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1、本科毕业论文(设计)外文翻译原文:StaggeredBoards,ManagerialEntrenchmentandDividendPolicy1IntroductionAccordingtoagencytheory,dividendpayoutshelpalleviateagencycostsbyreducingtheamountoffreecashflowavailabletomanagers,whonotnecessarilyactinthebestinterestsoftheshareholders(GrossmanandHa
2、rt1980;Easterbrook1984;Jensen1986).Furthermore,Easterbrook(1984)arguesthatdividendshelpmitigateagencyconflictsbyexposingfirmstomorefrequentmonitoringbytheprimarycapitalmarketsbecausepayingdividendsmakesitmorelikelythatnewcommonstockhastobeissuedmoreoften.Staggeredorclas
3、sifiedboardsrepresentoneofthemostcontroversialgovernanceprovisions.Staggeredboardscaninsulateinefficientmanagersfromtakeovermarketforces,therebypromotingmanagerialentrenchment.TwopowerfulrecentstudiesbyBebchukandCohen(2005)andFaleye(2007)findstrongevidenceindicatingthat
4、staggeredboardsallowmanagerialentrenchment,ultimatelyresultinginsignificantlylowerfirmvalue.Motivatedbyagencytheory,weexploretheeffectofpotentialentrenchmentondividendpayouts.Asstaggeredboardscanexacerbateagencyconflictsanddividendpayoutscanhelpalleviateagencycosts,wesu
5、rmisethatdividendpolicyisaffectedbywhetherornotthefirmhasastaggeredboard.Ourfindingsareconsistentwiththishypothesis.Inparticular,theevidencedemonstratesthatfirmswithstaggeredboardsaremorelikelytopaydividends,andfirmsthatpaydividendspaylargerdividendsthanthosewithunitary
6、boards.Theresultsarerobustevenaftercontrollingforalargenumberoffirm-specificcharacteristicsandforanalternateformofpayouts,i.e.,sharerepurchases.Furthermore,weexaminethereversecausalityargument,wheredividendpolicymightleadtotheadoptionorrescissionofastaggeredboard.Bebchu
7、ketal.(2005)notethatveryfewfirmshaveeitheradoptedorrescindedstaggeredboardssince1990.Asaresult,managerslikelymakedividenddecisionswhileviewingtheexistenceofastaggeredboardaspre-determined.Itismuchmorelikelythatcausalityrunsfromstaggeredboardstodividendpayoutsthanvicever
8、sa.Inanycase,werunananalysisbasedontwo-stageleastsquares(2SLS)estimationandfindconsistentevidencethatstaggered