上市公司股利政策外文文献翻译2017_第1页
上市公司股利政策外文文献翻译2017_第2页
上市公司股利政策外文文献翻译2017_第3页
上市公司股利政策外文文献翻译2017_第4页
上市公司股利政策外文文献翻译2017_第5页
已阅读5页,还剩8页未读 继续免费阅读

下载本文档

版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领

文档简介

1、外文文献翻译 原文及译文文献出处:Carl Mika. The research of dividend policy of listed firms J. Global Finance Journal, 2017, 2(12): 124-135.原文The research of dividend policy of listed firmsCarl MikaAbstractIn this paper we analyze the results from a survey among all publicly listed Nordic firms on their dividend pa

2、yout policy. The results show that 72% of the Nordic companies have a specified dividend policy. Larger and more profitable companies are more likely to have a defined dividend policy in place. The dividend policy is mostly influenced by capital structure considerations and the outlook of future ear

3、nings. We also find that the likelihood for a firm having an explicit dividend policy is positively related to ownership concentration as well as to the presence of large long-term private or industrial owners. Our results support the use of defined dividend policies for agency or monitoring reasons

4、 rather than signaling reasons.Keywords: Corporate finance;Dividend policy;Payout;NASDAQ OMXIntroductionEver since studies such asLintner (1956)andFama and Babiak (1968), a large number of papers have studied corporate dividend policies (payout ratios) and factors that contribute to the payout decis

5、ion. Recently, focus has been on the choice between dividends and share repurchases (see for exampleGuay and Harford, 2000andJagannathan et al., 2000; andSkinner, 2008), the question of disappearing dividends (see for exampleDeAngelo et al., 2004andFama and French, 2001), and the relationship betwee

6、n minority protection and dividends (see for exampleFaccio et al., 2001andLa Porta et al., 2000). Typically, the dividend payout is found to be a function of factors such as profitability of the company, stability of the earnings, rate of growth, free cash flows, and more recently, the governing str

7、ucture of the company. In their survey of dividend policies,DeAngelo, DeAngelo and Skinner (2008)conclude that a simple asymmetric information framework does a good job at explaining observed payout policies. This framework emphasizes the need to distribute free cash flow in the presence of agency c

8、osts and security valuation problems. They also conclude that other motives and factors such as signaling, tax preferences, and clientele demands have at best minor influences, but that behavioral biases at the managerial level (such as overconfidence) and the idiosyncratic preferences of controllin

9、g shareholders plausibly have a first order impact.We contribute to the literature on studies of the relationship between controlling shareholders and dividend decisions by studying the determinants of whether a firm follows a more explicit dividend policy. While implicit dividend policies (most com

10、monly the relationship between dividends and earnings, and the speed of adjustment to an assumed optimal level) have been subject of many studies, only a few papers have studied whether a company has an explicit defined dividend policy in place, and what factors are related to the choice of that pol

11、icy (exceptions includeBaker, Saadi, Dutta, & Gandhi, 2007; andBrav, Graham, Harvey, & Michaely, 2005).There are many reasons for why the question of whether the firm follows a clearly defined dividend policy may be of interest. Firstly, it can be seen as an alternative approach to study whether sig

12、naling can be one of the motives for dividend distributions. Without expectations for future dividends, formulated by some systematic publicly announced dividend policy, deviations from such expectations cannot be identified and reacted upon. Thus, one could view a “dividend policy” as a necessary b

13、ut not sufficient condition for dividends to convey information about future earnings. Secondly, a systematic and defined dividend policy may also be required by dominant corporate owners. The policy may solve agency problems between minority owners and large owners in firms with concentrated owners

14、hip (La Porta et al., 2000), and optimize taxation or satisfy large owners preference for a more predictable dividend stream. Literature review and hypothesis developmentThere exists a vast literature on corporate dividend policy. The main determinants of a corporate dividend policy include tax opti

15、mizing, firm profitability and earnings stability, signaling (of firm investment policy) and managerial or majority owner related agency costs. There are a number of papers that study which factors are considered by companies when setting their dividend policy. Early results indicate that taxes play

16、 a role if taxation on capital gains and dividends differ, but if they do not differ, taxation does not play a major role (Amihud & Murgia, 1997). In addition, the profitability of the company and the stability of its earnings play a major role in the dividend policy (see for exampleBarclay, Smith,

17、& Watts, 1995andGaver & Gaver, 1993). Other significant factors include, among others, companys (expected) growth rate and investment opportunities and signaling about the quality of the firms investment potential (see for exampleFama and French, 2001andMichaely et al., 1996andMyers & Majluf, 1984).

