Repatriation Tax Costs and U.S. Multinational Companies' Shareholder Payouts

2016 ◽  
Vol 92 (4) ◽  
pp. 217-241 ◽  
Author(s):  
Michelle L. Nessa
Keyword(s):  
Multinational Companies ◽  
Recent Time ◽  
Share Repurchases ◽  
Cross Sectional ◽  
Dividend Payments ◽  
Tax Cost ◽  
Time Period ◽  
External Borrowing ◽  
The Impact ◽  
Tax Costs

ABSTRACT This paper examines whether and to what extent repatriation tax costs constrain U.S. multinational companies' (MNCs) distributions to shareholders. During the 1987–2004 sample period, I find that repatriation tax costs decrease U.S. MNCs' dividend payments, and the economic magnitude of the effect is substantial. I do not find evidence that repatriation tax costs decrease U.S. MNCs' share repurchases, on average. I find cross-sectional variation in the effect of repatriation tax costs on share repurchases based on U.S. MNCs' opportunities to fund repurchases through external borrowing and to minimize the incremental U.S. cash tax cost of repatriations. I do not observe an association between repatriation tax costs and U.S. MNCs' dividend payments or share repurchases during a more recent time period (2009–2014). This study contributes to our understanding of the impact of the current U.S. worldwide tax system on U.S. MNCs' real decisions and of the determinants of firms' payout policies.

The Effect of Earnings Management on Dividend Policy in Pakistan

2017 ◽  
Vol 9 (1-3) ◽  
Author(s):  
Faiza Saleem ◽  
Mohd Norfian Alifiah
Keyword(s):  
Earnings Management ◽  
Dividend Policy ◽  
Oil And Gas ◽  
Stock Exchange ◽  
Annual Data ◽  
Cross Sectional ◽  
Return On Equity ◽  
Dividend Payments ◽  
Oil And Gas Companies ◽  
The Impact

The aim of this study was to find out the impact of earnings management on dividend policy of oil and gas companies listed at the Karachi stock exchange. The study uses annual data of oil and gas companies for the period from 2008 to 2015. The dependent and independent variables are dividend policy and earnings management and the three control variables are leverage, return on equity and firm size. Modified cross sectional Jones model (1995) was used for calculating discretionary accruals which has been used as proxy for earnings management whereas measurement of dividend policy has been proxy by dividend payout. The findings from regression analysis indicate that earnings management has insignificant relationship with dividend policy of selected firms in Pakistan. Financial crisis in the world and economic decline period are the main reasons of this relationship. In the decline period the firms try to increase manipulation in earnings as a result the company starts reducing dividend payments. It is concluded that there are some other factors that may influence the pattern of dividend payment in the firms.

scholarly journals ‘Don’t play if you can’t win’: does economic inequality undermine political equality?

2019 ◽  
Vol 11 (3) ◽  
pp. 395-413 ◽  
Author(s):  
Armin Schäfer ◽  
Hanna Schwander
Keyword(s):  
Income Inequality ◽  
Voter Turnout ◽  
Economic Inequality ◽  
Political Equality ◽  
Local Data ◽  
Cross Sectional ◽  
Time Period ◽  
The Impact ◽  
The Relationship ◽  
Selection Of

AbstractIn this paper, we investigate whether income inequality negatively affects voter turnout. Despite some progress, the answer to this question is still debated due to methodological disagreements and differences in the selection of countries and time periods. We contribute to this debate by triangulating data and methods. More specifically, we use three kinds of data to resolve the question: first, we use cross-sectional aggregate data of 21 OECD countries in the time period from 1980 to 2014 to study the relationship between inequality and electoral participation. Second, we zoom in on the German case and examine local data from 402 administrative districts between 1998 and 2017. Focusing on within-country variation eliminates differences that are linked to features of the political system. Finally, we combine survey data with macro-data to investigate the impact of inequality on individual voting. This final step also allows us to test whether the effect of income inequality on voter turnout differs across income groups. Taken together, we offer the most comprehensive analysis of the impact of social inequality on political inequality to date. We corroborate accounts that argue that economic inequality exacerbates participatory inequality.

