资本结构,股利政策,多国性理论与实证证据外文翻译.docVIP

外文翻译 Capital structure, dividend policy, and multinationality: Theory versus empirical evidence Material Source: /FJourDetail.jsp?dxNumber=165091365679d=58E3809E5F7BF5C5CF5EEA096D35938B Author ：Raj Aggarwal , NyoNyo Aung Kyaw Availability of free cash flow creates an agency problem since managers can use some of the free cash available for their own benefit, thereby decreasing the value of the firm (Jensen Meckling, 1976). To protect against this managerial sub-optimal behavior, firms with higher level of cash flow should use higher leverage 3. The asymmetric information model of Ross (1977) also notes that there should be a positive relationship between use debt and the firms profitability. Agency theory also indicates that firms with higher growth opportunities will hold less debt controlling for profitability and Stulz (1990) notes that due to the under-investment problem, firms with high growth opportunities should hold less debt. Chang (1992) contends that firms with high profitability use more debt in its capital structure. Many of the factors discussed above have been shown to influence not only capital structure but also dividend policy. Easterbrook (1984) documents that dividends exists because they induce firms to float new securities suggesting that firms dividend decisions linked to firms financing decisions. Intuitively, it is clear that the firms payout ratio determines its retention ratio and, thus, its capital structure. Further, given the empirical evidence in support of the pecking order theory, corporate debt levels should be related to the cash flows retained by a firm and to its dividend policy. Indeed, because of the interdependence between dividend policy and capital structure, empirical studies of capital structure, including those that focus on the impact of firmmultinationality, are most likely mis-specified unless they include an assessment of dividend policy. There is considerable evidence of this interdependence between dividends