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企业价值与股利政策英文文献.doc

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DividendpolicyandfirmvalueThedividenddecisionisanintegralpartofthefirm''sdirectorsdecidinghowmuchofthefirm'searnings,afterinterestandtaxes(EAIT),shouldbedistributedtothefirm'sordinaryshareholdersinreturnfortheirinvestmentinthefirm,andhowmuchshouldberetainedtofinancefuturegrowthanddevelopment.(SterkandVandenberg2004441-55)Theobjectiveofthefirm'sdividenddecision,likeallfinancialdecisions,;ifitdoesnot,thenanydividendpolicywilldo,.(AsquithandMullins200377-96)Thepaymentofpreferencesharedividendsisnotconsideredpartofafirm'sdividendpolicy,asthelevelof,ormethodofcalculating,,settingouttheamountandtiming,,,changestoafirm'sdividendpolicycanbeinterpretedinvariouswaysbythefinancialmarkets,onsequencesforthefirm''smostseniormanagers-.(BajajandVijh2004193)PaymentofdividendsIntheUK,monwithmanyothercountries,-waythroughthefinancialyear,'sShareRegisteronaspecifieddate,knownastheRecordDate.(SterkandVandenberg2004441-55)Inthestockmarket,paniesaretradedonwhatisknownaseitheracum-dividendorex-'ssharesaretradedcum-panyannouncesitsresults,-

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