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Corruption, national culture, law and dividend repatriation policy

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  • Tahir, Muhammad
  • Ibrahim, Haslindar
  • Zulkafli, Abdul Hadi
  • Mushtaq, Muhammad

Abstract

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.

Suggested Citation

  • Tahir, Muhammad & Ibrahim, Haslindar & Zulkafli, Abdul Hadi & Mushtaq, Muhammad, 2020. "Corruption, national culture, law and dividend repatriation policy," Journal of Multinational Financial Management, Elsevier, vol. 57.
    • Handle: RePEc:eee:mulfin:v:57-58:y:2020:i::s1042444x20300475
    DOI: 10.1016/j.mulfin.2020.100658
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    More about this item

    Keywords

    Dividend repatriation policy; Corruption; National culture; Rule of law; Speed of adjustment; Foreign subsidiaries;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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