日本的股权集中度，代理冲突及股息政策【外文翻译】

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1、原文：Ownershipconcentration,agencyconflicts,anddividendpolicyinJapan1.IntroductionAgencyconflictsplayanimportantroleincorporatedecisions.Intheirseminalpaper,JensenandMeckling(1976)showthatdecisionmakersmayselectvalue-decreasingoutcomesthatarejustifiedonlybecauseofthewealthtransferfromotherstakehol

2、ders.Togiveawell-knownexample,managersmayinvestinunprofitableprojectswhosecostsarebornebyshareholdersifdoingsoenhancestheirownstatusandbringthemprivatebenefits.Likewise,shareholdersmaytakeexcessiveriskknowingthatthedownsideisassumedbydebtholders,whiletheybenefitfromtheupside.Agencyconflictscanta

3、kemanyotherforms.MyersandMajluf(1984)arguethatfirmsactingintheinterestofcurrentshareholdersshouldrationallypassupprofitableinvestmentprojectsifthebenefitsarecapturedbyoutsideinvestors.ShleiferandVishny(1997)emphasizetheagencyconflictsbetweenmajorityandminorityshareholders,promptedbyrecentevidenc

4、ethatdominantshareholdersextractrentsattheexpenseofsmallshareholdersthroughthetunnelingofassetsandprofits,suchastheuseofunfairtransferpricingbetweencontrolledentities.Johnsonetal.(2000)provideafewexamplesofexpropriationtakingplaceindevelopedcountries.Payoutpolicyisoneareaofcorporatedecisionsthat

5、cannotescapetheinfluenceofagencyconflicts.Infact,Easterbrook(1984)arguesthatdividendscanbeeithertheresultorthesolutiontoagencyconflicts.Becausemanagersprefertoretainearningstoincreaseprivateconsumptionorreducetheriskontheirhumancapital,lowgovernancestandardsandpoorshareholderprotectionarelikelyt

6、oresultinlowerpayout.Thisviewisclearlyestablishedinthecross-countryanalysisofLaPortaetal.(2000).Conversely,dividendpayoutcancontributetomitigateagencyconflicts.Jensen(1986)advocatestolowerthefreecashflowsavailabletomanagersinordertoincreasefinancialdiscipline.Payinghighdividendspreciselyachieves

7、thispurpose,thusprovidingacosteffectivesubstitutetoshareholdermonitoring.Morerecently,GuglerandYurtoglu(2003)highlighttheimportanceofagencyconflictsbetweenshareholdersbylookingatthedividendpolicyofGermanfirms.Sincedominantsh