Abstract This study aims to examine the effect of exchange rate fluctuations and credit supply on the dividend repatriation policy of foreign subsidiaries of U.S. multinational corporations (MNCs) around the world. The difference generalised method of moments (GMM) estimator was applied to estimate the dynamic dividend repatriation model. The results suggest that the appreciation of host-country currency against the USD leads to higher dividend repatriation by the foreign subsidiaries of U.S. MNCs. Moreover, results reveal that higher availability of private credit in the host country results in lower dividend repatriation by the U.S. MNCs’ foreign subsidiaries.

中文翻译：

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汇率波动和信贷供给对美国跨国公司股息返还政策的影响

摘要本研究旨在探讨汇率波动和信贷供给对全球美国跨国公司（MNC）外国子公司的股息返还政策的影响。应用差分广义矩矩估计器（GMM）估计动态股息返还模型。结果表明，东道国货币对美元的升值导致美国跨国公司的外国子公司将较高的股息汇回国内。此外，结果表明，东道国私人信贷的可用性提高，导致美国跨国公司的外国子公司返还股息的可能性降低。