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1、本科毕业论文（设计）外文翻译外文题目TheQualityofAccountingInformationInPoliticallyConnectedFirms外文出处JournalofAccountingandEconomics外文作者PaulK.Chaney，MaraFaccio，DavidParsley原文：TheQualityofAccountingInformationinPoliticallyConnectedFirmsWedocumentthatthequalityofearningsreporte
2、dbypoliticallyconnectedfirmsissignificantlypoorerthanthatofsimilarnon-connectedcompanies.Ourresultsarenotduetofirmswithex-antepoorearningsqualityestablishingconnectionsmoreoften.Instead,ourresultssuggestthat,becauseofalesserneedtorespondtomarketpressurestoi
3、ncreasethequalityofinformation,connectedcompaniescanafforddisclosinglowerqualityaccountinginformation.Inparticular,lowerqualityreportedearningsisassociatedwithahighercostofdebtonlyforthenon-politicallyconnectedfirmsinthesample.Inthispaperweinvestigatewhethe
4、rearningsqualityvariessystematicallywithpoliticalconnectionsinawidesampleofcountriesandpoliticallyconnectedfirms.Overall,ourresultsrevealthatthepresenceofpoliticalconnectionsisassociatedwithalowerqualityofaccountingearnings.Wedocumentthatpoliticalconnection
5、shaveincrementalexplanatorypowerbeyondcountry,regulatory,andfirmspecificownershipcharacteristics.Ex-ante,onecouldhavearguedthatbecauseconnectedfirmsaresubjecttoextensivecontrolsandmonitoring(includingscrutinybythemedia),politicalconnectionswould,infact,beas
6、sociatedwithbetterearningsquality.This,however,isnotthecase.Basedontheresultsinpriorresearch,threeexplanationsareconsistentwithourfindingthatthequalityofearningsofpoliticallyconnectedfirmsispoorerthanthequalityofearningsofsimilarnon-connectedpeers.First,asp
7、oliticallyconnectedfirmstypicallyderivegainsfromtheirconnectionsoverandabovethepaymentstheymake,insidersmayhide,obscure,oratleastattempttodelayreportingthebenefitsreceivedwiththepurposeofintentionallymisleadinginvestorstogainattheirexpense(e.g.,Schipper,198
8、9,orLeuz,NandaandWysocki,2003).Inacloselyrelatedpaper,LeuzandOberholzer-Gee(2006)arguethatthehighertransparencyassociatedwithforeignfinancingmakesitharderforconnectedcompaniestoextractpoliticalfavors,e
