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1、原文：RevisitingManagerialPerspectivesonDividendPolicyMuchempiricalresearchexistsinvestigatingwhetherdividendpolicyaffectsfirmvalue.GrahamandDodd(1951)andGordon(1959)arguethatanincreaseinthedividendpayoutincreasesstockprice(value)andlowersthecostofequity
2、,butempiricalsupportforthispositionisweak.OtherssuchasLitzenbergerandRamaswamy(1979,1982),Blume(1980),andAngandPeterson(1985)taketheoppositeposition.Theirstudiesreportthatstockswithhighdividendpayoutratioshavehigherrequiredreturnsandthereforelowerpric
3、es.StillotherssuchasBlackandScholes(1974),MillerandScholes(1978,1982),Miller(1986),andBemstein(1996)maintainthatdividendpolicymakesnodifferencebecauseithasnoeffectoneitherstockpricesorthecostofequity.Researchershavetestedthesealternativetheoriesofdivi
4、dendpolicybuthavenotobtainedconclusiveresults.Thus,theissueofwhichexplanationofdividendpolicyismostcorrectremainsunresolved.Weaddressthreemajorresearchquestionsinthisstudy.First,whatviewsdoNasdaqmanagersfromdividend-payingfirmshaveonthedividend-settin
5、gprocess?WeexpectthatoursurveyrespondentsstronglyagreewithstatementsinvolvingLintner's(1956)modelondividendpolicy.Lintner'sfamousinvestigationofdividendpolicystressesthatfirmsonlyincreasedividendswhenmanagementbelievesthatearningshavepermanentlyincrea
6、sed.Aspreviouslydiscussed,muchsupportexistsforLintner'sdescriptionofhowfirmssettheirdividendpayments.WeexpecttheNasdaqfirmsstudied,allofwhichhaveestablishedpatternsofpayingdividends,toholdsimilarviews.Second,docorporatemanagersofdividend-payingNasdaqf
7、irmsbelieveafirm'sdividendpayoutcanaffectfirmvalue?Basedonasetofhighlyrestrictiveassumptions,MillerandModigliani(1961)contendthatdividendpolicyhasnoeffectoneitherthepriceofafirm'sstockoritscostofcapital.Weexpectthatmanagersgenerallybelievethatdividend
8、policymattersbecausetheyoperateinaworldinwhichmarketimperfectionscanmakedividendpolicyrelevant.Therefore,weexpecttoobservegeneralagreementbymanagersofNasdaqfirmsparticipatinginourstudywithstatementsrelatingtotherelationshipbetweendividendpolic
