shareholders in the Federal Republic of Germany do not reflect changes in taxation, as measured by share buybacks, in the stock price. In line with the distribution policy of Swiss corporations, share buybacks in Austria complement dividend payments.