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ID:776557
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时间:2017-09-04
《日本的股权集中度代理冲突股息政策英文原文及译文论文》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、原文:Ownershipconcentration,agencyconflicts,anddividendpolicyinJapan1.IntroductionAgencyconflictsplayanimportantroleincorporatedecisions.Intheirseminalpaper,JensenandMeckling(1976)showthatdecisionmakersmayselectvalue-decreasingoutcomesthatarejustifiedonlybecauseof
2、thewealthtransferfromotherstakeholders.Togiveawell-knownexample,managersmayinvestinunprofitableprojectswhosecostsarebornebyshareholdersifdoingsoenhancestheirownstatusandbringthemprivatebenefits.Likewise,shareholdersmaytakeexcessiveriskknowingthatthedownsideisass
3、umedbydebtholders,whiletheybenefitfromtheupside.Agencyconflictscantakemanyotherforms.MyersandMajluf(1984)arguethatfirmsactingintheinterestofcurrentshareholdersshouldrationallypassupprofitableinvestmentprojectsifthebenefitsarecapturedbyoutsideinvestors.Shleiferan
4、dVishny(1997)emphasizetheagencyconflictsbetweenmajorityandminorityshareholders,promptedbyrecentevidencethatdominantshareholdersextractrentsattheexpenseofsmallshareholdersthroughthetunnelingofassetsandprofits,suchastheuseofunfairtransferpricingbetweencontrolleden
5、tities.Johnsonetal.(2000)provideafewexamplesofexpropriationtakingplaceindevelopedcountries.Payoutpolicyisoneareaofcorporatedecisionsthatcannotescapetheinfluenceofagencyconflicts.Infact,Easterbrook(1984)arguesthatdividendscanbeeithertheresultorthesolutiontoagency
6、conflicts.Becausemanagersprefertoretainearningstoincreaseprivateconsumptionorreducetheriskontheirhumancapital,lowgovernancestandardsandpoorshareholderprotectionarelikelytoresultinlowerpayout.Thisviewisclearlyestablishedinthecross-countryanalysisofLaPortaetal.(20
7、00).Conversely,dividendpayoutcancontributetomitigateagencyconflicts.Jensen(1986)advocatestolowerthefreecashflowsavailabletomanagersinordertoincreasefinancialdiscipline.Payinghighdividendspreciselyachievesthispurpose,thusprovidingacosteffectivesubstitutetoshareho
8、ldermonitoring.Morerecently,GuglerandYurtoglu(2003)highlighttheimportanceofagencyconflictsbetweenshareholdersbylookingatthedividendpolicyofGermanfirms.Sincedominantsh
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