LEADER 05275oam 22013454 450 001 9910956789703321 005 20251116183911.0 010 $a9786613776396 010 $a9781462385423 010 $a1462385427 010 $a9781452788654 010 $a1452788650 010 $a9781281111623 010 $a1281111627 010 $a9781451890488 010 $a1451890486 035 $a(CKB)3360000000441009 035 $a(EBL)3012519 035 $a(SSID)ssj0000940789 035 $a(PQKBManifestationID)11518088 035 $a(PQKBTitleCode)TC0000940789 035 $a(PQKBWorkID)10955569 035 $a(PQKB)11339513 035 $a(OCoLC)535146909 035 $a(IMF)WPIEE0052004 035 $a(MiAaPQ)EBC3012519 035 $a(IMF)WPIEA0052004 035 $aWPIEA0052004 035 $a(EXLCZ)993360000000441009 100 $a20020129d2004 uf 0 101 0 $aeng 135 $aurcnu|||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInternational Dividend Repatriations /$fAlexander Lehmann, Ashoka Mody 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2004. 215 $a1 online resource (26 p.) 225 1 $aIMF Working Papers 300 $aCover title. 300 $a"January 2004"--Caption. 311 08$a9781451842210 311 08$a145184221X 320 $aIncludes bibliographical references (p. 24-25). 327 $a""Contents""; ""I. INTRODUCTION""; ""II. DIVIDEND REPATRIATIONS IN THE 1990's""; ""III. ANALYTICAL BACKGROUND""; ""IV. RESULTS""; ""V. CONCLUSIONS""; ""APPENDIX""; ""REFERENCES"" 330 3 $aIncome earned by the branches and subsidiaries of multinational firms can be either reinvested in the host country or repatriated as dividends to the firms' headquarters. Despite the rapid growth of foreign direct investment in the 1990s, there has been relatively limited analysis of the dividend behavior of multinationals. We find that investors in multinationals from the two largest foreign- investing countries-the United Kingdom and the United States-require a steady flow of dividends, consistent with a view that such regular dividend payments are a mechanism through which to discipline host-country managers. In contrast, German investors, who tend to invest in riskier countries, do not appear to demand persistent dividend payments. Changes in income also influence dividends. This payout ratio from income appears, for example, to be lower for less risky countries. Finally, the evidence suggests that dividend payments do not necessarily aggravate the balance of payments position during crises. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2004/005 606 $aDividends 606 $aInternational business enterprises 606 $aStockholders 606 $aInvestments, Foreign 606 $aBalance of payments$2imf 606 $aCorporate Finance$2imf 606 $aEconomic sectors$2imf 606 $aExports and Imports$2imf 606 $aFinance$2imf 606 $aForeign direct investment$2imf 606 $aIncome economics$2imf 606 $aIncome$2imf 606 $aInternational business enterprises$2imf 606 $aInternational Business$2imf 606 $aInternational Investment$2imf 606 $aInvestments, Foreign$2imf 606 $aLabor$2imf 606 $aLabour$2imf 606 $aLong-term Capital Movements$2imf 606 $aMacroeconomics$2imf 606 $aMultinational Firms$2imf 606 $aMultinationals$2imf 606 $aNational accounts$2imf 606 $aPayout Policy$2imf 606 $aPersonal income$2imf 606 $aPersonal Income, Wealth, and Their Distributions$2imf 606 $aTransnational corporations$2imf 606 $aWages$2imf 606 $aWages, Compensation, and Labor Costs: General$2imf 607 $aUnited States$2imf 615 0$aDividends. 615 0$aInternational business enterprises. 615 0$aStockholders. 615 0$aInvestments, Foreign. 615 7$aBalance of payments 615 7$aCorporate Finance 615 7$aEconomic sectors 615 7$aExports and Imports 615 7$aFinance 615 7$aForeign direct investment 615 7$aIncome economics 615 7$aIncome 615 7$aInternational business enterprises 615 7$aInternational Business 615 7$aInternational Investment 615 7$aInvestments, Foreign 615 7$aLabor 615 7$aLabour 615 7$aLong-term Capital Movements 615 7$aMacroeconomics 615 7$aMultinational Firms 615 7$aMultinationals 615 7$aNational accounts 615 7$aPayout Policy 615 7$aPersonal income 615 7$aPersonal Income, Wealth, and Their Distributions 615 7$aTransnational corporations 615 7$aWages 615 7$aWages, Compensation, and Labor Costs: General 700 $aLehmann$b Alexander$0225333 701 $aMody$b Ashoka$0888386 712 02$aInternational Monetary Fund.$bResearch Department. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910956789703321 996 $aInternational Dividend Repatriations$94372546 997 $aUNINA