字幕表 動画を再生する 英語字幕をプリント So what this research intended to do was to basically use surveys uh to determine what actual practice is and then relate it to the theories so that we could determine which theories have more validity than others. What the research found that I think was surprising in terms of how important this factor is is that a lot of managerial decision making is intended to reduce the incidents of disagreement. That they are really making decisions that they believe will generate less rather than more controversy where where the likelihood that a decision might not be endorsed by a major stakeholder group is relatively low and that does shape how they do acquisitions, how they decide on capital structure how they decide on dividend policy and that's really not yet a mainstream of uh research in finance. What this finds is that when you're thinking about capital structure, think not only about the tax benefits of debt, but also think about how taking on more leverage is going to impede your ability to make certain decisions because of the potential for disagreement with creditors that you may not have if you're less leverage. So, it's those sorts of insights that you would not necessarily get by looking at the existing body of research and finance that I think are very useful for executives as they think about financial decisions.