[雙語翻譯]股利政策外文翻譯--股利政策在跨國并購中的作用（英文）_第1頁
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1、J.ofMulti.Fin.Manag.47–48(2018)14–30ContentslistsavailableatScienceDirectJournalofMultinationalFinancial Managementjournalhomepage:www.elsevier.com/locate/econbaseTheroleofdividendpolicyincross-border mergersandacquisiti

2、onsMargaritaKaprielyan a,?, KevinBrady ba LoveSchoolofBusiness,ElonUniversity,2075CampusBox,Elon,NC,27244,UnitedStatesb GusMachadoSchoolofBusiness,St.ThomasUniversity,UnitedStatesar t i c le i nf oArticlehistory:

3、Received15June2018Receivedinrevisedform15November2018Accepted16November2018Availableonline17November2018JELclassification:G34G35Keywords:Cross-bordermergersandacquisitionsDividendpolicyBidpremiumMethodofpaymentCorporateg

4、overnanceabst r ac tRecentstudiesshow that characteristicsofmergers and acquisitions(MMitton,2004).OurresultsshowthatMEasterbrook,1984;Jensen,1986)byforcingtheinsiderstoperiodicallypaycashtotheownersandbyraisingth

5、eprobabilitythefirmwillneedtocomeunderthescrutinyofthecapitalmarketstofundfutureprojects.Aivazianetal.(2003)notethatpayingadividenddirectlylowersafirm’sfreecashflowavailabletofundprojects.LaPorta,Lopez-de-Silanes,Shleife

6、r,andVishny(2000)suggestthatpayingdividendscanenhancetheefficiencyofafirm’sinvestments.Thus,thereisevidenceofarelationshipbetweendividendandinvestmentpolicy.2.2.DividendpolicyandM&A:evidencefromtheU.SAcademicsonlyrec

7、entlystartedexploringtherelationshipbetweenM&Aanddividendpolicy.Inaseriesofpapers,DereeperandTurki(2012,2013,and2016)explorehowdifferencesinthedividendpoliciesbetweenbiddersandtargetsinU.S.domesticmergersandacquisiti

8、onsimpactsthemethodofpayment,premiumpaid,bidderreturns,futurepayoutpolicy,andtheprobabilityofdealcompletion.Intermsofthepremiumpaid,theyfindapositiveassociationbetweenthepremiumpaidandthedifferencebetweenthepreexistingac

9、quirer’sandtarget’sdividendpayoutratiosincashtransactions.Theylinkthispremiumtotargetfirms’shareholdersdemandingextracompensationincashdealsbecause,bynotreceivingsharesinthetransaction,theyareexcludedfromacquirers’ongoin

10、g,relativelygenerousdividendpolicy.Intermsofthemethodofpayment,DereeperandTurki(2012)findthatdividendpayingstatusoftheacquirerincreasesthelikelihoodthatequityisusedinthetransaction,andthatbidderannouncementreturnsarehigh

11、er(i.e.,lessnegative)instocktransactionswhenthebidderpaysadividendcomparedtowhentheydonot.Theyattributethiseffecttothedividendprovidingthemarketwithcredibleinformationaboutthefirm’svaluebysignalingbidder’squality.Thedivi

12、dendofthebidderalsolowersadverseselectioncostsforthetargetshareholders,whobecomemorewillingtoacceptbidder’sequity.3 OurfindingsonthebidpremiumaregenerallyconsistentwiththoseinDereeperandTurki,(2012)andRossiandVolpin(2004

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