股利分配政策外文文献 外文翻译---从管理视角下再谈股利政策

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1、股利分配政策外文文献外文翻译---从管理视角下再谈股利政策导读：就爱阅读网友为您分享以下“外文翻译---从管理视角下再谈股利政策”资讯，希望对您有所帮助，感谢您对92to.com的支持!中文4300字本科毕业论文（设计）外文翻译原文：RevisitingManagerialPerspectivesonDividendPolicyWesurveymanagersofNasdaqfirmsthatconsistentlypaycashdividendstodeterminetheirviewsaboutdividendpolicy,therelationshipbetweendiv

2、idendpolicyandvalue,andfourcommonexplanationsforpayingdividends.Theevidenceshowsthatmanagersstressthe10importanceofmaintainingdividendcontinuityandwidelyagreethatchangesindividendsaffectfirmvalue.Managersgivethestrongestsupporttoasignalingexplanationforpayingdividends,weaktolittlesupporttoth

3、etax-preferenceandagencycostexplanations,andnosupporttothebird-in-the-handexplanation.Thestudyprovidesnewevidenceabouthowmanagersviewdividendlifecyclesandresidualdividendpolicy.Oneofthemorepuzzlingissuesincorporatefinanceinvolvesdividends.MillerandModigliani(1961)provideacompellingandwidelya

4、cceptedargumentfordividendirrelevanceinaworldwithperfectcapitalmarkets.Manyyearslater,Miller(1986)recognizedthattheobservedpreferenceforcashdividendsisoneofthe“softspotsinthecurrentbodyoftheory.”Sowhydocorporationspaydividends,andwhydoinvestorscare?Black(1976)oncedescribedthisissueasadividen

5、d“puzzle”with“piecesthatjustdon’tseemtofit.”Tohelpexplainthispuzzle,financialeconomistsdevelopedvarioustheories—signaling,taxpreference,agencycosts,andbird-in-the-handexplanations.TheprofusionoftheoriesledAng(1987,p.55)toobserve,“Thus,10wehavemovedfromapositionofnotenoughgoodreasonstoexplain

6、whydividendsarepaidtooneoftoomany.”Advocatesofbehavioralfinance,suchasShefrinandStatman(1984),introducedconceptssuchasprospecttheoryandmentalaccountingtoexplainwhyinvestorslikedividends.Statman(1997)contendsthatsolvingthedividendpuzzleisimpossiblewhileignoringthepatternsofnormalinvestorbehav

7、ior.Today,corporatemanagersareleftwithavastandoftenconflictingbodyofresearchaboutdividends.Onewaytoenhanceourunderstandingofwhycorporationspaydividendsistoexaminetheviewsofmanagerswhoareresponsibleformakingsuchdecisions.Pastfieldworkandsurveyshavep