دانلود مقاله ISI انگلیسی شماره 3227
ترجمه فارسی عنوان مقاله

آیا اقتصاد سیاسی، هزینه های نمایندگی را کاهش می دهد ؟ برخی از شواهد به دست آمده از سیاست های سود سهام در سراسر جهان

عنوان انگلیسی
Does political economy reduce agency costs? Some evidence from dividend policies around the world
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
3227 2011 20 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Empirical Finance, Volume 18, Issue 1, January 2011, Pages 16–35

ترجمه کلمات کلیدی
اقتصاد سیاسی - سود سهام - حفاظت از سرمایه گذار - حمایت قانونی
کلمات کلیدی انگلیسی
پیش نمایش مقاله
پیش نمایش مقاله  آیا اقتصاد سیاسی، هزینه های نمایندگی را کاهش می دهد ؟ برخی از شواهد به دست آمده از سیاست های سود سهام در سراسر جهان

چکیده انگلیسی

This study shows that firms in proportional-electoral countries pay out lower dividends and that the correlation between a firm's growth potential and dividend payout ratio is weaker in proportional-electoral countries. However, firms in proportional-electoral countries that cross-list in majoritarian system countries, tend to pay out higher dividends and the negative relation between growth potential and dividend payout tend to be stronger than their peers that do not cross-list. For a few countries that changed their electoral system towards a more proportional system, we observe a decrease in dividend payout ratio and a weaker relation between growth and dividends after the change. Overall these results indicate that a country's political system affects the severity of agency problems. Further, the effect of legal origin on dividend policy reverses once we include the political economy variables in the regressions. We also document that the electoral system not only affects the amount of dividends paid by a firm but also the form of payment.