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1、外文翻译原文Insiderownershipandcorporateperformance:evidencefromGermanyMaterialSource:http://springer.lib.tsinghua.edu.cn/content/u1u47p605t61g325/fulltext.htmlAuthor:Christoph KasererandBenjamin MoldenhauerInthispaperweaddressthequestionwhetherinsiderownershipaffectscorporateperf
2、ormance.EvidencefromstudiesdealingwithAnglo-Saxoncountriesisratherinconclusive,especiallybecauseresultsseemtobesignificantlyaffectedbyendogeneity.Economically,thisisduetothefactthatinthesecountriesinsiderownershipseemstobemainlydrivenbymanagement’scompensationcontracts.Wearg
3、uethatGermanyisdifferentinthisregard,asinsiderownershipisoftenrelatedtofamilycontrol,stock-basedcompensationislesswidespread,andthemarketforcorporatecontrolusedtobelessdeveloped.Startingfromthispresumption,ourdataallowsanunbiasedobservationastowhetherinsiderownershipaffectsf
4、irmperformance.Usingapooleddatasetof648firmobservationsfortheyears2003and1998,wefindevidenceforapositiveandsignificantrelationshipbetweencorporateperformance—asmeasuredbystockpriceperformance,market-to-bookratioandreturnonassets—andinsiderownership.Thisrelationshipseemstober
5、atherrobust,evenifweaccountforpotentialendogeneitybyapplyinga2SLSregressionapproach.Furthermore,theresultsholdforasub-sampleoffirmsthatdidnothaveastock-basedcompensationprograminplace.Moreover,wefindoutsideblockownershipaswellasmoreconcentratedinsiderownershiptohaveapositive
6、impactoncorporateperformance.Overall,theresultsindicatethatownershipstructuremightbeanimportantvariableexplainingthelongtermvaluecreationinthecorporatesector.SinceBerleandMeans(1932)and,moreimportantly,JensenandMeckling(1976),awholebranchofresearchhasevolvedinvestigatinginto
7、theeffectsoftheseparationofownershipandcontrol.Actually,thestudiesofMorcket al.(1988)andMcConnellandServaes(1990)wereamongthefirsttoempiricallytesttheeffectsofmanagerialequityownership(i.e.,insiderownership)onfirmvalue.Sincethen7severalstudieshavebeenpublishedonthisissue.Two
8、importantresultsemergefromthisbranchofliterature.First,mostofthesestudiespr
