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Dividend policies across multinational and domestic corporations – an international study

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  • Shumi Akhtar

Abstract

This study examines whether the determinants of dividend payout ratios between Multinational (MCs) and Domestic corporations (DCs) vary across Australia, U.S., Japan, U.K. and Malaysia. Results show: (i) Australian, UK and Malaysian MCs pay significantly less dividends than their Domestic counterparts; however, the opposite holds for the U.S. firms; (ii) the factors that significantly explain the difference between DCs’ and MCs’ payout ratios vary across countries; (iii) firms operating in an imputation tax system and in a common law environment pay comparatively higher dividends relative to firms operating in a classical tax system and civil law regime.

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  • Shumi Akhtar, 2018. "Dividend policies across multinational and domestic corporations – an international study," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 58(3), pages 669-695, September.
    • Handle: RePEc:bla:acctfi:v:58:y:2018:i:3:p:669-695
    DOI: 10.1111/acfi.12179
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    Cited by:

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    2. Alla V. VAVILINA & Lidiya N. LEVANOVA & Irina N. TKACHENKO, 2019. "Interrelation between dividend policy and corporate reputation in Russian companies," Upravlenets, Ural State University of Economics, vol. 10(4), pages 14-23, September.
    3. Zijian Cheng & Charles P. Cullinan & Zhangxin (Frank) Liu & Junrui Zhang, 2021. "Cross‐listings and dividend size and stability: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 415-465, March.

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