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International dividend repatriations /
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 divide...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Autor Corporativo: | |
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| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington, D.C. :
International Monetary Fund, Research Dept.,
2004.
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| Colección: | IMF working paper ;
WP/04/5. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | 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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| Descripción Física: | 1 online resource (25 pages) |
| Bibliografía: | Includes bibliographical references (pages 24-25). |
| ISBN: | 9781451890488 1451890486 1462385427 9781462385423 1452788650 9781452788654 1281111627 9781281111623 9786613776396 6613776394 |