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1、外文翻译Capitalstructure,dividendpolicy,andmultinationality:TheoryversusempiricalevidenceMaterialSource:http://eng.nbdl.gov.cn/FJourDetail.jsp?dxNumber=165091365679&d=58E3809E5F7BF5C5CF5EEA096D35938BAuthor：RajAggarwal,NyoNyoAungKyawAvailabilityoffreecashflowcreatesanagenc
2、yproblemsincemanagerscanusesomeofthefreecashavailablefortheirownbenefit,therebydecreasingthevalueofthefirm(Jensen&Meckling,1976).Toprotectagainstthismanagerialsub-optimalbehavior,firmswithhigherlevelofcashflowshouldusehigherleverage3.TheasymmetricinformationmodelofRos
3、s(1977)alsonotesthatthereshouldbeapositiverelationshipbetweenusedebtandthefirm'sprofitability.AgencytheoryalsoindicatesthatfirmswithhighergrowthopportunitieswillholdlessdebtcontrollingforprofitabilityandStulz(1990)notesthatduetotheunder-investmentproblem,firmswithhigh
4、growthopportunitiesshouldholdlessdebt.Chang(1992)contendsthatfirmswithhighprofitabilityusemoredebtinitscapitalstructure.Manyofthefactorsdiscussedabovehavebeenshowntoinfluencenotonlycapitalstructurebutalsodividendpolicy.Easterbrook(1984)documentsthatdividendsexistsbeca
5、usetheyinducefirmstofloatnewsecuritiessuggestingthatfirm'sdividenddecisionslinkedtofirm'sfinancingdecisions.Intuitively,itisclearthatthefirm'spayoutratiodeterminesitsretentionratioand,thus,itscapitalstructure.Further,giventheempiricalevidenceinsupportofthepeckingorder
6、theory,corporatedebtlevelsshouldberelatedtothecashflowsretainedbyafirmandtoitsdividendpolicy.Indeed,becauseoftheinterdependencebetweendividendpolicyandcapitalstructure,empiricalstudiesofcapitalstructure,includingthosethatfocusontheimpactoffirmmultinationality,aremostl
7、ikelymis-specifiedunlesstheyincludeanassessmentofdividendpolicy.Thereisconsiderableevidenceofthisinterdependencebetweendividendsandcapitalstructure.Forexample,consistentwiththepeckingorderhypothesis,Adedeji(1998)suggeststhatiffirmsrespondtoearningsshortagesbyborrowing
8、topaydividendsbecauseofreluctancetocutdividends,financialleveragemayhaveapositiverelationshipwithdividendpayoutratio,andapos
