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1、外文文献翻译原文及译文文献出处：CarlMika.Theresearchofdividendpolicyoflistedfirms[J].GlobalFinanceJournal,2017,2(12):124-135.原文TheresearchofdividendpolicyoflistedfirmsCarlMikaAbstractInthispaperweanalyzetheresultsfromasurveyamongallpubliclylistedNordicfirmsontheirdividendpayoutpolicy.Theresultsshowthat72%oftheN
2、ordiccompanieshaveaspecifieddividendpolicy.Largerandmoreprofitablecompaniesaremorelikelytohaveadefineddividendpolicyinplace.Thedividendpolicyismostlyinfluencedbycapitalstructureconsiderationsandtheoutlookoffutureearnings.Wealsofindthatthelikelihoodforafirmhavinganexplicitdividendpolicyispositive
3、lyrelatedtoownershipconcentrationaswellastothepresenceoflargelong-termprivateorindustrialowners.Ourresultssupporttheuseofdefineddividendpoliciesforagencyormonitoringreasonsratherthansignalingreasons.Keywords:Corporatefinance; Dividendpolicy; Payout; NASDAQOMXIntroductionEversincestudiessuchas Li
4、ntner(1956) and FamaandBabiak(1968),alargenumberofpapershavestudiedcorporatedividendpolicies(payoutratios)andfactorsthatcontributetothepayoutdecision.Recently,focushasbeenonthechoicebetweendividendsandsharerepurchases(seeforexample GuayandHarford,2000 and Jagannathanetal.,2000;and Skinner,2008),
5、thequestionofdisappearingdividends(seeforexample DeAngeloetal.,2004 and FamaandFrench,2001),andtherelationshipbetweenminorityprotectionanddividends(seeforexample Faccioetal.,2001 and LaPortaetal.,2000).Typically,thedividendpayoutisfoundtobeafunctionoffactorssuchasprofitabilityofthecompany,stabil
6、ityoftheearnings,rateofgrowth,freecashflows,andmorerecently,thegoverningstructureofthecompany.Intheirsurveyofdividendpolicies, DeAngelo,DeAngeloandSkinner(2008) concludethatasimpleasymmetricinformationframeworkdoesagoodjobatexplainingobservedpayoutpolicies.Thisframeworkemphasizestheneedtodistrib
7、utefreecashflowinthepresenceofagencycostsandsecurityvaluationproblems.Theyalsoconcludethatothermotivesandfactorssuchassignaling,taxpreferences,andclienteledemandshaveatbestminorinfluences,butthatbehavioralbiasesatthemanageri
