外文翻译---资本结构，股利政策，跨国经营：理论与实证研究(编辑修改稿)

外文翻译---资本结构，股利政策，跨国经营：理论与实证研究(编辑修改稿)内容摘要：

debt are substitute mechanisms for controlling agency costs of free cash flows. Empirical finding of Agrawal and Jayaraman (1994) supports Jensen39。 s hypothesis. They find that dividend payout ratios of a sample of all equity firms are significantly higher than those of a control group of levered firms. Jensen et al. (1992) posits that firms with high dividend payouts might find debt financing less attractive than equity financing leading to a negative relation between debt and dividends. As noted in the prehensive survey on payout policy by Allen and Michaely (2020), firms also might not want to pay high dividends when they are obligated to pay high levels of other fixed finance charges. Thus, while the direction of the debt ratio–dividend policy relationship is not clear, it is clear that corporate capital structure is determined simultaneously with its dividend policy. Consequently, any examination of the impact of multinational on capital structure must account for the impact of dividend policy. Recognizing the endogenous nature of some of the variables being tested, some studies do use simultaneous equation models to study the interdependence between capital structure and dividend payout ratios of . firms. Noronha, Shome, and Morgan (1996) apply threestage least squares (3SLS) tests to investigate the simultaneity between dividend and capital structure decisions of the . firms for the period of 1986–1988 and find that the debt–dividend simultaneity is observed empirically only for the sub sample in which the monitoring rationale for dividends is appropriate. However, they do not examine the capital structuredividend policy interdependence for multinational firms. As this brief review shows, capital structure and dividend policy are likely to be determined simultaneously in practice. A study of the relationship between capital structure and firm multinational must therefore include variables that determine both debt ratios and dividend payout ratios. Based on the theoretical and empirical evidences on capital structure and dividend policy, we enumerate the specific variables used here in estimating the relationship between debt, dividends, and firm multinational. influencing capital structure and dividend policy Bus Risk used as a measure of business risk, is calculated as the standard deviation of the ratio of the first difference of EBIT and the average total asset over the past fiveyears (as in Jensen et al., 1992).Beta is used as an alternative measure of firm risk as a determinant of dividend payout (as in Rozeff, 1982). The degree of operating leverage (DOL) is also used as a measure of business risk and is calculated as the average of the annual percentage change in EBIT divided by the percentage change in sales. Tax Rate (Tax Rate) is used as measure of tax benefits from the interest payments. Agency and underinvestment problems indicate that firms with higher growth opportunities (measured by the markettobook ratio, MTB) will hold less debt controlling for profitability. In addition, Chang (1992) predicts that firms with high profitability (ROA) use more debt in its capital structure controlling for investment opportunities. Firm39。 s uniqueness (UNQ) in term of Ramp。 D and advertising expenses ratio proxies also for agency cost because the external stakeholders faces larger costs of monitoring when the more of the investment is in intangibles as such investments lead to under investment problems and agency costs (Long amp。 Malitz, 1985). Funding deficit (FundDef) is a measure of agency costs. According to ShyamSunder and Myers (1999), the funding deficit is: FundDeft = DIVt + Xt + Δ Wt + Rt−Ct : Where, Ct operating cash flow, after interest and taxes DIVt dividend payments Xt capital expenditures Δ Wt increase in working capital Rt current portion of longterm debt The agency issue in dividend payout decisions is similar to。