交错董事会，管理防御和股利政策[外文翻译]

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1、本科毕业论文（设计）外文翻译原文：StaggeredBoards,ManagerialEntrenchment,andDividendPolicy2Background,literaturereview,andhypothesisdevelopment2.1TheroleofstaggeredboardsinentrenchingincumbentsIntheU.S.,boardsofdirectorscanbeeitherunitaryorstaggered.Infirmswithaunitaryboard,alldirectorsstandforelectione

2、achyear.Infirmswithastaggeredorclassifiedboard,directorsaredividedintothreeclasses,withoneclassofdirectorsstandingforelectionateachannualmeetingofshareholders.Ordinarily,aclassifiedboardhasthreeclassesofdirectors,whichinmoststatesofincorporationisthemaximumnumberofclassesallowedbystatec

3、orporatelaw(BebchukandCohen2005).Boardscanberemovedinoneofthefollowingtwoways.First,areplacementcanoccurduetoastand-aloneproxyfightbroughtaboutbyarivalteamthatattemptstoreplacetheincumbentsbutcontinuestorunthefirmasastand-aloneentity.Second,aboardmaybereplacedasaconsequenceofahostiletak

4、eover.Eitherway,thedifficultywithwhichdirectorscanberemovedcriticallydependsonwhetherthefirmhasastaggeredboard.Inastand-aloneproxycontest,staggeredboardsmakeitconsiderablymoredifficulttowincontrolbyrequiringarivalteamtoprevailintwoelections.Inahostiletakeover,staggeredboardsprotectincum

5、bentsfromremovalduetotheinteractionbetweenincumbentsandaboard’spowertoadoptandmaintainapoisonpill3.Beforetheadoptionofthepoisonpilldefense,staggeredboardsweredeemedonlyamilddefensemechanism,astheydidnotimpedetheacquisitionofacontrolblock.Theacceptanceofthepoisonpill,however,hasimmensely

6、strengthenedtheanti-takeoverpowerofstaggeredboards.TwopowerfulrecentstudiesbyBebchukandCohen(2005)andFaleye(2007)demonstratethatfirmswithstaggeredboard’sexhibitsignificantlylowervaluethanthosewithunitaryboards.Thus,theevidenceisinaccordancewiththenotionthatstaggeredboardspromotemanageri

7、alentrenchment,exacerbateagencyconflicts,andultimatelyhurtfirmvalue.2.2PriorliteratureExistingliteratureprovidesevidenceconsistentwiththeagencyroleofdividendsinAlleviatingJensen’s(1986)freecashflowproblem(Easterbrook1984;LangandLitzenberger1989;SmithandWatts1992;GaverandGaver19