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Record Nr. |
UNINA9910788520103321 |
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Autore |
Lehmann Alexander |
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Titolo |
International Dividend Repatriations / / Alexander Lehmann, Ashoka Mody |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2004 |
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ISBN |
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1-4623-8542-7 |
1-4527-8865-0 |
1-281-11162-7 |
9786613776396 |
1-4518-9048-6 |
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Descrizione fisica |
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1 online resource (26 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Dividends |
International business enterprises |
Stockholders |
Investments, Foreign |
Corporate Finance |
Exports and Imports |
Labor |
Macroeconomics |
International Investment |
Long-term Capital Movements |
Multinational Firms |
International Business |
Payout Policy |
Personal Income, Wealth, and Their Distributions |
Wages, Compensation, and Labor Costs: General |
Labour |
income economics |
Finance |
Multinationals |
Personal income |
Wages |
Foreign direct investment |
Transnational corporations |
National accounts |
Balance of payments |
Economic sectors |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Cover title. |
"January 2004"--Caption. |
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Nota di bibliografia |
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Includes bibliographical references (p. 24-25). |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. DIVIDEND REPATRIATIONS IN THE 1990's""; ""III. ANALYTICAL BACKGROUND""; ""IV. RESULTS""; ""V. CONCLUSIONS""; ""APPENDIX""; ""REFERENCES"" |
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Sommario/riassunto |
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Income earned by the branches and subsidiaries of multinational firms can be either reinvested in the host country or repatriated as dividends to the firms' headquarters. Despite the rapid growth of foreign direct investment in the 1990s, there has been relatively limited analysis of the dividend behavior of multinationals. We find that investors in multinationals from the two largest foreign- investing countries-the United Kingdom and the United States-require a steady flow of dividends, consistent with a view that such regular dividend payments are a mechanism through which to discipline host-country managers. In contrast, German investors, who tend to invest in riskier countries, do not appear to demand persistent dividend payments. Changes in income also influence dividends. This payout ratio from income appears, for example, to be lower for less risky countries. Finally, the evidence suggests that dividend payments do not necessarily aggravate the balance of payments position during crises. |
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