上市公司股利政策外文文献翻译 2017

1、外文文献翻译原文及译文 文献出处：Carl Mika. Dividend policy in Nordic listed firms J. Global Finance Journal, 2017, 2(12): 124-135.原文The research of dividend policyof listed firmsCarl MikaAbstractIn this paper we analyze the results from a survey among all publicly listed Nordic firms on their dividend payout polic

2、y. The results show that 72% of the Nordic companies have a specified dividend policy. Larger and more profitable companies are more likely to have a defined dividend policy in place. The dividend policy is mostly influenced by capital structure considerations and the outlook of future earnings. We

3、also find that the likelihood for a firm having an explicit dividend policy is positively related to ownership concentration as well as to the presence of large long-term private or industrial owners. Our results support the use of defined dividend policies for agency or monitoring reasons rather th

4、an signaling reasons.Keywords: Corporate finance; Dividend policy; Payout; NASDAQ OMXIntroductionEver since studies such as Lintner (1956) and Fama and Babiak (1968), a large number of papers have studied corporate dividend policies (payout ratios) and factors that contribute to the payout decision.

5、 Recently, focus has been on the choice between dividends and share repurchases (see for example Guay and Harford, 2000 and Jagannathan et al., 2000; and Skinner, 2008), the question of disappearing dividends (see for example DeAngelo et al., 2004 and Fama and French, 2001), and the relationship bet

6、ween minority protection and dividends (see for example Faccio et al., 2001 and La Porta et al., 2000). Typically, the dividend payout is found to be a function of factors such as profitability of the company, stability of the earnings, rate of growth, free cash flows, and more recently, the governi

7、ng structure of the company. In their survey of dividend policies, DeAngelo, DeAngelo and Skinner (2008) conclude that a simple asymmetric information framework does a good job at explaining observed payout policies. This framework emphasizes the need to distribute free cash flow in the presence of

8、agency costs and security valuation problems. They also conclude that other motives and factors such as signaling, tax preferences, and clientele demands have at best minor influences, but that behavioral biases at the managerial level (such as overconfidence) and the idiosyncratic preferences of co

9、ntrolling shareholders plausibly have a first order impact.We contribute to the literature on studies of the relationship between controlling shareholders and dividend decisions by studying the determinants of whether a firm follows a more explicit dividend policy. While implicit dividend policies (

10、most commonly the relationship between dividends and earnings, and the speed of adjustment to an assumed optimal level) have been subject of many studies, only a few papers have studied whether a company has an explicit defined dividend policy in place, and what factors are related to the choice of

11、that policy (exceptions include Baker, Saadi, Dutta, & Gandhi, 2007; and Brav, Graham, Harvey, & Michaely, 2005).There are many reasons for why the question of whether the firm follows a clearly defined dividend policy may be of interest. Firstly, it can be seen as an alternative approach to study w

12、hether signaling can be one of the motives for dividend distributions. Without expectations for future dividends, formulated by some systematic publicly announced dividend policy, deviations from such expectations cannot be identified and reacted upon. Thus, one could view a udividend policy as a ne

13、cessary but not sufficient condition for dividends to convey information about future earnings. Secondly, a systematic and defined dividend policy may also be required by dominant corporate owners. The policy may solve agency problems between minority owners and large owners in firms with concentrat

14、ed ownership (La Porta et al., 2000), and optimize taxation or satisfy large owners preference for a more predictable dividend stream.Literature review and hypothesis developmentThere exists a vast literature on corporate dividend policy. The main determinants of a corporate dividend policy include

15、tax optimizing, firm profitability and earnings stability, signaling (of firm investment policy) and managerial or majority owner related agency costs. There are a number of papers that study which factors are considered by companies when setting their dividend policy. Early results indicate that ta

16、xes play a role if taxation on capital gains and dividends differ, but if they do not differ, taxation does not play a major role (Amihud & Murgia, 1997). In addition, the profitability of the company and the stability of its earnings play a major role in the dividend policy (see for example Barclay

17、, Smith, & Watts, 1995 and Gaver & Gaver, 1993). Other significant factors include, among others, companys (expected) growth rate and investment opportunities and signaling about the quality of the firms investment potential (see for example Fama and French, 2001 and Michaely et al., 1996 and Myers

