Příčiny a důsledky odlivu dividend pro Českou republiku v letech 1993-2018

The outflow of dividends is not only a problem of post-transformation economies, but also of some developed countries of Western Europe. The reason of the non-decreasing deficit of the primary income balance is the high attractiveness of the Czech Republic for foreign investors, not only in times of economic transformation. Moreover, dividends outflow is supported by institutional problems, such as zero dividend taxation from subsidiary companies or non-optimal stimulation of foreign capital inflows through investment incentives. Although the outflows of dividends are linked to the natural convergence of economies caused by the inflow of foreign direct and portfolio investments, their effect is not always positive. In the long run, it can lead to a decline of national wealth and rent-seeking in market-problematic sectors, where it is difficult to apply an anti-outflow policy. The need for an active economic policy to guard economy against the high dividend outflow is very actual. Indeed, the hypothesis that the outflow of dividends is decreasing due to the lower need for foreign capital caused by economic growth, is not confirmed empirically. This problem can be solved by liberal-paternalistic motivation to reinvestments or by dividend label.