版權(quán)說明:本文檔由用戶提供并上傳,收益歸屬內(nèi)容提供方,若內(nèi)容存在侵權(quán),請(qǐng)進(jìn)行舉報(bào)或認(rèn)領(lǐng)
文檔簡(jiǎn)介
1、原文:原文:OwnershipconcentrationagencyconflictsdividendpolicyinJapan1.IntroductionAgencyconflictsplayanimptantroleincpatedecisions.IntheirseminalpaperJensenMeckling(1976)showthatdecisionmakersmayvaluedecreasingoutcomesthatar
2、ejustifiedonlybecauseofthewealthtransferfromotherstakeholders.Togiveawellknownexamplemanagersmayinvestinunprofitableprojectswhosecostsarebnebyshareholdersifdoingsoenhancestheirownstatusbringthemprivatebenefits.Likewisesh
3、areholdersmaytakeexcessiveriskknowingthatthedownsideisassumedbydebtholderswhiletheybenefitfromtheupside.Agencyconflictscantakemanyotherfms.MyersMajluf(1984)arguethatfirmsactingintheinterestofcurrentshareholdersshouldrati
4、onallypassupprofitableinvestmentprojectsifthebenefitsarecapturedbyoutsideinvests.ShleiferVishny(1997)emphasizetheagencyconflictsbetweenmajityminityshareholderspromptedbyrecentevidencethatdominantshareholdersextractrentsa
5、ttheexpenseofsmallshareholdersthroughthetunnelingofassetsprofitssuchastheuseofunfairtransferpricingbetweencontrolledentities.Johnsonetal.(2000)provideafewexamplesofexpropriationtakingplaceindevelopedcountries.Payoutpolic
6、yisoneareaofcpatedecisionsthatcannotescapetheinfluenceofagencyconflicts.InfactEasterbrook(1984)arguesthatdividendscanbeeithertheresultthesolutiontoagencyconflicts.Becausemanagersprefertoretainearningstoincreaseprivatecon
7、sumptionreducetheriskontheirhumancapitallowgovernancestardsposhareholderprotectionarelikelytoresultinlowerpayout.ThisviewisclearlyestablishedinthecrosscountryanalysisofLaPtaetal.(2000).Converselydividendpayoutcancontribu
8、tetomitigateagencyconflicts.Jensen(1986)advocatestolowerthefreecashflowsavailabletomanagersindertoincreasefinancialdiscipline.Payinghighdividendspreciselyachievesthispurposeholderstoshareholderssinceitdecreasestheamounto
9、fcollateralbackingthefirm’sdebt.Overalltheanalysisofthedividendadjustmentdecisionprovidessomereasonsfthelowerpayoutassociatedwithownershipconcentration.Meimptantlyperhapstheresultssuggestthatasinthecaseofmanycpatedecisio
10、nsdividendpolicyisheavilydeterminedbyagencyconflictsbetweenmajityshareholdersotherstakeholders.Inparticulartheemblematicdebtholdershareholderconflictappearstobeexacerbatedbythepresenceofdominantplayersabletocodinatetheac
11、tionsofshareholders.Therestofthearticleisstructuredasfollows.Section2articulatesthehypothesesregardingtherelationshipbetweenownershipstructuredividendpolicy.Section3Describesthesampledatesources.Theempiricalresultsarepre
