文章基本信息

标题：Influence of Exchange Rate Fluctuations and Credit Supply on Dividend Repatriation Policy of U.S. Multinational Corporations
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作者：Muhammad Tahir ; Haslindar Ibrahim ; Abdul Hadi Zulkafli 等
期刊名称：Journal of Central Banking Theory and Practice
电子版ISSN：2336-9205
出版年度：2020
卷号：9
期号：3
页码：267-290
DOI：10.2478/jcbtp-2020-0031
语种：English
出版社：Sciendo
摘要：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.
关键词：Exchange rate fluctuations;Credit supply;Dividend repatriation policy;Generalised method of moments;Multinational corporations