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1、上市企业融资文献综述及外文文献资料 本份文档包含：关于该选题的外文文献、文献综述一、外文文献 文献出处：AborJ;BokpinA.Investmentopportunities,corporatefinance,anddividendpayoutpolicy.StudiesinEconomicsandFinance.20XX;27(3):180-194. Investmentopportunities,corporatefinance,anddividendpayoutpolicy AborJ;BokpinA
2、 Abstract Purpose-Thepurposeofthispaperistoinvestigatetheeffectsofinvestmentopportunities and corporate finance on dividend payout policy. Design/methodology/approach-Thisissueistestedwithasampleof34emergingmarketcountriescoveringa17-yearperiod,1990-20
3、XX.Fixedeffectspanelmodelisemployedinourestimation.Findings-Asignificantlynegativerelationshipbetweeninvestmentopportunitysetanddividendpayoutpolicyisfound.Thereare,however,insignificanteffectsofthevariousmeasuresofcorporatefinancenamely,financialleverage,extern
4、alfinancing,anddebtmaturityondividendpayoutpolicy.Profitabilityandstockmarketcapitalizationarealsoidentifiedasimportantininfluencingdividendpayoutpolicy.Profitablefirmsaremorelikelytosupporthighdividendpaymentstoshareholders.However,firmsinrelativelywell-develop
5、edmarketstendtoexhibitlowdividendpayoutpolicy.Originality/value-Themainvalueofthepaperisinrespectofthefactthatitusesalargedatasetfromemergingmarketcountries.Theresultsgenerallysupportexistingliteratureoninvestmentopportunitysetanddividendpayoutpolicy. Keywords:
6、International;Dividends;Corporatefinance;1.Introduction Theimpactofinvestmentandfinancingdecisionsonfirmvaluehasbeenthefocusofextensiveresearchsince[50]ModiglianiandMiller(1958)proposedtheprincipleindependentofthemannerinwhichitsproductiveassetsarefinanced.In
7、factsome authorslike[12]Barnesetal.(1981)supporttheirview.However,othershavecontrastedthefindingsoftheearlierstudiessuggestingthatinvestment,financing,anddividendpolicyarerelated([30]GrabowskiandMueller,1972;[46]McCabe,1979;[5]Anderson,1983).Thisispredicatedont
8、heassumptionthatModiglianiandMiller'sidealworlddoesnotexist.Financialmarketsarenotperfectgiventaxes,transactioncosts,bankruptcycosts,agencycosts,anduncertaininflation
