上市企业融资文献综述及外文文献资料.docx

上市企业融资文献综述及外文文献资料.docx

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上市企业融资文献综述及外文文献资料

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.2015;27（3）:

180-194.　　Investmentopportunities,corporatefinance,anddividendpayoutpolicy　　AborJ;BokpinA　　Abstract　　Purpose-Thepurposeofthispaperistoinvestigatetheeffectsofinvestmentopportunities　　and　　corporate　　finance　　on　　dividend　　payout　　policy.　　Design/methodology/approach-Thisissueistestedwithasampleof34emergingmarketcountriescoveringa17-yearperiod,1990-2006.Fixedeffectspanelmodelisemployedinourestimation.Findings-Asignificantlynegativerelationshipbetweeninvestmentopportunitysetanddividendpayoutpolicyisfound.Thereare,however,insignificanteffectsofthevariousmeasuresofcorporatefinancenamely,financialleverage,externalfinancing,anddebtmaturityondividendpayoutpolicy.Profitabilityandstockmarketcapitalizationarealsoidentifiedasimportantininfluencingdividendpayoutpolicy.Profitablefirmsaremorelikelytosupporthighdividendpaymentstoshareholders.However,firmsinrelativelywell-developedmarketstendtoexhibitlowdividendpayoutpolicy.Originality/value-Themainvalueofthepaperisinrespectofthefactthatitusesalargedatasetfromemergingmarketcountries.Theresultsgenerallysupportexistingliteratureoninvestmentopportunitysetanddividendpayoutpolicy.　　Keywords:

International;Dividends;Corporatefinance;1.Introduction　　Theimpactofinvestmentandfinancingdecisionsonfirmvaluehasbeenthefocusofextensiveresearchsince[50]ModiglianiandMiller（1958）proposedthe\principle\independentofthemannerinwhichitsproductiveassetsarefinanced.Infactsome　　authorslike[12]Barnesetal.（1981）supporttheirview.However,othershavecontrastedthefindingsoftheearlierstudiessuggestingthatinvestment,financing,anddividendpolicyarerelated（[30]GrabowskiandMueller,1972;[46]McCabe,1979;[5]Anderson,1983）.ThisispredicatedontheassumptionthatModiglianiandMiller’sidealworlddoesnotexist.Financialmarketsarenotperfectgiventaxes,transactioncosts,bankruptcycosts,agencycosts,anduncertaininflationinthemarketplace.Accordingto[13]BiermanandHass（1983）,managementusuallyaddressesthedividendtargetpayoutlevelinthecontextofforecastingthefirm’ssourcesanduseoffunds.Consideringprospectiveinvestmentopportunitiesandtheinternalcashgenerationpotentialofthefirm,bothcapitalstructureanddividendpolicyarechosentoensurethatsufficientfundsareavailabletoundertakealldesirableinvestmentswithoutusingnewequity（[14]Black,1976）.Butwhatconstitutesa\investment?

