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《投资，融资和股利决策在解释公司股权结构中的作用：来自西班牙的经验数据【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、本科毕业论文（设计）外文翻译原文：TheRoleofInvestment,FinancingandDividendDecisionsinExplainingCorporateOwnershipStructure:EmpiricalEvidencefromSpain1、IntroductionThereisextensivetheoreticalandempiricalresearchonhowcorporateownershipstructureinfluencesfinancing,dividendandinvestmentdec
2、isions.However,thereislittleevidenceonthedeterminantsofownershipstructure,especiallyontheeffectoftheseinvestment,financinganddividenddecisionsonafirm’sinsideandoutsideshareholdings.Theclearreversaloftheeffectofownershipstructureoninvestment,financinganddividenddecision
3、s,andtheresultingendogeneity,discouragesresearchersfromaddressingsuchananalysis.WeovercomethisdrawbackthankstotheuseoftheGeneralisedMethodofMoments(GMM).Thisestimationmethodcontrolsfortheendogeneityproblemand,consequently,itallowsustostudytheroleplayedbyinvestment,fina
4、ncinganddividenddecisionsinexplainingcorporateownershipstructureinordertoprovidenewevidenceononeofthemostinterestingtopicsincorporategovernance.Ourpapermakesasignificantcontributiontothecorporategovernanceliteratureinatleastthreeways.First,weoffernewevidenceonthedeterm
5、inantsofcorporateownershipstructure,mainlyfocusingontheeffectsofinvestment,financinganddividenddecisionsoninsiderstakesandownershipconcentrationlevels.Second,weanalysetheinteractionbetweeninsiderownershipandownershipconcentration,bothofwhichareconsideredasagency-costco
6、ntrolmechanisms,bytakingintoaccounttheconvergenceofinterestsandentrenchmenteffectsinthecaseofownershipconcentration.Third,wecontributenewevidencetocorporategovernancebyfocusingontheSpanishcase.Infact,theSpanishcaseisinterestinginitselfbecauseSpainisacivillawcountryand,
7、accordingtoLaPortaetal.(1998),protectionofSpanishinvestorsisweakerthanthatoftheirUKandUScounterparts.Asaconsequence,thereislikelytobeopportunisticbehavioronthepartofentrenchedmanagersandexpropriationactivitiesonthepartofmajorityowners,asdocumentedinMigueletal.(2004).Co
8、nsequently,theaimofthispaperistoanalysetheroleplayedbyinvestment,financinganddividenddecisionsinexplainingcorporateow
