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1、原文：RevisitingManagerialPerspectivesonDividendPolicyMuchempiricalresearchexistsinvestigatingwhetherdividendpolicyaffectsfirmvalue.GrahamandDodd(1951)andGordon(1959)arguethatanincreaseinthedividendpayoutincreasesstockprice(value)andlowersthecostofequity,butempirica
2、lsupportforthispositionisweak.OtherssuchasLitzenbergerandRamaswamy(1979,1982),Blume(1980),andAngandPeterson(1985)taketheoppositeposition.Theirstudiesreportthatstockswithhighdividendpayoutratioshavehigherrequiredreturnsandthereforelowerprices.StillotherssuchasBlac
3、kandScholes(1974),MillerandScholes(1978,1982),Miller(1986),andBemstein(1996)maintainthatdividendpolicymakesnodifferencebecauseithasnoeffectoneitherstockpricesorthecostofequity.Researchershavetestedthesealternativetheoriesofdividendpolicybuthavenotobtainedconclusi
4、veresults.Thus,theissueofwhichexplanationofdividendpolicyismostcorrectremainsunresolved.Weaddressthreemajorresearchquestionsinthisstudy.First,whatviewsdoNasdaqmanagersfromdividend-payingfirmshaveonthedividend-settingprocess?Weexpectthatoursurveyrespondentsstrongl
5、yagreewithstatementsinvolvingLintner's(1956)modelondividendpolicy.Lintner'sfamousinvestigationofdividendpolicystressesthatfirmsonlyincreasedividendswhenmanagementbelievesthatearningshavepermanentlyincreased.Aspreviouslydiscussed,muchsupportexistsforLintner'sdescr
6、iptionofhowfirmssettheirdividendpayments.WeexpecttheNasdaqfirmsstudied,allofwhichhaveestablishedpatternsofpayingdividends,toholdsimilarviews.Second,docorporatemanagersofdividend-payingNasdaqfirmsbelieveafirm'sdividendpayoutcanaffectfirmvalue?Basedonasetofhighlyre
7、strictiveassumptions,MillerandModigliani(1961)contendthatdividendpolicyhasnoeffectoneitherthepriceofafirm'sstockoritscostofcapital.Weexpectthatmanagersgenerallybelievethatdividendpolicymattersbecausetheyoperateinaworldinwhichmarketimperfectionscanmakedividendpoli
8、cyrelevant.Therefore,weexpecttoobservegeneralagreementbymanagersofNasdaqfirmsparticipatinginourstudywithstatementsrelatingtotherelationshipbetweendividendpolic
