[雙語翻譯]股利政策外文文獻翻譯--上市公司的股利分配政策（英文）

1、Dividend policy in Nordic listed firms☆Tor Brunzell a, Eva Liljeblom b, Anders Löflund b, Mika Vaihekoski ca Stockholm University, School of Business, Sweden b Hanken School of Economics, Department of Finance and S

2、tatistics, Finland c University of Turku, Turku School of Economics, Finlanda r t i c l e i n f o a b s t r a c tAvailable online 11 June 2014 In this paper we analyze the results from a survey among all publiclylisted N

3、ordic firms on their dividend payout policy. The results showthat 72% of the Nordic companies have a specified dividend policy.Larger and more profitable companies are more likely to have a defineddividend policy in plac

4、e. The dividend policy is mostly influenced bycapital structure considerations and the outlook of future earnings. Wealso find that the likelihood for a firm having an explicit dividend policyis positively related to own

5、ership concentration as well as to thepresence of large long-term private or industrial owners. Our resultssupport the use of defined dividend policies for agency or monitoringreasons rather than signaling reasons.©

6、 2014 Elsevier Inc. All rights reserved.JEL classification:G31M21O16Keywords:Corporate financeDividend policyPayoutNASDAQ OMX1. IntroductionEver since studies such as Lintner (1956) and Fama and Babiak (1968), a large nu

7、mber of papers havestudied 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 Gu

8、ay Jagannathan, Stephens, and Skinner, 2008), the question of disappearingdividends (see for example DeAngelo, DeAngelo, Fama La Porta, Lopez deSilanes, Shleifer, Michaely, Thaler, Gomes,2000). According to this vie

9、w, firms can build a reputation of good treatment of shareholders despite weakershareholder protection by paying out dividends. This view suggests that dividend streams would be higher incountries with weaker shareholder

10、 protection.Of these two views, the outcome model has obtained support in cross-country analyses such as in LaPorta et al. (2000) for dividend policies in 33 countries, and Mitton (2004) for 19 countries. Both foundthat

11、dividend payout is higher in countries with higher legal protection. Firm level studies investigating therelationship between the degree of ownership control and dividend policy (for example Maury Gugler and Bena &

12、 Hanousek, 2005, for the Czech Republic)6 For example, historical earnings levels have defined the possible dividend per share that can be distributed (and found optimalto distribute). Companies may then have chosen to f