18、& Majluf, 1984). Finally, La Porta, Lopez de Silanes, Shleifer, and Vishny (1998) observe that companies tend to pay higher dividends in countries where minority shareholders have greater protection.A dividend policy can be formulated in several ways. In the Lintner (1956) study, the most common spe

19、cification was based on the long-run target payout ratio. Current earnings are the main determinant of the current dividend while deviations from the target represent the signaling component. Dividend per share is another potential dividend policy target and is only weakly linked to current earnings

20、 performance through the corporate history. Dividends may also be related to other currently observable measures such as the companys stock price.DataThe survey dataThis paper is based on the results of a questionnaire directed to all chairpersons of the Board of firms in the Nordic countries (Denma

21、rk, Finland, Iceland, Norway, and Sweden), this paper lists the questions used in the survey.The survey was conducted in two stages. In the first stage, the questionnaire was sent to the chairmen in the Nordic firms listed on the exchanges operated by the OMX (now NASDAQ OMX) including the national

22、stock markets of Denmark, Finland, Iceland, and Sweden. This took place in early December 2007. In the second stage, in May 2008, the questionnaire was sent to the chairmen in the firms listed at the Oslo B0rs in Norway. The questionnaire was sent as a letter directed to a named respondent. The name

23、s and addresses of the chairmen were hand-collected into a database. Ultimately, the questionnaire was sent to 780 firms in total.Background dataThe responses were matched with background information on firm financials and ownership concentration. The financial data are collected from three sources.

24、 Our primary source is the Amadeus database. Additional items have been collected from Datastream, when not available in Amadeus. Finally, annual reports downloaded from internet sources have provided an additional data source in cases where information has not been available in other databases. The

25、 financials are from the last reporting year completed prior to the questionnaire was sent out. This period is year-end 2006 for Denmark, Finland, Iceland, and Sweden and year 2007 for Norway. Year-end exchange rates have been used to convert all financials to the same currency, euro, which already

26、was the currency of Finland. Financial data were collected not only for responding firms, but also for the whole market, to facilitate relating our sample to the whole population of the survey.ResultsWe asked the chairpersons to indicate whether their company had a defined dividend policy. Two alter

27、natives (yes and no?) were given. Panel A shows the results. Out of the 158 responses we got from the chairpersons, 152 provided an answer to this question. 110 companies (72.4%) had a defined dividend policy, 42 (27.6%) did not.ConclusionsThe results of our extensive survey among Nordic listed firm

28、s on their commitment to dividend policy show that 72% of the Nordic companies have a specified dividend policy. Furthermore, the results indicate that the dividend policies are mostly influenced by the considerations of the companys capital structure and future earnings.In estimations studying the

29、determinants for whether a firm has an explicit dividend policy or not, we find that firms with older chairmen appear to prefer a looser commitment to payout policy as their firms are significantly less likely to have an explicit dividend policy in place. We also documented that larger and more prof

30、itable companies are more likely to commit to a defined dividend policy.Finally, the likelihood for a firm having an explicit dividend policy is significantly positively related to ownership concentration as well as to large long-term private or industrial owners. This gives indirect support for age

31、ncy/monitoring motives rather than the signaling motive which is expected to be more prevalent in firms with dispersed ownership. Overall, our results suggest that the relatively concentrated ownership structures in Nordic firms play a role in shaping dividend policy over traditional tax or signalin

32、g based rationales for a dividend policy.ReferencesAmihud, Y., & Murgia, M. (1997). Dividends, taxes, and signaling: Evidence from Germany. Journal of Finance, 52(1), 397-408.Baker, H. K., Mukherjee, T. K., & Paskelian, O. G. (2006). How Norwegian managers view dividend policy. Global Finance Journa

33、l, 17, 155-176.Baker, H. K., Saadi, S., Dutta, S., & Gandhi, D. (2007). The perception of dividends by Canadian managers: New survey evidence. International Journal of Managerial Finance, 3(1), 70-91.Barclay, M., Smith, C., & Watts, R. (1995). The determinants of corporate leverage and dividend poli

34、cies. Journal of Applied Corporate Finance, 7(4), 4-19.Bena, J., & Hanousek, J. (2005). Rent extraction by large shareholders: Evidence using dividend policy in the Czech Republic. Working paper series 291. Charles University, Center for Economic Research and Graduate Education.Brav, A., Graham, J.

