股权结构与股利政策：来自马来西亚的实证研究外文翻译.docVIP

外文翻译 Ownership Structure and Dividend Policy: Evidence from Malaysian Companies Material Source: International Review of Business Research Papers Vol.6 Author: Nathasa Mazna 1.0 Introduction Recent studies such as Claessens et al. (2000), Faccio et al. (2001) and La Porta et al. (1999) observe that many public listed companies located outside the US and UK have high concentration of ownership, with a single large shareholder or shareholder group predominantly controlling companies. The evidence of large shareholders in developed countries beside US and UK, European countries and East Asian countries are against the concept of the separation of ownership from control viewed by Berle and Means (1932). The effective control of the large shareholders enables them to influence the decisions regarding how companies are run and also decisions on corporate policies. However, as stated by Holderness (2003), the role of large shareholders is not well developed in the ownership literature, especially the role of the largest shareholder. The largest shareholder is a unique group of shareholder,as their holding can be associated with benefits and costs, especially the underinvestment costs (Claessens et al. 2002; Truong and Heaney 2007). Dividend policy is one of companies’ decisions that are found to be influence by corporate ownership structure. Dividends can be used to mitigate agency problems in a company (Easterbrook 1984; Jensen 1986; Rozeff 1982), thus substitute large ownership as monitoring tools. On the other hand, large shareholders could use their power to expropriate corporate resources for their own private consumption. This could limit the dividend payments of companies that are associated with severe agency conflicts (Faccio et al. 2001). In view of this argument, it is essential to examine the association between large shareholders, especially the largest shareholder and dividend policy to gain better understanding on c