交錯董事會，管理防御和股利政策【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：StaggeredBoardsManagerialEntrenchmentDividendPolicy2Backgroundliteraturereviewhypothesisdevelopment2.1TheroleofstaggeredboardsinentrenchingincumbentsIntheU.S.boardsofdirectscanbeeitherunitarystaggered

2、.Infirmswithaunitaryboardalldirectsstfelectioneachyear.Infirmswithastaggeredclassifiedboarddirectsaredividedintothreeclasseswithoneclassofdirectsstingfelectionateachannualmeetingofshareholders.dinarilyaclassifiedboardhas

3、threeclassesofdirectswhichinmoststatesofincpationisthemaximumnumberofclassesallowedbystatecpatelaw(BebchukCohen2005).Boardscanberemovedinoneofthefollowingtwoways.Firstareplacementcanoccurduetoastaloneproxyfightbroughtabo

4、utbyarivalteamthatattemptstoreplacetheincumbentsbutcontinuestorunthefirmasastaloneentity.Secondaboardmaybereplacedasaconsequenceofahostiletakeover.Eitherwaythedifficultywithwhichdirectscanberemovedcriticallydependsonwhet

5、herthefirmhasastaggeredboard.Inastaloneproxyconteststaggeredboardsmakeitconsiderablymedifficulttowincontrolbyrequiringarivalteamtoprevailintwoelections.Inahostiletakeoverstaggeredboardsprotectincumbentsfromremovalduetoth

6、einteractionbetweenincumbentsaboard’spowertoadoptmaintainapoisonpill3.Befetheadoptionofthepoisonpilldefensestaggeredboardsweredeemedonlyamilddefensemechanismastheydidnotimpedetheacquisitionofacontrolblock.Theacceptanceof

7、thepoisonpillhoweverhasimmenselystrengthenedtheantitakeoverpowerofstaggeredboards.economicallysignificant.HavingastaggeredboardisassociatedwithTobin’sqthatislowerby17percentagepoints(BebchukCohen2005).Additionalevidenceo

8、ntheeffectofstaggeredboardsisreptedinseveralrecentstudies.FexampleFaleye(2007)reptsthatstaggeredboardsreducetheprobabilityoffcedCEOturnoverareassociatedwithalowersensitivityofCEOturnovertofirmperfmancearecrelatedwithalow

9、ersensitivityofCEOcompensationtochangesinshareholderwealth.Masulisetal.(2007)demonstratethatannouncementperiodreturnsare0.57%to0.91%lowerfbiddingfirmswithstaggeredboards.Theyattributethisfindingtotheselfservingbehaviofac

10、quiringfirmmanagerswhothemselvesareinsulatedfromthemarketfcpatecontrol.JirapnLiu(2008)examinehowcapitalstructuredecisionsareinfluencedbythepresenceofastaggeredboard.Theevidencerevealsthatevenaftercontrollingftheeffectsof

11、othergovernanceprovisionsfirmswithstaggeredboardsaresignificantlylessleveragedthanthosewithunitaryboards.Theyarguethatstaggeredboardspromotemanagerialentrenchmenttherebyallowingopptunisticmanagerstoeschewthedisciplinarym

12、echanismsassociatedwithdebtfinancing.TheregressionresultsshowthattheimpactofstaggeredboardsonleverageissixtoninetimesstrongerthantheeffectsofothergovernanceprovisionsincludedinGompersetal.’s(2003)Index.Furthermestaggered

13、boardshavebecomeasubjectofintenseinvestscrutiny.InstitutionalShareholderServices(ISS)recommendsinits2006proxyvotingguidelinesthatitsmembershipvoteagainstproposalstostaggeraboardvotefproposalstorepealstaggeredboardprovisi

14、ons.AdditionallyISSrecommendswithholdingvotesfdirectswhoigneshareholderresolutionstodestaggeraboard.ISSalsolowersitsgovernancesceffirmswithstaggeredboards6.SimilarlyCalPERthelargestpublicpensionfundintheU.S.hastargetedfi

15、rmsfshareholdervotestoremovestaggeredboardsfromtheircpateters.VariousmutualfundcompaniesincludingTIAACREFFidelityInvestmentsalsocallfvotingagainsttheadoptionofftheremovalofstaggeredboardprovisions.Noothergovernanceprovis

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