05020oam 22012374 450 991078852010332120230617033026.01-4623-8542-71-4527-8865-01-281-11162-797866137763961-4518-9048-6(CKB)3360000000441009(EBL)3012519(SSID)ssj0000940789(PQKBManifestationID)11518088(PQKBTitleCode)TC0000940789(PQKBWorkID)10955569(PQKB)11339513(OCoLC)535146909(MiAaPQ)EBC3012519(IMF)WPIEE0052004(EXLCZ)99336000000044100920020129d2004 uf 0engtxtccrInternational Dividend Repatriations /Alexander Lehmann, Ashoka ModyWashington, D.C. :International Monetary Fund,2004.1 online resource (26 p.)IMF Working PapersCover title."January 2004"--Caption.1-4518-4221-X Includes bibliographical references (p. 24-25).""Contents""; ""I. INTRODUCTION""; ""II. DIVIDEND REPATRIATIONS IN THE 1990's""; ""III. ANALYTICAL BACKGROUND""; ""IV. RESULTS""; ""V. CONCLUSIONS""; ""APPENDIX""; ""REFERENCES""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.IMF Working Papers; Working Paper ;No. 2004/005DividendsInternational business enterprisesStockholdersInvestments, ForeignCorporate FinanceimfExports and ImportsimfLaborimfMacroeconomicsimfInternational InvestmentimfLong-term Capital MovementsimfMultinational FirmsimfInternational BusinessimfPayout PolicyimfPersonal Income, Wealth, and Their DistributionsimfWages, Compensation, and Labor Costs: GeneralimfLabourimfincome economicsimfFinanceimfMultinationalsimfPersonal incomeimfWagesimfForeign direct investmentimfTransnational corporationsimfNational accountsimfBalance of paymentsimfEconomic sectorsimfIncomeimfInvestments, ForeignimfInternational business enterprisesimfUnited StatesimfDividends.International business enterprises.Stockholders.Investments, Foreign.Corporate FinanceExports and ImportsLaborMacroeconomicsInternational InvestmentLong-term Capital MovementsMultinational FirmsInternational BusinessPayout PolicyPersonal Income, Wealth, and Their DistributionsWages, Compensation, and Labor Costs: GeneralLabourincome economicsFinanceMultinationalsPersonal incomeWagesForeign direct investmentTransnational corporationsNational accountsBalance of paymentsEconomic sectorsIncomeInvestments, ForeignInternational business enterprisesLehmann Alexander225333Mody Ashoka888386International Monetary Fund.Research Dept.DcWaIMFBOOK9910788520103321International Dividend Repatriations3670924UNINA