18、 Finally,La Porta, Lpez de Silanes, Shleifer, and Vishny (1998)observe that companies tend to pay higher dividends in countries where minority shareholders have greater protection.A dividend policy can be formulated in several ways. In theLintner (1956)study, the most common specification was based

19、on the long-run target payout ratio. Current earnings are the main determinant of the current dividend while deviations from the target represent the signaling component. Dividend per share is another potential dividend policy target and is only weakly linked to current earnings performance through

20、the corporate history. Dividends may also be related to other currently observable measures such as the companys stock price.DataThe survey dataThis paper is based on the results of a questionnairedirected to all chairpersons of the Board of firms in the Nordic countries (Denmark, Finland, Iceland,

21、Norway, and Sweden). this paper lists the questions used in the survey.The survey was conducted in two stages. In the first stage, the questionnaire was sent to the chairmen in the Nordic firms listed on the exchanges operated by the OMX (now NASDAQ OMX) including the national stock markets of Denma

22、rk, Finland, Iceland, and Sweden. This took place in early December 2007. In the second stage, in May 2008, the questionnaire was sent to the chairmen in the firms listed at the Oslo Brs in Norway. The questionnaire was sent as a letter directed to a named respondent. The names and addresses of the

23、chairmen were hand-collected into a database. Ultimately, the questionnaire was sent to 780 firms in total.Background dataThe responses were matched with background information on firm financials and ownership concentration. The financial data are collected from three sources. Our primary source is

24、the Amadeus database. Additional items have been collected from Datastream, when not available in Amadeus. Finally, annual reports downloaded from internet sources have provided an additional data source in cases where information has not been available in other databases. The financials are from th

25、e last reporting year completed prior to the questionnaire was sent out. This period is year-end 2006 for Denmark, Finland, Iceland, and Sweden and year 2007 for Norway. Year-end exchange rates have been used to convert all financials to the same currency, euro, which already was the currency of Fin

26、land. Financial data were collected not only for responding firms, but also for the whole market, to facilitate relating our sample to the whole population of the survey.ResultsWe asked the chairpersons to indicate whether their company had a defined dividend policy. Two alternatives (yes and no) we

27、re given. Panel Ashows the results. Out of the 158 responses we got from the chairpersons, 152 provided an answer to this question. 110 companies (72.4%) had a defined dividend policy, 42 (27.6%) did not.ConclusionsThe results of our extensive survey among Nordic listed firms on their commitment to

28、dividend policy show that 72% of the Nordic companies have a specified dividend policy. Furthermore, the results indicate that the dividend policies are mostly influenced by the considerations of the companys capital structure and future earnings. In estimations studying the determinants for whether

29、 a firm has an explicit dividend policy or not, we find that firms with older chairmen appear to prefer a looser commitment to payout policy as their firms are significantly less likely to have an explicit dividend policy in place. We also documented that larger and more profitable companies are mor

30、e likely to commit to a defined dividend policy.Finally, the likelihood for a firm having an explicit dividend policy is significantly positively related to ownership concentration as well as to large long-term private or industrial owners. This gives indirect support for agency/monitoring motives r

31、ather than the signaling motive which is expected to be more prevalent in firms with dispersed ownership. Overall, our results suggest that the relatively concentrated ownership structures in Nordic firms play a role in shaping dividend policy over traditional tax or signaling based rationales for a

32、 dividend policy.ReferencesAmihud, Y., & Murgia, M. (1997). Dividends, taxes, and signaling: Evidence from Germany. Journal of Finance, 52(1), 397408.Baker, H. K., Mukherjee, T. K., & Paskelian, O. G. (2006). How Norwegian managers view dividend policy. Global Finance Journal, 17, 155176.Baker, H. K

33、., Saadi, S., Dutta, S., & Gandhi, D. (2007). The perception of dividends by Canadian managers: New survey evidence. International Journal of Managerial Finance, 3(1), 7091.Barclay, M., Smith, C., & Watts, R. (1995). The determinants of corporate leverage and dividend policies. Journal of Applied Co

