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ID:342627
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页数:12页
时间:2017-07-25
《治理机制与企业价值:股权集中度和红利的影响【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库。
1、本科毕业论文(设计)外文翻译原文:GovernanceMechanismsandFirmValue:TheImpactofOwnershipConcentrationandDividendsOverthelastthreedecades,theideaofindependentdirectorshasbecomeimportant,particularlywithstockmarketregulatorsandmanycorporategovernanceadvocates(Farrar,2001).Indeed,financialeconomistsgenera
2、llysuggestthattherepresentationofindependentdirectorsonboardsincreasestheeffectivenessofboardsinmonitoringmanagersandexercisingcontrolonbehalfofshareholders(e.g.,Fama&Jensen,1983;Weisbach,1988).Themostwidelydiscussedquestionregardingboardcompositionisthereforewhetherhavingmoreindepend
3、entdirectorsontheboardenhancesfirmperformance.AnumberofstudieshavebeenconductedintheUSonthisissue.Forexample,astudybyBaysingerandButler(1985)foundthattheproportionofindependentdirectorswaspositivelycorrelatedwithaccountingmeasuresofperformance.Incontrast,BhagatandBlack(2001),Hermalina
4、ndWeisbach(1991),andKlein(1998)havefoundthatahigherpercentageofindependentdirectorsontheboarddoesnothaveasignificantimpactonaccountingmeasuresoffirmperformance.AstudybyAgrawalandKnoeber(1996)showthattheproportionofindependentdirectorshasanegativerelationshiptomarketmeasuresofperforman
5、ce.ConflictingevidenceonadirectrelationshipbetweenboardcompositionandfirmperformancehasalsobeenreportedfromAustralia.LawrenceandStapledon(1999)foundthatindependentdirectorsdonotappeartohaveaddedvaluetofirmsintheperiod1985-1995.AsimilarresultisreportedbyCotterandSilvester(2003),whoexam
6、inethelargest200companiesin1997.Incontrast,Bonn,Yoshikawa,andPhan(2004)reportedthatahigherproportionofindependentdirectorsontheboardleadstostrongerfirmperformance.Whyarethefindingsontherelationshipbetweenboardcompositionandfirmperformanceinconclusive?Onepossibleexplanationisthatmostof
7、thecorporategovernanceisbotharesultofthedecisionsmadebypreviousdirectorsand,itselfafactorthatpotentiallyaffectsthechoiceofsubsequentdirectors.Studiesofboardsoftenneglectthisissueandthereforeproduceconfusingresults(Hermalin&Weisbach,2003).Animportantroleofboardsistoestablishsub-committ
8、eesto
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