Dividend policies across multinational and domestic corporations – an international study

Shumi Akhtar

Accounting and Finance, 2018, vol. 58, issue 3, 669-695

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.

Date: 2018
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