05275oam 22013454 450 991095678970332120251116183911.0978661377639697814623854231462385427978145278865414527886509781281111623128111162797814518904881451890486(CKB)3360000000441009(EBL)3012519(SSID)ssj0000940789(PQKBManifestationID)11518088(PQKBTitleCode)TC0000940789(PQKBWorkID)10955569(PQKB)11339513(OCoLC)535146909(IMF)WPIEE0052004(MiAaPQ)EBC3012519(IMF)WPIEA0052004WPIEA0052004(EXLCZ)99336000000044100920020129d2004 uf 0engurcnu||||||||txtccrInternational Dividend Repatriations /Alexander Lehmann, Ashoka Mody1st ed.Washington, D.C. :International Monetary Fund,2004.1 online resource (26 p.)IMF Working PapersCover title."January 2004"--Caption.9781451842210 145184221X 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, ForeignBalance of paymentsimfCorporate FinanceimfEconomic sectorsimfExports and ImportsimfFinanceimfForeign direct investmentimfIncome economicsimfIncomeimfInternational business enterprisesimfInternational BusinessimfInternational InvestmentimfInvestments, ForeignimfLaborimfLabourimfLong-term Capital MovementsimfMacroeconomicsimfMultinational FirmsimfMultinationalsimfNational accountsimfPayout PolicyimfPersonal incomeimfPersonal Income, Wealth, and Their DistributionsimfTransnational corporationsimfWagesimfWages, Compensation, and Labor Costs: GeneralimfUnited StatesimfDividends.International business enterprises.Stockholders.Investments, Foreign.Balance of paymentsCorporate FinanceEconomic sectorsExports and ImportsFinanceForeign direct investmentIncome economicsIncomeInternational business enterprisesInternational BusinessInternational InvestmentInvestments, ForeignLaborLabourLong-term Capital MovementsMacroeconomicsMultinational FirmsMultinationalsNational accountsPayout PolicyPersonal incomePersonal Income, Wealth, and Their DistributionsTransnational corporationsWagesWages, Compensation, and Labor Costs: GeneralLehmann Alexander225333Mody Ashoka888386International Monetary Fund.Research Department.DcWaIMFBOOK9910956789703321International Dividend Repatriations4372546UNINA