股权结果与公司绩效一个描述性探讨[文献翻译]

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1、外文题目：OwnershipStructure,CorporatePerformanceAndFailure:EvidenceFromPanelDataofEmergingMarketTheCaseofJordan出处：CorporateOwnership&Control作者：RamiZeitun原文：2.OwnershipStructureandFirmPerformance:aDescriptiveDiscussion2.1OwnershipStructure(Mix)andFirmPerformanceSi

2、ncetheestablishmentoftheASEinthe1970s，thenumberoflistedcompanies，tradingvolume，andtotalmarketcapitalisationhaveincreaseddrastically．Table1reportstheownershipstructureoflistedcompaniesbysectors．Despiteitsprivatisationprogram，thegovernmentstillholdsalargestakei

3、nMedia，UtilityandEnergy，andSteel，MiningandHeavyEngineeringcompanies(43.20%，33.70%，and22.04%，respectively)becausetheyareconsideredstrategicindustries．Institutionalownershipisveryhighintransportation，realestate，andtradeandcommercialservicesandrental，andcommunic

4、ation(44.80%，44.00%，and36.89%，respectively)．IndividualcitizensasagrouparethelargestshareholderofEducationalServices，MedicalPharmacies，TextilesandClothing，andConstructionandEngineering．ThelargestforeignownershipstakesareinSteel，MiningandHeavyEngineering，follow

5、edbyTobacco(16.05%and13.41%，respectively)，foreignownershipisalsohighintheInsurancesector．Table2presentsthebasicstatisticsoftheownershipstructurefordefaultedandnon-defaultedfirms．Theindividual(citizen)ownsanaverageof51.42percentofdefaultedfirms，afigurewhichisl

6、argerthan45.36percentinnon-defaultedfirms．Thefractionsofgovernmentandforeignerownershiphavetheirlowestmedianinthedefaultedfirms，0.58and1.21percentrespectively，comparedwith2.37and4.20percentinnon-defaultedfirmsforgovernmentandforeignerrespectively．Thereareseve

7、ralnotabledifferences．Firstofall，defaultedfirmshavealower14medianofgovernmentownership．Also，themedianofinstitutionalownershipislower，asisthemedianofforeignerownership．Table2suggeststhatJordanianfirmswithgovernment，institutional，andforeignownershiphavealowerri

8、skoffailure(default)(inthisanalysis，wewillconcentrateonthejointfactorofArabandforeignownershipratherthantakingeachoneseparatelyasbothofthemareconsideredforeignowners)．Thenextsectiondiscus