scholarly journals Determinants of Indian Automobile Industry Growth

2020 ◽  
Vol 13 (26) ◽  
pp. 65-91
Author(s):  
Sanchita Ghosh CHOWDHURY ◽  
◽  
Suhita CHATTERJEE ◽  
Keyword(s):  
Automobile Industry ◽  
Panel Data Analysis ◽  
Cross Sectional ◽  
Industry Growth ◽  
Capital Productivity ◽  
Time Period ◽  
Net Profit ◽  
Asset Turnover ◽  
Sectional Analysis ◽  
The Impact

The paper attempts to identify the most influencing factors determining automobile industry growth in India. The paper takes into account a 19-year time period from 1998 to 2016 for 12 firms belonging to the automobile industry in India. The SCP model is used as a framework for examining the performance of the automobile industry. Unlike, the previous studies that are mostly time-series or cross-sectional analysis, the present study employs panel data analysis to measure the impact of selected determinants on automobile industry growth. The paper finds that labour and capital productivity, promotional measures, import intensity, fixed asset turnover, net profit margin and age of the firm as significant determinants of automobile industry growth in India. Further, the findings help to justify the impact of industrial policies on the growth of the industry during this time.

scholarly journals On the Impact of Dividend Payments on Stock Prices - an Empirical Analysis of the German Stock Market

2021 ◽  
Vol 16 (1) ◽  
pp. 255-269
Author(s):  
Konstantin Melching ◽  
Tristan Nguyen
Keyword(s):  
Stock Prices ◽  
Stock Price ◽  
Signaling Theory ◽  
Share Price ◽  
Dividend Payment ◽  
Share Prices ◽  
Dividend Payments ◽  
Time Period ◽  
German Stock ◽  
The Impact

Abstract This paper examines the relation between dividend payments and stock prices of all firms in the German prime standard DAX 30 in the time period from 2012 to 2019. The irrelevance theory introduced by Miller and Modigliani states that dividend payments must not have an impact on stock prices in a perfect market. In contrast, the signaling theory and the dividend puzzle indicate that dividend payments are likely to have a profound impact on the stock price. According to our findings the ex-dividend decrease of stock prices was significantly smaller than the dividend payment. Nevertheless, the results support the impact of the dividend payment on the share price. Firstly, the existence of the ex-dividend markdown is a proof that dividend payments cause share price losses. Secondly, the study explains in particular that high dividend payments result in high share prices over the examined period. Thirdly, our analysis demonstrates a positive correlation between the dividend and the stock price development according to the signaling theory. Considering the above- mentioned results, we can conclude that the share price of a company is highly affected by the decision making of the company regarding the dividend policy.

scholarly journals Orthopaedics Practice in a Rural Hospital During the COVID-19 Pandemic: A Descriptive Cross-Sectional Study

2020 ◽  
Vol 58 (231) ◽  
Author(s):  
Mangal Rawal ◽  
Tufan Singh Kathayat ◽  
Poojan Kumar Rokaya ◽  
Abhishek Kumar Thakur ◽  
Smritee Mahat ◽  
...  
Keyword(s):  
Cross Sectional Study ◽  
Alternative Methods ◽  
Small Scale ◽  
Sectional Study ◽  
Cross Sectional ◽  
Time Period ◽  
Effective Manner ◽  
Public Health Challenges ◽  
The Impact ◽  
Methods Of Treatment

Introduction: The coronavirus disease 2019 pandemic is one of the biggest public health challenges that we have faced, and has had a significant impact on the delivery of essential healthcare worldwide. Trauma and orthopaedic surgery was one of the most severely affected specialties as all non-emergency surgical cases were cancelled. With the possibility of future peak of corona virus, knowing the impact of Covid on orthopaedics would enable us to manage trauma patient in an effective manner and will help us to resume normal schedule of the trauma care. Methods: This is a descriptive cross-sectional study. We studied the details of total number of patient at Orthopaedic and trauma outpatient, inpatient and operation theatre of Karnali Academy of Health Sciences from 14th March 2020 to 16 September 2020 as compared with the patient data from the same time period in 2019. Results: There were 2288 patients during the non-Covid period who visited to the orthopaedic outpatient in comparison to 1618 during Covid period. Only 5 implant removals were performed in comparison to 50 removals (90% reduction) in elective cases. But the number of surgical cases was almost similar (204 vs 207 respectively). Total number of hospital stay had significantly reduced in the non-COVID period (average 4 days vs 6 days). Conclusions: There is reduction in number of orthopaedic and trauma cases during COVID 19 with marked reduction in number of elective cases. Alternative methods of treatment like telemedicine and small scale health camps at peripheral districts should be conducted to treat non-urgent orthopaedic conditions during lockdown.