34、rporate Finance, 7(4), 419.Bena, J., & Hanousek, J. (2005). Rent extraction by large shareholders: Evidence using dividend policy in the Czech Republic. Working paper series 291. Charles University, Center for Economic Research and Graduate Education.Brav, A., Graham, J. R., Harvey, C. R., & Michael

35、y, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483527.Brunzell, T., Liljeblom, E., & Vaihekoski, M. (2013). Determinants of capital budgeting methods and hurdle rates in Nordic firms. Accounting & Finance, 53(1), 85110.DeAngelo, H., DeAngelo, L., & Skinner, D

36、. J. (2004). Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics, 72, 425456.DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2008). Corporate payout policy. Foundations and trends in finance. Nos. 2-3. (pp. 95287).Easterbrook, F. H. (198

37、4). Two-agency explanations of dividends. American Economic Review, 74(4), 650659.译文上市公司的股利分配政策研究Carl Mika摘要本文分析了所有在北欧公开上市的公司的股利分配政策。研究结果表明,72%的北欧公司都有其独特的股利政策。那些规模更大的以及盈利更多的公司更有可能有一个特定的股利政策。股利政策主要受到资本结构因素和未来收益前景的影响。我们还发现,公司有一个明确的股利政策可能与所有权集中度以及企业家之间存在着积极的关系。我们的研究结果认为,可以使用特定的股利分配政策。关键词:企业融资;股利政策;支出;

38、纳斯达克交易所引言自从林特纳于1956年,法玛和巴比克于1968年所做的研究以来,目前有大量的文献都研究了企业的股利政策(股息支付率)和影响企业股利分配的决定因素。最近,人们的研究一直都在关注股息分配或股票回购方面(例如:盖伊和哈福德,2000;贾甘纳坦等,2000;斯金纳,2008),股利消失的问题(例如:迪安杰罗等,2004;法玛和弗兰奇,2001);以及少数股权保护与股息分配之间的关系(例如:法乔等,2001和博尔特等,2000)。通常来说,股息分配政策是企业中一系列因素导致的结果,如:公司的盈利能力、稳定的收入增长速度、自由现金流以及公司的治理结构等。在他们对股利政策的调查中,迪安杰罗

39、和斯金纳(2008)得出结论,有一个简单的信息不对称框架,可以很好地解释观察到的派息政策。这个框架强调了需要分散自由现金流的代理成本和安全评估问题。他们还得出结论,其他动机和因素,比如:税收优惠、客户的需求等。另外,行为偏差管理水平(如过度自信)和控股股东的特殊偏好似乎对公司的股利政策也会有一定的影响。我们的研究对控股股东和股息分配政策的决定因素之间的关系,以及一个公司是否遵循一个更明确的股利政策等方面的研究都是有所助益的。而隐含的红利政策(最常见的股利和盈利之间的关系)已经被许多专家学者们所研究,只有少数文献研究了公司是否有一个明确的分红政策,以及分红政策的选择与哪些因素相关 (贝克,萨阿迪

40、和甘地2007;布拉夫,格雷厄姆,哈维和米夏埃尔,2005)。关于为什么很多研究都对公司是否遵循一个特定的股息政策感兴趣,这有许多的原因。首先,它可以被看作是用来研究企业是否有特定的股息分配政策的另一种方法。因为难以预期到未来的股息,一些企业制定和公开宣布的分红政策,都有可能有所偏离。因此,人们可以查看“股息政策”作为股息分配方法的必要条件但不是充分条件,因为这一政策难以传达关于未来收益的信息。其次,那些对企业持有控股权的企业所有者也需要一个特定的股利分配政策。这一政策可能解决少数股股东的代理和大老板在公司集中所有权之间的问题(博尔特等,2000),优化税收问题,以及满足企业主的股利分配偏好问题。文献综述和假设的发展关于公司股利政策的研究已有大量的文献。公司股利政策的主要决定因素包括税收优化,公司盈利能力和盈亏稳定性,信令(公司投资政策)和管理或大股东相关的代理成本。之前就有许多论文研究公司制定股利政策的决

温馨提示

  • 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
  • 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
  • 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
  • 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
  • 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
  • 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
  • 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。

评论

0/150

提交评论