股权结构与股利政策：来自马来西亚的实证研究【外文翻译】

《股权结构与股利政策：来自马来西亚的实证研究【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、外文翻译OwnershipStructureandDividendPolicy:EvidencefromMalaysianCompaniesMaterialSource:InternationalReviewofBusinessResearchPapersVol.6Author:NathasaMazna1.0IntroductionRecentstudiessuchasClaessensetal.(2000),Faccioetal.(2001)andLaPortaetal.(1999)observe

2、thatmanypubliclistedcompanieslocatedoutsidetheUSandUKhavehighconcentrationofownership,withasinglelargeshareholderorshareholdergrouppredominantlycontrollingcompanies.TheevidenceoflargeshareholdersindevelopedcountriesbesideUSandUK,EuropeancountriesandEas

3、tAsiancountriesareagainsttheconceptoftheseparationofownershipfromcontrolviewedbyBerleandMeans(1932).Theeffectivecontrolofthelargeshareholdersenablesthemtoinfluencethedecisionsregardinghowcompaniesarerunandalsodecisionsoncorporatepolicies.However,asstat

4、edbyHolderness(2003),theroleoflargeshareholdersisnotwelldevelopedintheownershipliterature,especiallytheroleofthelargestshareholder.Thelargestshareholderisauniquegroupofshareholder,astheirholdingcanbeassociatedwithbenefitsandcosts,especiallytheunderinve

5、stmentcosts(Claessensetal.2002;TruongandHeaney2007).Dividendpolicyisoneofcompanies’decisionsthatarefoundtobeinfluencebycorporateownershipstructure.Dividendscanbeusedtomitigateagencyproblemsinacompany(Easterbrook1984;Jensen1986;Rozeff1982),thussubstitut

6、elargeownershipasmonitoringtools.Ontheotherhand,largeshareholderscouldusetheirpowertoexpropriatecorporateresourcesfortheirownprivateconsumption.Thiscouldlimitthedividendpaymentsofcompaniesthatareassociatedwithsevereagencyconflicts(Faccioetal.2001).Invi

7、ewofthisargument,itisessentialtoexaminetheassociationbetweenlargeshareholders,especiallythelargestshareholderanddividendpolicytogainbetterunderstandingoncorporatedividenddecisions.Themainfocusofthisstudyistoinvestigatetheeffectofthelargestshareholderon

8、thecorporatedividendpolicybyexaminingMalaysianlistedcompaniesfrom2002to2006.Malaysiaprovidesaninterestingbackgroundtoexaminethisissueastheownershipstructureisconcentratedandlargeshareholdersareincontrol.Onaverage,thestudyfindsthatthelar