scholarly journals Measuring team science: Associations between a clinical-translational science institute and investigator ego networks

2019 ◽  
Vol 2 (6) ◽  
pp. 363-370
Author(s):  
Felichism W. Kabo ◽  
George A. Mashour
Keyword(s):  
Positive Impact ◽  
Grant Proposal ◽  
Team Science ◽  
Translational Science ◽  
Cross Sectional ◽  
Ego Networks ◽  
Time Period ◽  
Indirect Impacts ◽  
The University ◽  
The Impact

AbstractThe National Institutes of Health’s Clinical and Translational Science Awards (CTSA) institutes have been created, in part, to have a positive impact on collaboration and team science. This study is the first to examine the associations between a CTSA hub, the Michigan Institute for Clinical and Health Research (MICHR), and investigators’ ego networks. We ran cross-sectional and panel models of the associations between consulting with MICHR and the ego network measure of two-step reach (TSR) – that is, colleagues of colleagues reachable in two steps – from a network of 2161 investigators who had co-submitted a grant proposal to an external sponsor in 2006. Our analyses covered the period 2004–2012, although some model specifications covered the shorter time period 2006–2010. Consulting with MICHR had positive associations with the size of and changes in an investigator’s TSR across and over time, even controlling for research productivity and organizational affiliation. For example, over the period 2006–2010 an investigator who consulted with MICHR reached 44 more individuals than a non-consulting investigator. This study expands our understanding of the indirect impacts that clinical and translational science institutes have on investigators’ scientific networks. This network-based approach might be useful in quantifying the impact of team science initiatives at the university level.

scholarly journals A method for measuring investigative journalism in local newspapers

2021 ◽  
Vol 118 (30) ◽  
pp. e2105155118
Author(s):  
Eray Turkel ◽  
Anish Saha ◽  
Rhett Carson Owen ◽  
Gregory J. Martin ◽  
Shoshana Vasserman
Keyword(s):  
The United States ◽  
Print Advertising ◽  
Investigative Journalism ◽  
Cross Sectional ◽  
News Production ◽  
The Past ◽  
Local Newspapers ◽  
Time Period ◽  
The Impact ◽  
Over Time

Major changes to the operation of local newsrooms—ownership restructuring, layoffs, and a reorientation away from print advertising—have become commonplace in the last few decades. However, there have been few systematic attempts to characterize the impact of these changes on the types of reporting that local newsrooms produce. In this paper, we propose a method to measure the investigative content of news articles based on article text and influence on subsequent articles. We use our method to examine over-time and cross-sectional patterns in news production by local newspapers in the United States over the past decade. We find surprising stability in the quantity of investigative articles produced over most of the time period examined, but a notable decline in the last 2 y of the decade, corresponding to a recent wave of newsroom layoffs.

The Impact of Varying Reference Periods in Survey Questions about Media Use

1993 ◽  
Vol 70 (3) ◽  
pp. 615-627 ◽  
Author(s):  
Vincent Price
Keyword(s):  
Media Use ◽  
National Sample ◽  
Recent Time ◽  
The Past ◽  
Survey Questions ◽  
Time Period ◽  
Alternative Question ◽  
Representative National Sample ◽  
The Impact ◽  
Sample Experiment

Data from a representative, national sample of American adults are used to examine the impact of varying reference periods (the “past week” as opposed to a “typical week”) in survey questions about mass media use. Results from a split-sample experiment comparing the alternative question wordings suggest that providing respondents with the more specific and recent time period (i.e., the “past week”) results in significantly lower overall reports of usage across a variety of media. Results further suggest the potential atypicality of the narrower time period, which might in principle adversely affect the validity of responses, is not a serious concern.

