Home > Publications . Search All . Browse All . Country . Browse PSC Pubs . PSC Report Series

PSC In The News

RSS Feed icon

Burgard and Seelye find job insecurity linked to psychological distress among workers in later years

Former PSC trainee Jay Borchert parlays past incarceration and doctoral degree into pursuing better treatment of inmates

Inglehart says shaky job market for millennials has contributed to their disaffection

More News

Highlights

Savolainen wins Outstanding Contribution Award for study of how employment affects recidivism among past criminal offenders

Giving Blueday at ISR focuses on investing in the next generation of social scientists

Pfeffer and Schoeni cover the economic and social dimensions of wealth inequality in this special issue

PRB Policy Communication Training Program for PhD students in demography, reproductive health, population health

More Highlights

Next Brown Bag

Mon, Jan 23, 2017 at noon:
H. Luke Shaefer

Dividend policy inside the multinational firm

Archived Abstract of Former PSC Researcher

Desai, Mihir A., C. Fritz Foley, and James Hines. 2007. "Dividend policy inside the multinational firm." Financial Management, 36(1): 5-26.

This paper examines the determinants of profit repatriation policies for US multinational firms. Dividend repatriations are surprisingly persistent and resemble dividend payments to external shareholders. Tax considerations influence dividend repatriations, but not decisively, as differentially taxed entities feature similar policies and some firms incur avoidable tax penalties. Parent companies requiring cash to fund domestic investments, or to pay dividends to common shareholders, draw on the resources of their foreign affiliates through repatriations. Incompletely controlled affiliates are more likely than others to make regular dividend payments and to trigger avoidable tax costs through repatriations. The results indicate that traditional corporate finance concerns - taxation, costly external finance, and agency problems - are also critical to the internal capital markets of multinational firms.

Browse | Search : All Pubs | Next