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1、原文：原文：OwnershipconcentrationagencyconflictsdividendpolicyinJapan1.IntroductionAgencyconflictsplayanimptantroleincpatedecisions.IntheirseminalpaperJensenMeckling(1976)showthatdecisionmakersmayvaluedecreasingoutcomesthatar

2、ejustifiedonlybecauseofthewealthtransferfromotherstakeholders.Togiveawellknownexamplemanagersmayinvestinunprofitableprojectswhosecostsarebnebyshareholdersifdoingsoenhancestheirownstatusbringthemprivatebenefits.Likewisesh

3、areholdersmaytakeexcessiveriskknowingthatthedownsideisassumedbydebtholderswhiletheybenefitfromtheupside.Agencyconflictscantakemanyotherfms.MyersMajluf(1984)arguethatfirmsactingintheinterestofcurrentshareholdersshouldrati

4、onallypassupprofitableinvestmentprojectsifthebenefitsarecapturedbyoutsideinvests.ShleiferVishny(1997)emphasizetheagencyconflictsbetweenmajityminityshareholderspromptedbyrecentevidencethatdominantshareholdersextractrentsa

5、ttheexpenseofsmallshareholdersthroughthetunnelingofassetsprofitssuchastheuseofunfairtransferpricingbetweencontrolledentities.Johnsonetal.(2000)provideafewexamplesofexpropriationtakingplaceindevelopedcountries.Payoutpolic

6、yisoneareaofcpatedecisionsthatcannotescapetheinfluenceofagencyconflicts.InfactEasterbrook(1984)arguesthatdividendscanbeeithertheresultthesolutiontoagencyconflicts.Becausemanagersprefertoretainearningstoincreaseprivatecon

7、sumptionreducetheriskontheirhumancapitallowgovernancestardsposhareholderprotectionarelikelytoresultinlowerpayout.ThisviewisclearlyestablishedinthecrosscountryanalysisofLaPtaetal.(2000).Converselydividendpayoutcancontribu

8、tetomitigateagencyconflicts.Jensen(1986)advocatestolowerthefreecashflowsavailabletomanagersindertoincreasefinancialdiscipline.Payinghighdividendspreciselyachievesthispurposeholderstoshareholderssinceitdecreasestheamounto

9、fcollateralbackingthefirm’sdebt.Overalltheanalysisofthedividendadjustmentdecisionprovidessomereasonsfthelowerpayoutassociatedwithownershipconcentration.Meimptantlyperhapstheresultssuggestthatasinthecaseofmanycpatedecisio

10、nsdividendpolicyisheavilydeterminedbyagencyconflictsbetweenmajityshareholdersotherstakeholders.Inparticulartheemblematicdebtholdershareholderconflictappearstobeexacerbatedbythepresenceofdominantplayersabletocodinatetheac

11、tionsofshareholders.Therestofthearticleisstructuredasfollows.Section2articulatesthehypothesesregardingtherelationshipbetweenownershipstructuredividendpolicy.Section3Describesthesampledatesources.Theempiricalresultsarepre

12、sentedinSection4.Section5concludes.Relationshipbetweenownershipdividends2.1PositiverelationshipAccdingtoShleiferVishny(1986)ownershipconcentrationcreatestheincentivesflargeshareholderstomonitthefirm’smanagementwhichoverc

13、omesthefreeriderproblemassociatedwithdispersedownershipwherebysmallshareholdershavenoincentivestoincurmonitingexpensesfthebenefitofothershareholders.Becauseofstrictfinancialdisciplinefirmsimprovetheircapitalallocationred

14、uceunprofitableinvestmentsultimatelyexhibithigherperfmance.Indeedseveralstudies(e.g.ClaessensDjankov1999)showthatconcentratedownershipcontributestohigherprofitabilitymarketvaluation.Therelevantconsequenceoffinancialdisci

15、plineisthatfewerresourcesareconsumedinlowreturnprojectsmecashflowscanthusbedistributedasdividends.InsupptofthisinterpretationMitton(2005)showthatfirmswithbettercpategovernancepayhigherdividendsinemergingmarkets.LikewiseL

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