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1、外文翻譯OwnershipStructureDividendPolicy:EvidencefromMalaysianCompaniesMaterialSource:InternationalReviewofBusinessResearchPapersVol.6Auth:NathasaMazna1.0IntroductionRecentstudiessuchasClaessensetal.(2000)Faccioetal.(2001)La
2、Ptaetal.(1999)observethatmanypubliclistedcompanieslocatedoutsidetheUSUKhavehighconcentrationofownershipwithasinglelargeshareholdershareholdergrouppredominantlycontrollingcompanies.Theevidenceoflargeshareholdersindevelope
3、dcountriesbesideUSUKEuropeancountriesEastAsiancountriesareagainsttheconceptoftheseparationofownershipfromcontrolviewedbyBerleMeans(1932).Theeffectivecontrolofthelargeshareholdersenablesthemtoinfluencethedecisionsregardin
4、ghowcompaniesarerunalsodecisionsoncpatepolicies.HoweverasstatedbyHolderness(2003)theroleoflargeshareholdersisnotwelldevelopedintheownershipliteratureespeciallytheroleofthelargestshareholder.Thelargestshareholderisaunique
5、groupofshareholderastheirholdingcanbeassociatedwithbenefitscostsespeciallytheunderinvestmentcosts(Claessensetal.2002TruongHeaney2007).Dividendpolicyisoneofcompanies’decisionsthatarefoundtobeinfluencebycpateownershipstruc
6、ture.Dividendscanbeusedtomitigateagencyproblemsinacompany(Easterbrook1984Jensen1986Rozeff1982)thussubstitutelargeownershipasmonitingtools.Ontheotherhlargeshareholderscouldusetheirpowertoexpropriatecpateresourcesftheirown
7、privateconsumption.Thiscouldlimitthedividendpaymentsofcompaniesthatareassociatedwithsevereagencyconflicts(Faccioetal.2001).Inviewofthisargumentitisessentialtoexaminetheassociationbetweenlargeshareholdersespeciallythelarg
8、estshareholderdividendpolicytogainbetterunderstingoncpatedividenddecisions.ThemainfocusofthisstudyistoinvestigatetheeffectofthelargestshareholderonthecpatedividendpolicybyexaminingMalaysianlistedcompaniesfrom2002to2006.M
9、alaysiaprovidesaninterestingbackgroundtoDividendsalsoplayasignificantroleincontrollingpossibleagencyconflictsbetweenlargeshareholdersminityshareholders.Bypayingdividendsaproratadistributioncanbeguaranteedtoallshareholder
10、slimitcpatewealthfromlargeshareholders’controlDividendscanalsobeutilisedbycontrollingshareholderstooffsettheminityshareholders’concerninanenvironmentwhereexpropriationbycontrollingshareholdersprevails(Faccioetal.2001).Ho
11、weverinthepresenceoflargeshareholderslowerdividendpaymentscanbeobservedasdividendsarenotneededtofunctionasanalternativeagencycontroldevice(Goergenetal.2005).Dividendsareviewedasasubstitutemechanismtolargeshareholderowner
12、shipinmitigatingagencyconflicts.Severalstudieshaveexaminedtherelationshipbetweenthelargestshareholderdividendpolicy.AnegativerelationshipbetweenthelargestshareholderdividendsareobservedbyGuglerYurtoglu(2003)MauryPajuste(
13、2002)MancinelliOzkan(2006)RenneboogSzilagyi(2006)RenneboogTrojanowski(2007)fcompaniesfromGermanyFinlItalyherlUKrespectively.WhileapositiveassociationbetweenthelargestshareholderdividendpayoutsisobservedbyTruongHeaney(200
14、7)basedonthesampledrawnfrom37countries.Recentstudieshasanalysetheeffectofotherlargeshareholdersbesidethelargestshareholderoncompaniesbasedfromagencyperspectives.Otherlargeshareholderscouldmonitthecontrollingshareholder(B
15、oltonvonThadden1998PaganoRoell1998).Themonitingroleplaybytheotherlargeshareholdersthuscouldlimittheexpropriationofminityshareholders’resources.Howeverotherlargeshareholdersmaycolludewiththecontrollingshareholderinexpropr
16、iatingcpateresourcessharetheprivatebenefits(Faccioetal.2001PaganoRoell1998).Empiricalevidenceontheimpactofotherlargeshareholdersondividendpolicyhasbeenlimited.Faccioetal.(2001)findthatthepresenceofmultiplelargeshareholde
17、rsinEuropeminimizestheexpropriationactivityofthecontrollingshareholderthusresultinginhigherdividendpaymentswhileinAsialowerdividendratesarebeingobserved.Theyconcludethatthecontrollingshareholdercollabatewithotherlargesha
18、reholderstoexpropriatetheminityshareholdersinAsia.Severalsinglecountrystudiesthatanalysetheeffectofotherlargeshareholdersparticularlythesecondlargestshareholderondividendpolicyyieldmixedresults.FFinlMauryPajuste(2002)sho
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