This study aims to examine the impact of investment opportunities and the global financial crisis on dividend repatriation policy. Additionally, it investigates the interaction effect of credit market development on the association between investment opportunities and dividend repatriation policy. The current study uses secondary data concerning the foreign subsidiaries of US MNCs in 50 countries during the period 2005–2016. Dynamic panel generalised method of moments (GMM) estimator is applied to estimate the dynamic dividend repatriation models. The findings reveal that investment opportunities in the host country significantly negatively influence the dividend repatriation policy. However, credit market development in the host country significantly positively interacts the link between investment opportunities and dividend repatriation policy. This implies that credit market development reduces the negative impact of investment opportunities on the dividend repatriation policy. Further, the findings suggest that dividend repatriation by US MNCs increased significantly during the global financial crisis.

中文翻译：

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将投资机会、信贷市场发展和股息汇回政策联系起来

本研究旨在探讨投资机会和全球金融危机对股息汇回政策的影响。此外，它还研究了信贷市场发展对投资机会与股息汇回政策之间关联的相互作用影响。本研究使用 2005 年至 2016 年期间美国跨国公司在 50 个国家的海外子公司的二手数据。应用动态面板广义矩法（GMM）估计器来估计动态股息汇回模型。研究结果表明，东道国的投资机会对股息汇回政策产生显着的负面影响。然而，东道国信贷市场的发展对投资机会和股息汇回政策之间的联系产生了显着的正向相互作用。这意味着信贷市场的发展减少了投资机会对股息汇回政策的负面影响。此外，研究结果表明，全球金融危机期间，美国跨国公司的股息汇回大幅增加。