从管理角度反思股利政策[外文翻译]

《从管理角度反思股利政策[外文翻译]》由会员上传分享，免费在线阅读，更多相关内容在应用文档-天天文库。

1、外文翻译RevisitingManagerialPerspectivesonDividendPolicyMaterialSource:JournalofeconomicsandfinanceAuthor:H.KentBaker,GaryE.Powell,andE.TheodoreVeit1、IntroductionOneofthemorepuzzlingissuesincorporatefinanceinvolvesdividends.MillerandModigliani(1961)provideacompelli

2、ngandwidelyacceptedargumentfordividendirrelevanceinaworldwithperfectcapitalmarkets.Manyyearslater,Miller(1986)recognizedthattheobservedpreferenceforcashdividendsisoneofthe“softspotsinthecurrentbodyoftheory.”Sowhydocorporationspaydividends,andwhydoinvestorscare?

3、Tohelpexplainthispuzzle,financialeconomistsdevelopedvarioustheories—signaling,tax-preference,agencycosts,andbird-in-the-handexplanations.TheprofusionoftheoriesledAng(1987,p.55)toobserve,“Thus,wehavemovedfromapositionofnotenoughgoodreasonstoexplainwhydividendsar

4、epaidtooneoftoomany.”Advocatesofbehavioralfinance,suchasShefrinandStatman(1984),introducedconceptssuchasprospecttheoryandmentalaccountingtoexplainwhyinvestorslikedividends.Statman(1997)contendsthatsolvingthedividendpuzzleisimpossiblewhileignoringthepatternsofno

5、rmalinvestorbehavior.Today,corporatemanagersareleftwithavastandoftenconflictingbodyofresearchaboutdividends.Onewaytoenhanceourunderstandingofwhycorporationspaydividendsistoexaminetheviewsofmanagerswhoareresponsibleformakingsuchdecisions.Pastfieldworkandsurveysh

6、aveprovidedimportantinsightsintohowmanagersdeterminetheirfirm’sdividendpayoutsandtheirviewsaboutvariousdividendpolicyissues.Forexample,Lintner(1956)conductedtheseminalfieldstudyaboutthedeterminationofdividendpolicy.OtherresearchersincludingBaker,Farrelly,andEde

7、lman(1985)andBakerandPowell(1999)surveyedmanagerstoobtaintheirviewsaboutdividendpolicy.Suchstudiescomplementothertypesofempiricalresearchondividendpolicy.Ourstudyexamineshowmanagersviewdividendpolicybutusesadifferentdatasettoextendandrefinethescopeofprevioussur

8、veyresearch.Specifically,wesurveycorporatemanagersofNasdaqfirmsthatconsistentlypaycashdividendstodeterminetheirviewsaboutdividendpolicy,therelationshipbetweendividendpolicya