35、R., Harvey, C. R., & Michaely, R. (2005). Payout policy in the 21st century. Journal of Financial Economics, 77(3), 483-527.Brunzell, T., Liljeblom, E., & Vaihekoski, M. (2013). Determinants of capital budgeting methods and hurdle rates in Nordic firms. Accounting & Finance, 53(1), 85-110.DeAngelo,

36、H., DeAngelo, L., & Skinner, D. J. (2004). Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics, 72, 425-456.DeAngelo, H., DeAngelo, L., & Skinner, D. J. (2008). Corporate payout policy. Foundations and trends in finance. Nos. 2-3. (pp.

37、 95-287).Easterbrook, F. H. (1984). Two-agency explanations of dividends.American Economic Review, 74(4), 650-659.译文上市公司的股利分配政策研究Carl Mika摘要本文分析了所有在北欧公开上市的公司的股利分配政策。研究结 果表明，72%的北欧公司都有其独特的股利政策。那些规模更大的以 及盈利更多的公司更有可能有一个特定的股利政策。股利政策主要受 到资本结构因素和未来收益前景的影响。我们还发现，公司有一个明 确的股利政策可能与所有权集中度以及企业家之间存在着积极的关 系。我们的研究

38、结果认为，可以使用特定的股利分配政策。关键词:企业融资；股利政策；支出；纳斯达克交易所引言自从林特纳于1956年,法玛和巴比克于1968年所做的研究以来, 目前有大量的文献都研究了企业的股利政策（股息支付率）和影响企业 股利分配的决定因素。最近，人们的研究一直都在关注股息分配或股 票回购方面（例如：盖伊和哈福德，2000；贾甘纳坦等，2000;斯金纳, 2008）,股利消失的问题（例如：迪安杰罗等，2004；法玛和弗兰奇， 2001）；以及少数股权保护与股息分配之间的关系（例如：法乔等，2001 和博尔特等，2000）o通常来说，股息分配政策是企业中一系列因素 导致的结果，女口：公司的盈利能力

39、、稳定的收入增长速度、自由现金 流以及公司的治理结构等。在他们对股利政策的调查中，迪安杰罗和斯金纳（2008）得出结论, 有一个简单的信息不对称框架，可以很好地解释观察到的派息政策。 这个框架强调了需要分散自由现金流的代理成本和安全评估问题。他 们还得出结论，其他动机和因素，比如：税收优惠、客户的需求等。 另外，行为偏差管理水平（如过度自信）和控股股东的特殊偏好似乎对 公司的股利政策也会有一定的影响。我们的研究对控股股东和股息分配政策的决定因素之间的关系， 以及一个公司是否遵循一个更明确的股利政策等方面的研究都是有 所助益的。而隐含的红利政策（最常见的股利和盈利之间的关系）已经 被许多专家学者

40、们所研究，只有少数文献研究了公司是否有一个明确 的分红政策，以及分红政策的选择与哪些因素相关（贝克，萨阿迪 和甘地2007；布拉夫，格雷厄姆，哈维和米夏埃尔，2005）o关于为什么很多研究都对公司是否遵循一个特定的股息政策感 兴趣，这有许多的原因。首先，它可以被看作是用来研究企业是否有 特定的股息分配政策的另一种方法。因为难以预期到未来的股息，一 些企业制定和公开宣布的分红政策，都有可能有所偏离。因此，人们 可以查看“股息政策”作为股息分配方法的必要条件但不是充分条件, 因为这一政策难以传达关于未来收益的信息。其次，那些对企业持有 控股权的企业所有者也需要一个特定的股利分配政策。这一政策可能 解决少数股股东的代理和大老板在公司集中所有权之间的问题（博尔 特等，2000）,优化税收问题，以及满足企业主的股利分配偏好问题。文献综述和假设的发展关于公司股利政策的研究已有大量的文献。公司股利政策的主要 决定因素包括税收优化,公司盈利能力和盈亏稳定性，信令（公司投资 政策）和管理或大股东相关的代理成本。之前就有许多论文研究公司 制定股利政策的决定因素。早期结果表明，如果资本收益和股息的税 收不同