时艰更看领导力（上）

金融危机席卷而来。2009年，麦肯锡咨询公司特别采访了多家大公司的14名领导人，请他们反思自己觉得从危机中学到了什么。当然，这次访谈也不想把他们的评论仅仅局限于当前的衰退，还请他们思考了在以前扭亏为盈的转型或危机期间曾经面临的挑战。     

FINANCIAL CHARACTERISTICS RELATED TO MANAGEMENTS'STOCK SPLIT AND STOCK DIVIDEND DECISIONS

Several studies have made inquiries of corporate managers concerning their motivations for undertaking stock splits and stock dividends. This paper investigates whether the factors identified by these studies are in fact associated with the actual stock distribution decisions of managers. The results are consistent with the view that managements issue large stock distributions (25 per cent or greater) in order to keep the per share price in an optimal range and to signal optimistic expectations to the market. Firms with relatively low per share prices were inclined to issue small stock distributions (less than 25 per cent); the signaling motivation also played a role here.