交錯董事會，管理防御和股利政策 【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：StaggeredBoardsManagerialEntrenchmentDividendPolicy1IntroductionAccdingtoagencytheydividendpayoutshelpalleviateagencycostsbyreducingtheamountoffreecashflowavailabletomanagerswhonotnecessarilyactintheb

2、estinterestsoftheshareholders(GrossmanHart1980Easterbrook1984Jensen1986).FurthermeEasterbrook(1984)arguesthatdividendshelpmitigateagencyconflictsbyexposingfirmstomefrequentmonitingbytheprimarycapitalmarketsbecausepayingd

3、ividendsmakesitmelikelythatnewcommonstockhastobeissuedmeoften.Staggeredclassifiedboardsrepresentoneofthemostcontroversialgovernanceprovisions.Staggeredboardscaninsulateinefficientmanagersfromtakeovermarketfcestherebyprom

4、otingmanagerialentrenchment.TwopowerfulrecentstudiesbyBebchukCohen(2005)Faleye(2007)findstrongevidenceindicatingthatstaggeredboardsallowmanagerialentrenchmentultimatelyresultinginsignificantlylowerfirmvalue.Motivatedbyag

5、encytheyweexpletheeffectofpotentialentrenchmentondividendpayouts.Asstaggeredboardscanexacerbateagencyconflictsdividendpayoutscanhelpalleviateagencycostswesurmisethatdividendpolicyisaffectedbywhethernotthefirmhasastaggere

6、dboard.Ourfindingsareconsistentwiththishypothesis.Inparticulartheevidencedemonstratesthatfirmswithstaggeredboardsaremelikelytopaydividendsfirmsthatpaydividendspaylargerdividendsthanthosewithunitaryboards.Theresultsarerob

7、ustevenaftercontrollingfalargenumberoffirmspecificacteristicsfanalternatefmofpayoutsi.e.sharerepurchases.Theresultsofourstudycontributetotheliteraturebothinagencytheyindividendpolicy.Theevidenceisinfavoftheagencyroleofdi

8、videndpayoutsagainstthesignalinghypothesis.Wealsocontributetotheliteratureincpategovernancebyhighlightingtheroleofstaggeredboardsonacriticalcpateactivitysuchasdividendpolicy.Giventherecentfocusontheimpactofstaggeredboard

9、sonfirmvalueothercpateoutcomes(BebchukCohen2005Faleye2007JirapnLiu2008)ourresultsappeartobetimely.FinallyourresultsalsocontributetothefiercedebateonthecostsbenefitsoftheSarbanesOxleyAct.Therestofthisarticleisganizedasfol

10、lows:Section2reviewstheliteraturedevelopsthehypotheses.Section3discussesthesampleiontherelevantdata.Section4presentsdiscussestheempiricalresults.FinallySection5offerstheconcludingremarks.2Backgroundliteraturereviewhypoth

11、esisdevelopment2.1TheroleofstaggeredboardsinentrenchingincumbentsIntheU.S.boardsofdirectscanbeeitherunitarystaggered.Infirmswithaunitaryboardalldirectsstfelectioneachyear.Infirmswithastaggeredclassifiedboarddirectsarediv

12、idedintothreeclasseswithoneclassofdirectsstingfelectionateachannualmeetingofshareholders.dinarilyaclassifiedboardhasthreeclassesofdirectswhichinmoststatesofincpationisthemaximumnumberofclassesallowedbystatecpatelaw(Bebch

13、ukCohen2005).Boardscanberemovedinoneofthefollowingtwoways.Firstareplacementcanoccurduetoastaloneproxyfightbroughtaboutbyarivalteamthatattemptstoreplacetheincumbentsbutcontinuestorunthefirmasastaloneentity.Secondaboardmay

14、bereplacedasaconsequenceofahostiletakeover.Eitherwaythedifficultywithwhichdirectscanberemovedcriticallydependsonwhetherthefirmhasastaggeredboard.Inastaloneproxyconteststaggeredboardsmakeitconsiderablymedifficulttowincont

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