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1、本科毕业论文(设计)外文翻译原文:StaggeredBoards,ManagerialEntrenchmentandDividendPolicy1IntroductionAccordingtoagencytheory,dividendpayoutshelpalleviateagencycostsbyreducingtheamountoffreecashflowavailabletomanagers,whonotnecessarilyactinthebestinterestsoftheshareholders
2、(GrossmanandHart1980;Easterbrook1984;Jensen1986).Furthermore,Easterbrook(1984)arguesthatdividendshelpmitigateagencyconflictsbyexposingfirmstomorefrequentmonitoringbytheprimarycapitalmarketsbecausepayingdividendsmakesitmorelikelythatnewcommonstockhastobeiss
3、uedmoreoften.Staggeredorclassifiedboardsrepresentoneofthemostcontroversialgovernanceprovisions.Staggeredboardscaninsulateinefficientmanagersfromtakeovermarketforces,therebypromotingmanagerialentrenchment.TwopowerfulrecentstudiesbyBebchukandCohen(2005)andFa
4、leye(2007)findstrongevidenceindicatingthatstaggeredboardsallowmanagerialentrenchment,ultimatelyresultinginsignificantlylowerfirmvalue.Motivatedbyagencytheory,weexploretheeffectofpotentialentrenchmentondividendpayouts.Asstaggeredboardscanexacerbateagencycon
5、flictsanddividendpayoutscanhelpalleviateagencycosts,wesurmisethatdividendpolicyisaffectedbywhetherornotthefirmhasastaggeredboard.Ourfindingsareconsistentwiththishypothesis.Inparticular,theevidencedemonstratesthatfirmswithstaggeredboardsaremorelikelytopaydi
6、vidends,andfirmsthatpaydividendspaylargerdividendsthanthosewithunitaryboards.Theresultsarerobustevenaftercontrollingforalargenumberoffirm-specificcharacteristicsandforanalternateformofpayouts,i.e.,sharerepurchases.Furthermore,weexaminethereversecausalityar
7、gument,wheredividendpolicymightleadtotheadoptionorrescissionofastaggeredboard.Bebchuketal.(2005)notethatveryfewfirmshaveeitheradoptedorrescindedstaggeredboardssince1990.Asaresult,managerslikelymakedividenddecisionswhileviewingtheexistenceofastaggeredboarda
8、spre-determined.Itismuchmorelikelythatcausalityrunsfromstaggeredboardstodividendpayoutsthanviceversa.Inanycase,werunananalysisbasedontwo-stageleastsquares(2SLS)estimationandfindconsistentevidencethatstaggered