2014年--外文翻译--北欧上市公司的股利政策（节选）

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1、中文 3340 字 ， ,2000 单词， 10900 英文字符 文献出处： Brunzell T, Liljeblom E, Lflund A, et al. Dividend policy in Nordic listed firms J. Global Finance Journal, 2014, 25(2):124-135. 原文 Dividend policy in Nordic listed firms T Brunzell， E Liljeblom， A Lflund， M Vaihekoski Abstract In this paper we analyze the resu

2、lts 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

3、 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

4、support the use of defined dividend policies for agency or monitoring reasons rather than signaling reasons. Keywords: Corporate finance; Dividend policy; Payout; NASDAQ OMX Introduction Ever since studies such as Lintner (1956) and Fama and Babiak (1968), a large number of papers have studied corpo

5、rate 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 and Jagannathan et al., 2000; and Skinner, 2008), the question of disappearing dividends (

6、see for example DeAngelo et al., 2004 and Fama and French, 2001), and the relationship between minority protection and dividends (see for example Faccio et al., 2001 and La 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 (200