硕士研究生专业英语作业.doc

存档日期: 存档编号:
北京化工大学
研究生课程论文
课程名称: 专业英语
课程代号: Eng551
任课教师: 王淑慧老师
完成日期: 2013 年 6 月 3 日
专业: 企业管理
学号: 2012200843
姓名: 吕全才
成绩:_____________
A Note on Stakeholder Theory and Risk: Implications for
CorporateCash Holdings and Dividend Policy
Gerhard Speckbacher
Paul Wentges
Abstract
According to Zingales (1999), corporate governance is defined as plex set of constraints that shape the ex-post bargaining over the quasi-rents generated by a firm. This paper argues that corporate cash holdings and dividend policy can be used as soft constraints in this regard in order to mitigate the holdup situation of corporate stakeholders and to enhance incentives for firm-specific investments in the face of high total firm risk. Hence stakeholder theory contributes to answering the question why firms choose conservative financial policies.
Key Words: Corporate Cash Holdings, Dividend Policy, Holdup, Risk, Stakeholder Theory.
1 – Introduction
The determination of the level of a firm’s cash holdings is one of the major tasks financial management faces. In contrast to the related decisions on capital structure, dividend policy or corporate risk management, however, this topic received relatively little attention in the financial literature. Recently, a new debate on the determinants of corporate cash holdings has been initiated
by the work of Opler et al. (1999) (see also Opler