股权结构与公司绩效：以印度为例外文翻译（可编辑）

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1、股权结构与公司绩效：以印度为例外文翻译外文翻译原文OwnershipStructureandCorporatePerformance:EvidencefromIndiaMaterialSource:InternationalJournalofHumanitiesandSocialScienceAuthor:AmanSrivastavaAbstractOwnershipstructureofanycompanyhasbeenaseriousagendaforcorporategovernanceandthatofperformanceofafirm.Thus,whoownsth

2、efirm’sequityandhowdoesownershipaffectfirmvaluehasbeenatopicinvestigatedbyresearchersfordecades.Thus,theimpactofownershipstructureonfirmperformancehasbeenwidelytackledinvariousdevelopedmarketsandmorerecentlyinemergingmarkets,butwaslessdiscussedbefore,inIndiainrecentchangingenvironment.Thisp

3、aperisamoderateattempttoaddresstherelationshipofownershipstructureofthefirmanditsperformance.Itinvestigateswhethertheownershiptypeaffectssomekeyaccountingandmarketperformanceindicatorsoflistedfirms.The98mostactivelylistedcompaniesonBSE100indicesofBombayStockExchangeofIndia,whichconstituteth

4、ebulkoftrading,werechosentoconstitutethesampleofthestudyasofendof2009-10.ThefindingsindicatethepresenceofhighlyconcentratedownershipstructureintheIndianmarket.Theresultsoftheregressionanalysesindicatethatthedispersedownershippercentageinfluencescertaindimensionsofaccountingperformanceindica

5、torsi.e.ROAandROEbutnotstockmarketperformanceindicatorsi.e.P/EandP/BVratios,whichindicatethattheremightbeotherfactorseconomic,political,contextualaffectingfirmsperformanceotherthanownershipstructure.Keywords:Ownershipstructure,corporateperformance,corporategovernance,India1.IntroductionOwne

6、rshipstructureofanycompanyhasbeenaseriousagendaforcorporategovernanceandthatofperformanceofafirm.Thus,whoownsthefirm’sequityandhowdoesownershipaffectfirmvaluehasbeenatopicinvestigatedbyresearchersfordecades.Thus,theimpactofownershipstructureonfirmperformancehasbeenwidelytackledinvariousdeve

7、lopedmarketsandmorerecentlyinemergingmarkets,butwaslessdiscussedbefore,inIndiainrecentchangingenvironment.Thoughthemodernorganizationemphasizesthedivorceofmanagementandownership;inpractice,theinterestsofgroupmanagingthecompanycandifferfromtheinterestsoft