This is one of 2 M.I.Hummel figurines of young children being chased up a tree by a dog. This one depicts a young girl sitting on a low branch wearing just one shoe. The other shoe is in the mouth of the dog sitting at the base of the tree.
Arthur Moeller modeled this figurine in 1952 as a companion to his 1936 model 56/A (Culprits), which depicts a boy climbing a tree to escape a dog.
This figurine bears the TMK3 (stylized bee) trademark and measures 6.75" tall. As one of the older variations, the girl's eyes are open. Later models have the eyes looking down. It also shows a little light crazing commensurate to its age.