Corporate decisions with regard to retained earnings act as a constraint to the consumption-saving decisions of all shareholders, except those who take the decisions - the controlling group. The latter exhibit a preference for a higher retention ratio than the non-controlling share-holders and...

Existing theories of the transnational corporation (TNC) tend to focus exclusively on the supply-side or demand-side factors leading to internationalization of production and the TNC. In this paper we attempt to integrate these two sets of factors. We suggest that supply-and demand are...