Dividends and Profits: Some Unsubtle Foreign Influences
美国公司从外国来源获得的利润中支付股息的比率是国内利润的三倍，这种支付行为可能用于传递盈利能力信号，并影响美国税收和资本成本。
ABSTRACT American corporations earn a significant share of their profits from foreign sources, out of which they appear to pay dividends at rates that are three times higher than their payout rates from domestic profits. Why firms do so is unclear, although this behavior is consistent with the use of dividends to signal profitability. This payout behavior implies that a significant part of the U.S. tax revenue generated by the foreign profits of U.S. corporations arises through the taxation of dividends received by individuals, and that the cost of capital may be higher for foreign than for domestic operations.