毕业论文外文文献翻译--上市公司股利政策.doc

外文文献翻译 原文及译文 文献出处：. The research of dividend policy of listed firms [J]. Global Finance Journal, 2017, 2(12): 124-135. 原文 The research of dividend policy of listed firms Carl Mika Abstract In this paper we analyze the results from a survey among all publicly listed Nordic firms on their dividend payout policy. 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 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 than signaling reasons. Keywords: Corporate finance;燚ividend policy;燩ayout;燦ASDAQ OMX Introduction Ever since studies such as?Lintner (1956)燼nd?nFama and Babiak (1968), a large number of papers have studied corporate dividend policies (payout ratios) and factors that contribute to the payout decision. Recently, focus has been on the choice between dividends and share repurchases (see for example?Guay and Harford, 2000燼nd? Jagannathan et al., 2000; and?Skinner, 2008), the question of disappearing dividends (see for example?DeAngelo et al., 2004燼nd?gFama and French, 2001), and the relationship between minority protection and dividends (see for example?Faccio et al., 2001燼nd?iLa 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 governing structure of the company. In their survey of dividend policies,?DeAngelo, DeAngelo and Skinner (2008)燾onclude that a simple asymmetric information framework does a good job at explainin