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1、原文：原文：RevisitingManagerialPerspectivesonDividendPolicyMuchempiricalresearchexistsinvestigatingwhetherdividendpolicyaffectsfirmvalue.GrahamDodd(1951)Gdon(1959)arguethatanincreaseinthedividendpayoutincreasesstockprice(valu

2、e)lowersthecostofequitybutempiricalsupptfthispositionisweak.OtherssuchasLitzenbergerRamaswamy(19791982)Blume(1980)AngPeterson(1985)taketheoppositeposition.Theirstudiesreptthatstockswithhighdividendpayoutratioshavehigherr

3、equiredreturnstherefelowerprices.StillotherssuchasBlackScholes(1974)MillerScholes(19781982)Miller(1986)Bemstein(1996)maintainthatdividendpolicymakesnodifferencebecauseithasnoeffectoneitherstockpricesthecostofequity.Resea

4、rchershavetestedthesealternativetheiesofdividendpolicybuthavenotobtainedconclusiveresults.Thustheissueofwhichexplanationofdividendpolicyismostcrectremainsunresolved.Weaddressthreemajresearchquestionsinthisstudy.Firstwhat

5、viewsdoNasdaqmanagersfromdividendpayingfirmshaveonthedividendsettingprocessWeexpectthatoursurveyrespondentsstronglyagreewithstatementsinvolvingLintners(1956)modelondividendpolicy.Lintnersfamousinvestigationofdividendpoli

6、cystressesthatfirmsonlyincreasedividendswhenmanagementbelievesthatearningshavepermanentlyincreased.AspreviouslydiscussedmuchsupptexistsfLintnersdeionofhowfirmssettheirdividendpayments.WeexpecttheNasdaqfirmsstudiedallofwh

7、ichhaveestablishedpatternsofpayingdividendstoholdsimilarviews.SeconddocpatemanagersofdividendpayingNasdaqfirmsbelieveafirmsdividendpayoutcanaffectfirmvalueBasedonasetofhighlyrestrictiveassumptionsMillerModigliani(1961)co

8、ntendthatdividendpolicyhasnoeffectoneitherthepriceofafirmsstockitscostofcapital.Weexpectthatmanagersgenerallybelievethatdividendpolicymattersbecausetheyoperateinawldinwhichmarketimperfectionscanmakedividendpolicyrelevant

9、.Therefeweexpectpreferenceagencycostsbirdintheharguments.Ourmotivationfconductingthisstudyistodeterminewhethertheevidencesimplyreaffirmswhatwealreadyknowprovidesnewinsightsaboutdividendpolicy.Thestudyistimelygivenevidenc

10、ebyFameFrench(2001)ofthedecliningincidenceofdividendpayerswhichnotonlyreflectsthechangingacteristicsofdividendpayersbutalsotheirlowerpropensitytopaydividends.Tables1through3reptourempiricalfindings.Fpresentationpurposesw

11、ecollapsetheresponsesintothreecategies:disagree(21)noopinion(0)agree(12).Ineachpanelofthetableswelisttheresultsinderoftheirmeanresponsesfromlargesttosmallest.Althoughnotshownwealsousetteststodetermineifanyofthemeanrespon

12、sesdifferssignificantlyfrom0(noopinion).Basedonthettestswerejectthenullhypothesisthatthemeanvalueofeachstatementdoesnotdifferfromzeroexceptstatements$24$27.Thistestwasconductedatthe0.05level.PanelAofTable1reptshowtheresp

13、ondentsviewfivestatements($4through$8)relatingtoLintnersdeionofthedividendsettingprocess.Ofthe27statementscontainedinthesurveyNASDAQmanagersshowthehighestlevelofagreementwith$6(mean=1.53)$7(mean=1.47).Methan90percentagre

14、ethatafirmshouldavoidincreasingitsregulardividendifitexpectstoreversethedividenddecisioninayearso($6)afirmshouldstrivetomaintainanuninterruptedrecdofdividendpayments($7).Thehighlevelofagreementwiththesetwostatementssugge

15、stsconcernoftherespondingNASDAQmanagersaboutthecontinuityofpayingdividends.PanelAofTable2reptstheresultsofhowNASDAQmanagersviewfivestatementsabouttherelationshipbetweendividendpolicyfirmvalue($9S10S11S13S15).Methan90perc

16、entagreewiththestatementthatanoptimaldividendpolicystrikesabalancebetweencurrentdividendsfuturegrowththatmaximizesstockprice(S11).Methan80percentoftherespondentsagreethatafirmshouldfmulateitsdividendpolicytoproducemaximu

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