This study aims to examine the effect of corruption, national culture, and rule of law on the dividend repatriation policy of foreign subsidiaries of US multinational corporations (MNCs) in 51 countries. The findings reveal that foreign subsidiaries of US MNCs repatriate lower dividends from host countries that have a higher rate of corruption. Additionally, findings suggest that foreign subsidiaries of US MNCs repatriate higher dividends from individualistic countries. Further, weak legal protection in the host country leads to higher dividend repatriation. Moreover, given an effective legal system in a host country, foreign subsidiaries of US MNCs with higher growth opportunities repatriate lower dividends. Finally, this study finds that foreign subsidiaries of US MNCs functioning in countries with a higher rate of corruption, individualistic culture, and the strict rule of law adjust faster towards optimal dividend repatriation policy. The findings are robust to alternative estimation methods and measures.

本研究旨在考察腐败，民族文化和法治对美国跨国公司（MNC）在51个国家/地区的外国子公司的股息返还政策的影响。调查结果表明，美国跨国公司的外国子公司从腐败率较高的东道国返还较低的股息。此外，研究结果表明，美国跨国公司的外国子公司从个人主义国家返还较高的股息。此外，东道国法律保护薄弱导致更高的股息返还。此外，鉴于东道国实行有效的法律制度，具有较高增长机会的美国跨国公司的外国子公司会返还较低的股息。最后，这项研究发现，美国跨国公司的外国子公司在腐败率较高的国家中运作，个人主义文化和严格的法治会更快地朝着最佳股息返还政策调整。该发现对于替代估计方法和度量是可靠的。