Dividend Policy inside the Multinational Firm
研究美国跨国企业利润汇回政策的决定因素，发现汇回股利具有持续性，受税收影响但不决定性，母公司资金需求和不完全控制的子公司更倾向于汇回股利，表明传统公司金融因素也影响跨国企业内部资本市场。
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.