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Book/Printed Material Dividend policy inside the firm

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Title

  • Dividend policy inside the firm

Summary

  • "This paper analyzes dividend remittances by a large panel of foreign affiliates of U.S. multinational firms. The dividend policies of foreign affiliates, which convey no signals to public capital markets, nevertheless resemble those used by publicly held companies in paying dividends to diffuse common shareholders. Robustness checks verify that dividend policies of foreign affiliates are little affected by the dividend policies of their parent companies or parent company exposure to public capital markets. Systematic differences in the payout behavior of affiliates that differ in organizational form, and those that face differing tax costs of paying dividends, reveal the importance of tax factors; nevertheless, dividend policies are not solely determined by tax considerations. The absence of capital market considerations and the incompleteness of tax explanations together suggest that dividend policies are largely driven by the need to control managers of foreign affiliates. Parent firms are more willing to incur tax penalties by simultaneously investing funds while receiving dividends when their foreign affiliates are partially owned, located far from the United States, or in jurisdictions in which property rights are weak, all of which are implied by control theories of dividends"--National Bureau of Economic Research web site.

Names

  • Desai, Mihir A. (Mihir Arvind), 1968-
  • Foley, C. Fritz
  • Hines, James R., Jr., 1958-
  • National Bureau of Economic Research

Created / Published

  • Cambridge, MA : National Bureau of Economic Research, c2002.

Headings

  • -  Corporations, American
  • -  Dividends

Notes

  • -  Title from PDF file as viewed on 3/2/2005.
  • -  Includes bibliographical references.
  • -  Also available in print.
  • -  Mode of access: World Wide Web.
  • -  System requirements: Adobe Acrobat Reader.

Call Number/Physical Location

  • HB1

Digital Id

Library of Congress Control Number

  • 2005616439

Access Advisory

  • Unrestricted online access

Online Format

  • image
  • pdf

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Cite This Item

Citations are generated automatically from bibliographic data as a convenience, and may not be complete or accurate.

Chicago citation style:

Desai, Mihir A, C. Fritz Foley, James R Hines, and National Bureau Of Economic Research. Dividend Policy Inside the Firm. Cambridge, MA: National Bureau of Economic Research, 2002. Pdf. https://aj.sunback.homes/item/2005616439/.

APA citation style:

Desai, M. A., Foley, C. F., Hines, J. R. & National Bureau Of Economic Research. (2002) Dividend Policy Inside the Firm. Cambridge, MA: National Bureau of Economic Research. [Pdf] Retrieved from the Library of Congress, https://aj.sunback.homes/item/2005616439/.

MLA citation style:

Desai, Mihir A, et al. Dividend Policy Inside the Firm. Cambridge, MA: National Bureau of Economic Research, 2002. Pdf. Retrieved from the Library of Congress, <aj.sunback.homes/item/2005616439/>.