Dividend payout determinants for Australian Multinational and Domestic Corporations

I investigate the determinants of dividend payments for Australian Multinational Corporations ( MC s) and Domestic Corporations ( DC s). Six measures of dividend payout ratios are investigated, and five international factors are employed in addition to traditional factors. I find: MC s pay significantly less regular cash, special cash, total dividends and net dividends relative to DC s; the degree of foreign involvement is important in determining special cash and net dividend payments; MC s are more active than DC s in dividend increasing activities; and MC s are significantly less likely to be a dividend payer relative to DC s due to tax disadvantages coupled with unfavourable foreign risk exposures.