Ifitisonethathasanexpectedreturngreaterthanthecostoffundsthatfinanceit,andifthecostofretainedearningsisdifferentfromthecostofnewequitycapital,thendividendpolicy,capitalstructure,andinvestmentstrategyarenecessarilyjointlydetermined（[15]BlackandSchools,1974）.　　Dividendpayoutpolicyisanimportantcorporateissueandmaybecloselyrelatedto,andinteractswith,mostofthefinancialandinvestmentdecisionsfirmsmake.Aproperunderstandingofdividendpolicyiscriticalformanyotherareassuchasassetpricing,capitalstructure,mergersandacquisitions,andcapitalbudgeting（[2]AllenandMichael,1995）.Firms’dividenddecisionscouldalsobeinfluencedbytheirprofitlevel,risk,andsize.Thoughdividendpolicyhasbeenidentifiedasamajorcorporatedecisionfacedbymanagement,itremainsoneofthepuzzlesincorporatefinance（[52]Obi,2001）.Therehasbeenemergingconsensusthatthereisnosingleexplanationofdividends.[19]Brooketal.（1998）agreethat,thereisnoreasontobelievethatcorporatedividendpolicyisdrivenbyasinglegoal.　　Attentionofempiricalresearchhasbeenatascertainingtherelationshipbetweeninvestmentopportunities,corporatefinancinganddividendpayout（[54]PruittandGilman,1991;[6]AviationandBooth,2003）.However,thesefindingshavefailedto　　establishanyclearlinkconcerningthisissue.Mostofthesestudiestendtofocusondevelopedmarkets.Littleis,however,knownabouthowinvestmentopportunitiesandcorporatefinanceinfluencedividendpayoutpolicyofemergingmarkets.Thispresentstudycontributestotheextantliteraturebyfocusingonemergingmarkets.FirmsinemergingmarketstendtoexhibitdifferentdividendbehaviorfromthoseofdevelopedmarketsliketheUS.Thismaybearesultofthedifferencesinlevelsofefficiencyandinstitutionalarrangementsbetweendevelopedmarketsandemergingmarkets.Itis,therefore,usefultoimproveourunderstandingoftheissuefromanemergingmarketperspective.　　Thepurposeofthispaperistoexaminetheeffectsofinvestmentopportunitysetandcorporatefinanceondividendpayout.Thecontributionofthispaperliesinthefactthatitconsidersalarge-scaledatasetcovering34emergingmarketcountriesovera17-yearperiod,1990-2006.Therestofthepaperisorganizedasfollows.Section2coverstheliteratureondividendpolicy.Italsoreviewstheexistingliteratureontheeffectsofinvestmentopportunitiesandcorporatefinanceondividendpayoutpolicy.Section3discussesthedatausedinthestudyandalsodetailsthemodelspecificationusedfortheempiricalanalysis.Section4includesthediscussionoftheempiricalresults.Finally,Section5summarizesandconcludesthepaper.2.Overviewofliterature　　Sincethepublicationofthedividendirrelevancetheoryby[47]MillerandModigliani（1961）,alotofstudieshavebeenconductedintheareaofdeterminantsofdividendpayouttheworldover.Thedividendirrelevancetheoryispossibleinaperfectandefficientmarketwherestockholdersareperfectlyrationalandtherearenotaxesandtransactioncosts.Thetheory,however,pointedouttheimportanceofinvestmentasbeingthemainissue.MillerandModiglianiframeworkhasthusformedthefoundationofsubsequentworkondividendsandpayoutpolicyingeneral.Theirframeworkisrichenoughtoencompassbothdividendsandrepurchase,astheonlydeterminantofafirm’svalueisitsinvestmentpolicy（[3]AllenandMichael,2002）.Itisarguablysaidacompany’soverridinggoalistomaximizeshareholderwealth（[18]　　BerkleyandMyers,1996;[16]BlockandHart,2000）,butto[16]BlockandHart（2000）thisconceptisnotasimpletaskasmanagementcannotdirectlyinfluencethepriceofasharebutcanonlyactinamannerconsistentwiththedesiresofinvestors.Intheviewof[61]WoodsandRandall（1989）,shareholderwealthisgenerallyacceptedastheaggregatemarketvalueofthecommonshares,whichinturnisassumedtobethepresentvalueofthecashflowswhichwillaccruetoshareholders,discountedattheirrequiredrateofreturnonequity.Thesecashflowsincludedividendandperhapsmoreimportantlycapitalappreciationexceptforitshighvolatility.Firmsmust,therefore,makeimportantdecisionsoverandoveragainabouthowmuchcashthefirmshouldgivebacktoitsshareholdersandprobablywhatformitshouldtake.　　Black（1976）observedthattheharderwelookatthedividendspicture,themoreitseemslikeapuzzle,withpiecesthatjustdonotfittogether.Thisatteststothemuchcontroversythatsurroundsdividendpolicy.Thedividendpuzzlerevolvesaroundfiguringoutwhycompaniespaydividendsandinvestorspayattentiontodividend.To[18]BerkleyandMyers（1996）,dividendpolicyisseenasatrade-offbetweenretainingearningsononehandandpayingoutcashandissuingnewsharesontheother.Thetheoreticalprinciplesunderlyingthedividendpolicyoffirmsrangefrominformationasymmetries,tax-adjustedtheorytobehavioralfactors.Theinformationasymmetriesencompassseveralaspects,includingtheagencycost,freecashflowhypothesis,andsignalingmodels.　　Tax-adjustedmodelspresumethatinvestorsrequireandsecurehigherexpectedreturnsonsharesofdividend-payingstocks.Theconsequenceoftaxadjustedtheoryisthedivisionofinvestorsintodividendtaxclienteleandtheclienteleeffectisresponsibleforthealterationsinportfoliocomposition（[49]Modigliani,1982）.To[45]MarsalisandTruman（1988）,investorswithdifferingtaxliabilitieswillnotbeuniformintheiridealfirmdividendpolicy.Theyconcludethatastaxliabilityincreases,thedividendpaymentdecreaseswhileearningsreinvestmentincreasesandviceversa.　　Shareholderstypicallyfacetheproblemofadverseselectionandmoralhazardinthefaceofseparationofownershipandcontrol.Theproblemofinformationasymmetryisevidentinconflictsofinterestbetweenvariouscorporateclaimholders.Itholdsthatinsiderssuchasmanagershavemoreinformationaboutthefirm’scashflowthantheprovidersofthefunds.Agencycostsarelowerinfirmswithhighmanagerialownershipstakesbecauseofbetteralignmentofshareholderandmanagerialcontrol（[39]JensenandHeckling,1976）andalsoinfirmswithlargeblockshareholdersthatarebetterabletomonitormanagerialactivities（[57]HeiferandVishnu,1986）.[27]FameandJensen（1983）arguethatagencyproblemscanberesolvedbythepaymentoflargedividendtoshareholders.　　Accordingtothefreecashflowmodel,[37]Jensen（1986）explainsthatfinanceavailableafterfinancingallpositivenetpresentvalueprojectscanresultinconflictsofinterestbetweenmanagersandshareholders.Clearly,dividendsanddebtinterestpaymentdecreasethefreecashflowavailabletomanagerstoinvestinmarginalnetpresentvalueprojectsandmanagerperquisiteconsumption.Firmswithhigherlevelsofca