scholarly journals Impact of COVID-19 lockdown on children with asthma in Jordan: a parental questionnaire

2021 ◽  
Vol 5 (1) ◽  
pp. e001136
Author(s):  
Montaha Al-Iede ◽  
Karen Waters ◽  
Shereen M Aleidi ◽  
Basim Alqutawneh ◽  
Hala Alnawaiseh ◽  
...  
Keyword(s):  
Hospital Admissions ◽  
Cross Sectional Study ◽  
Cross Sectional ◽  
Time Period ◽  
Children With Asthma ◽  
Media Applications ◽  
The Impact ◽  
Parental Responses ◽  
Function Testing ◽  
Acute Asthma Exacerbations

ObjectiveTo evaluate the impact of a 10-week lockdown on children with asthma aged 4–17 years in terms of presentations to the emergency department (ED), frequency of admissions, compliance with medications and changes in pulmonary function testing results.Design and settingA questionnaire-based cross-sectional study using Google Forms to collect parents’ and caregivers’ responses after they consented to participation.ResultsA total of 374 parents/caregivers were contacted and 297 (79%) responded. The majority of the children were male (188 or 63%) and 49.8% were aged 7–12 years. More than half of the participants (194 or 65%) reported improved compliance with medications and spacer use. There was a significant reduction in the number of presentations to the ED from 137 to 80 and admissions to hospital from 56 to 24 during the 10-week lockdown period compared with the same time period in the previous year (p≤0.0001). Around 25% of the participants used telemedicine by phone and social media applications for communication with their treating physician and 59 (80%) described it as easy and smooth.ConclusionThe national lockdown in Jordan due to the COVID-19 pandemic was associated with a fall in emergency presentations and hospital admissions for acute asthma exacerbations. Parental responses indicate that fears focused around COVID-19 were associated with enhanced compliance with use preventer medications during the lockdown.

Multidisciplinary team decision is rare and decreasing in percutaneous vascular interventions despite positive impact on in-hospital outcomes

VASA ◽  
2019 ◽  
Vol 48 (3) ◽  
pp. 262-269 ◽  
Author(s):  
Christian-Alexander Behrendt ◽  
Tilo Kölbel ◽  
Thea Schwaneberg ◽  
Holger Diener ◽  
Ralf Hohnhold ◽  
...  
Keyword(s):  
Multidisciplinary Team ◽  
Positive Impact ◽  
Cross Sectional Study ◽  
Invasive Treatment ◽  
Cross Sectional ◽  
Hospital Outcomes ◽  
Vascular Intervention ◽  
Medical Specialties ◽  
Team Decision ◽  
The Impact

Abstract. Background: Worldwide prevalence of peripheral artery disease (PAD) is increasing and peripheral vascular intervention (PVI) has become the primary invasive treatment. There is evidence that multidisciplinary team decision-making (MTD) has an impact on in-hospital outcomes. This study aims to depict practice patterns and time changes regarding MTD of different medical specialties. Methods: This is a retrospective cross-sectional study design. 20,748 invasive, percutaneous PVI of PAD conducted in the metropolitan area of Hamburg (Germany) were consecutively collected between January 2004 and December 2014. Results: MTD prior to PVI was associated with lower odds of early unsuccessful termination of the procedures (Odds Ratio 0.662, p < 0.001). The proportion of MTD decreased over the study period (30.9 % until 2009 vs. 16.6 % from 2010, p < 0.001) while rates of critical limb-threatening ischemia (34.5 % vs. 42.1 %), patients´ age (70 vs. 72 years), PVI below-the-knee (BTK) (13.2 % vs. 22.4 %), and rates of severe TASC C/D lesions BTK (43.2 % vs. 54.2 %) increased (all p < 0.001). Utilization of MTD was different between medical specialties with lowest frequency in procedures performed by internists when compared to other medical specialties (7.1 % vs. 25.7 %, p < 0.001). Conclusions: MTD prior to PVI is associated with technical success of the procedure. Nonetheless, rates of MTD prior to PVI are decreasing during the study period. Future studies should address the impact of multidisciplinary vascular teams on long-term outcomes.

Sign in / Sign up

Export Citation Format

Share Document