[雙語(yǔ)翻譯]股利政策外文翻譯--股利政策在跨國(guó)并購(gòu)中的作用（節(jié)選）

1、3200 英文單詞， 英文單詞，1.8 萬(wàn)英文字符，中文 萬(wàn)英文字符，中文 5600 字文獻(xiàn)出處： 文獻(xiàn)出處：Kaprielyan M, Brady K. The Role of Dividend Policy in Cross-Border Mergers and Acquisitions[J]. Journal of Multinational Financial Management, 47–48 (2018) 14–30The

2、role of dividend policy in cross-border mergers and acquisitionsMargarita Kaprielyan, Kevin BradyAbstractRecent studies show that characteristics of mergers and acquisitions (M Dividend policy; Bid premium; Method of pay

3、ment; Corporate governance1. IntroductionWe investigate how bidder and target dividend policies impact deal characteristics in cross-border M Mitton, 2004). Our results show that M&A outcomes depend not only on diffe

4、rences in country-level shareholder protections found in Rossi and Volpin (2004), but also firm-level governance as proxied by a firm’s dividend paying status. For example, when we run baseline regressions with few contr

5、ols, and without the dividend-paying statuses of the bidders and targets, we find that an increase in the difference of minority shareholders’ protection between the acquirer and the target’s country is associated with a

6、 higher likelihood of at least some equity being used in the transaction. This is consistent with Rossi and Volpin (2004). But when we run we run baseline regressions with few controls, and without the difference of mino

7、rity shareholders’ protection between the acquirer and the target’s country, we find that when bidders pay a dividend it is less likely at least some equity is used in the transaction. Furthermore, when we add the full b

8、attery of dealand firm-level controls, the former result disappears while the latter result holds.This is the first indication that the dividend-paying status of parties adds independent information to characteristic

9、s and outcomes in cross-border M&A beyond differences in country-level shareholder protection. We position the paper as an association study that provides evidence on the relationship between dividend policy and cros

10、s-border M&A characteristics that opens the door for future research possibilities. For example, there are agency-based explanations of share repurchases (Howe et al., 1992), and because repurchases have become a gro

11、wing mode of payout (e.g., Manconi et al., 2014), differences in the repurchasing policies between bidders and targets in cross-border M&A may add another dynamic to this literature. Additionally, more refined empiri

12、cal tests of the interplay between firm- and country-level governance characteristics on M&A outcomes are a promising avenue for future research.This paper proceeds as follows. Section II contains the literature revi