================精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载==============上市企业融资文献综述及外文文献资料本份文档包含：关于该选题的外文文献、文献综述一、外文文献文献出处：AborJ;BokpinA.Investmentopportunities,corporatefinance,anddividendpayoutpolicy.StudiesinEconomicsandFinance.2015;27(3):180-194.Investmentopportunities,corporatefinance,anddividendpayoutpolicyAborJ;BokpinAAbstractPurpose-Thepurposeofthispaperistoinvestigatetheeffectsofinvestmentopportunitiesandcorporatefinanceondividendpayoutpolicy.Design/methodology/approach-Thisissueistestedwithasampleof34emergingmarketcountriescoveringa17-yearperiod,1990-2006.Fixedeffectspanelmodelis--------------------精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载---------------------~1~================精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载==============employedinourestimation.Findings-Asignificantlynegativerelationshipbetweeninvestmentopportunitysetanddividendpayoutpolicyisfound.Thereare,however,insignificanteffectsofthevariousmeasuresofcorporatefinancenamely,financialleverage,externalfinancing,anddebtmaturityondividendpayoutpolicy.Profitabilityandstockmarketcapitalizationarealsoidentifiedasimportantininfluencingdividendpayoutpolicy.Profitablefirmsaremorelikelytosupporthighdividendpaymentstoshareholders.However,firmsinrelativelywell-developedmarketstendtoexhibitlowdividendpayoutpolicy.Originality/value-Themainvalueofthepaperisinrespectofthefactthatitusesalargedatasetfromemergingmarketcountries.Theresultsgenerallysupportexistingliteratureoninvestmentopportunitysetanddividendpayoutpolicy.--------------------精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载---------------------~2~================精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载==============Keywords:International;Dividends;Corporatefinance;1.IntroductionTheimpactofinvestmentandfinancingdecisionsonfirmvaluehasbeenthefocusofextensiveresearchsince[50]ModiglianiandMiller(1958)proposedthe\principle\independentofthemannerinwhichitsproductiveassetsarefinanced.Infactsomeauthorslike[12]Barnesetal.(1981)supporttheirview.However,othershavecontrastedthefindingsoftheearlierstudiessuggestingthatinvestment,financing,anddividendpolicyarerelated([30]GrabowskiandMueller,1972;[46]McCabe,1979;[5]Anderson,1983).ThisispredicatedontheassumptionthatModiglianiandMiller’sidealworlddoesnotexist.Financialmarketsarenotperfectgiventaxes,transactioncosts,bankruptcycosts,agencycosts,anduncertaininflationinthemarketplace.Accordingto[13]BiermanandHass(1983),managementusually--------------------精选公文范文，管理类，工作总结类，工作计划类文档，感谢阅读下载---------------------~3~================精选公文范文，管理类，工作总结类，工作计划类文档，欢迎阅读下载==============addressesthedividendtargetpayoutlevelinthecontextofforecastingthefirm’ssourcesanduseoffunds.Consideringprospectiveinvestmentopportunitiesandtheinternalcashgenerationpotentialofthefirm,bothcapitalstructureanddividendpolicyarechosentoensurethatsufficientfundsareavailabletoundertakealldesirableinvestmentswithoutusingnewequity([14]Black,1976).Butwhatconstitutesa\investment?Ifitisonethathasanexpectedreturngreaterthanthecostoffundsthatfinanceit,andifthecostofretainedearningsisdifferentfromthecostofnewequitycapital,thendividendpolicy,capitalstructure,andinv...
