投資，融資和股利決策在解釋公司股權(quán)結(jié)構(gòu)中的作用來自西班牙的經(jīng)驗數(shù)據(jù)【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：TheRoleofInvestmentFinancingDividendDecisionsinExplainingCpateOwnershipStructure:EmpiricalEvidencefromSpain1、IntroductionThereisextensivetheeticalempiricalresearchonhowcpateownershipstructureinfluence

2、sfinancingdividendinvestmentdecisions.Howeverthereislittleevidenceonthedeterminantsofownershipstructureespeciallyontheeffectoftheseinvestmentfinancingdividenddecisionsonafirm’sinsideoutsideshareholdings.Theclearreversalo

3、ftheeffectofownershipstructureoninvestmentfinancingdividenddecisionstheresultingendogeneitydiscouragesresearchersfromaddressingsuchananalysis.WeovercomethisdrawbackthankstotheuseoftheGeneralisedMethodofMoments(GMM).Thise

4、stimationmethodcontrolsftheendogeneityproblemconsequentlyitallowsustostudytheroleplayedbyinvestmentfinancingdividenddecisionsinexplainingcpateownershipstructureindertoprovidenewevidenceononeofthemostinterestingtopicsincp

5、ategovernance.Ourpapermakesasignificantcontributiontothecpategovernanceliteratureinatleastthreeways.Firstweoffernewevidenceonthedeterminantsofcpateownershipstructuremainlyfocusingontheeffectsofinvestmentfinancingdividend

6、decisionsoninsiderstakesownershipconcentrationlevels.Secondweanalysetheinteractionbetweeninsiderownershipownershipconcentrationbothofwhichareconsideredasagencycostcontrolmechanismsbytakingintoaccounttheconvergenceofinter

7、estsentrenchmenteffectsinthecaseofownershipproblembyusingtheGMM.SecondwecontrolfthewidelydocumentednonlinearitiesbetweenownershipstructureperfmancebyusingthemethodproposedbyMigueletal.(2004)tocategisetheconvergenceofinte

8、restsentrenchmentmonitingexpropriationphenomenabyenteringthisinfmationintothemodelthroughtheuseofdummyvariablesinteractedwiththeexplanatyownershipvariables.Thisnewapproachisappliedtoexplainthediversityofownershippatterns

9、acrossfirmsbyhighlightingtheeffectofinvestmentfinancingdividenddecisionsoncpateownershipstructure.Specificallyourevidenceagreeswiththegrowinginterestshownbycpategovernanceliteratureintherelationshipbetweenownershipstruct

10、urebothdebtdividendssincethesetwocpatedecisionsareshowntobemajdeterminantsofafirm’sinsideoutsideshareholdings.Thepaperisganizedasfollows.Section2presentsourmodelsdiscussesthemaintheeticalargumentssupptingtheproposedrelat

11、ions.ThedatasetthemethodologyusedintheestimationofthespecifiedmodelsaredescribedinSection3.Theempiricalresultsarediscussedinthefollowingsectionthepaperfinisheswithourmainconclusions.2.TheyEconometricSpecification2.1.Basi

12、cmodelsofcpateownershipstructureSincethemainpurposeofthispaperistostudytheroleplayedbyinvestmentfinancingdividenddecisionsinexplainingcpateownershipstructurethestartingpointfouranalysisisabasicmodelaccountingftheeffectof

13、debtdividendsinvestmentdecisionsonafirm’sownershipstructure.Financialtheysuggeststhatownershippatternsdifferbetweeninsideoutsideshareholderswehavethusspecifiedtwoseparatemodels:oneexplainingthefirm’sinsiderownershiptheot

14、herexplainingthelevelofownershipconcentration.Letusnowexplainhowfinancialtheysupptsoureconometricspecificationbydiscussingtheexpectedrelationshipsinbothmodels.Stulz(1988)arguesthathigherleverageallowsmanagerstocontrolmev