12、sentedinSection4.Section5concludes.Relationshipbetweenownershipdividends2.1PositiverelationshipAccdingtoShleiferVishny(1986)ownershipconcentrationcreatestheincentivesflargeshareholderstomonitthefirm’smanagementwhichoverc
13、omesthefreeriderproblemassociatedwithdispersedownershipwherebysmallshareholdershavenoincentivestoincurmonitingexpensesfthebenefitofothershareholders.Becauseofstrictfinancialdisciplinefirmsimprovetheircapitalallocationred
14、uceunprofitableinvestmentsultimatelyexhibithigherperfmance.Indeedseveralstudies(e.g.ClaessensDjankov1999)showthatconcentratedownershipcontributestohigherprofitabilitymarketvaluation.Therelevantconsequenceoffinancialdisci
15、plineisthatfewerresourcesareconsumedinlowreturnprojectsmecashflowscanthusbedistributedasdividends.InsupptofthisinterpretationMitton(2005)showthatfirmswithbettercpategovernancepayhigherdividendsinemergingmarkets.LikewiseL
溫馨提示
- 1. 本站所有資源如無特殊說明,都需要本地電腦安裝OFFICE2007和PDF閱讀器。圖紙軟件為CAD,CAXA,PROE,UG,SolidWorks等.壓縮文件請(qǐng)下載最新的WinRAR軟件解壓。
- 2. 本站的文檔不包含任何第三方提供的附件圖紙等,如果需要附件,請(qǐng)聯(lián)系上傳者。文件的所有權(quán)益歸上傳用戶所有。
- 3. 本站RAR壓縮包中若帶圖紙,網(wǎng)頁(yè)內(nèi)容里面會(huì)有圖紙預(yù)覽,若沒有圖紙預(yù)覽就沒有圖紙。
- 4. 未經(jīng)權(quán)益所有人同意不得將文件中的內(nèi)容挪作商業(yè)或盈利用途。
- 5. 眾賞文庫(kù)僅提供信息存儲(chǔ)空間,僅對(duì)用戶上傳內(nèi)容的表現(xiàn)方式做保護(hù)處理,對(duì)用戶上傳分享的文檔內(nèi)容本身不做任何修改或編輯,并不能對(duì)任何下載內(nèi)容負(fù)責(zé)。
- 6. 下載文件中如有侵權(quán)或不適當(dāng)內(nèi)容,請(qǐng)與我們聯(lián)系,我們立即糾正。
- 7. 本站不保證下載資源的準(zhǔn)確性、安全性和完整性, 同時(shí)也不承擔(dān)用戶因使用這些下載資源對(duì)自己和他人造成任何形式的傷害或損失。
最新文檔
- 股權(quán)集中度研究綜述
- 股權(quán)分置、股權(quán)集中度對(duì)現(xiàn)金股利政策的影響研究.pdf
- 會(huì)計(jì)專業(yè)外文翻譯 ---股權(quán)集中度在私營(yíng)企業(yè)的職責(zé)
- 外文翻譯--治理機(jī)制與企業(yè)價(jià)值股權(quán)集中度和紅利的影響
- 治理機(jī)制與企業(yè)價(jià)值股權(quán)集中度和紅利的影響【外文翻譯】
- 股權(quán)集中度與股價(jià)同步性
- 股權(quán)集中度與公司績(jī)效的關(guān)系
- 我國(guó)上市公司股權(quán)集中度與績(jī)效關(guān)系研究——基于股改后股權(quán)集中度降低.pdf
- 股權(quán)集中度與公司治理績(jī)效關(guān)系研究股權(quán)集中度與公司治理績(jī)效關(guān)系研究.pdf
- 股權(quán)集中度對(duì)公司績(jī)效影響研究
- 股權(quán)集中度對(duì)公司績(jī)效的影響研究
- 股權(quán)集中度與公司績(jī)效關(guān)系探究
- 股權(quán)集中度、股權(quán)制衡與公司績(jī)效關(guān)系研究.pdf
- 股權(quán)集中度與公司績(jī)效關(guān)系研究.pdf
- 股權(quán)集中度、股權(quán)制衡與證券公司績(jī)效.pdf
- 外部股權(quán)集中度與公司價(jià)值研究.pdf
- 股權(quán)集中度與公司績(jī)效的關(guān)系研究.pdf
- 股權(quán)層級(jí)、股權(quán)集中度與企業(yè)績(jī)效的實(shí)證分析.pdf
- 上市銀行股權(quán)集中度與違約風(fēng)險(xiǎn)的關(guān)系研究
- 終極控制人、股權(quán)集中度與公司績(jī)效.pdf
評(píng)論
0/150
提交評(píng)論