自愿性信息披露和公司治理对企业盈利预测的实证分析【外文翻译】

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1、外文翻译原文VoluntaryInformationDisclosureandCorporateGovernanceTheEmpiricalEvidenceonEarningsForecastsMaterialSource:HitotsubashiJournalofEconomics50(2),59-74Author:NaohitoAbe，YessicaC.Y.ChungAbstractThisstudyinvestigatesthedeterminantsofcompanies’voluntaryinformationdisclosure.Employingalargea

2、nduniquedatasetonthecompanies’ownearningsforecastsandtheirfrequencies,weconductedanempiricalanalysisoftheeffectsofafirm’sownership,board,andcapitalstructuresoninformationdisclosure.Ourfindingisconsistentwiththehypothesisthatthecustomofcross-holdingamongcompaniesstrengthensentrenchmentbyman

3、agers.Wealsofindthatbankdirectorsforcemanagerstodiscloseinformationmorefrequently.Inaddition,ourresultsshowtheborrowingratioispositivelyassociatedwithinformationfrequency,suggestingthatthemanagerislikelytorevealmorewhenhisorherfirmborrowsmoneyfromfinancialinstitutions.However,additionalbor

4、rowingsbeyondtheminimumlevelofeffectiveborrowingsdecreasethemanagement’sdisclosingincentive.Keywords:VoluntaryinformationDisclosure;CorporateGovernance;managementearningsforecast;1.IntroductionThecorporategovernanceliteraturehasdiscussedmanymechanismsforresolvingthefundamentalissue:theagen

5、cyproblem.Perhapsthemostpervasiveandimportantfactorcausingtheagencyproblembetweenamanagerandaninvestoristheinformationalasymmetriesbetweenthem.Ifmanagerswhoarebetterinformedabouttheirfutureprospectshavedivergentincentiveswiththeirinvestors,theymayexpropriateinvestors’benefitsfortheirprivat

6、eobjectives.Oneoftheprincipalremediestoagencyproblemsisthelaw.Regulatoryinterventionscouldgiveoutsideinvestorscertainpowerstoprotecttheirinvestmentagainstexpropriationbyinsiders,andmeanwhile,requirecorporateinsidersto7enforceinvestorprotections,particularlyonconveyinginsideinformation.InJa

7、pan,companiesaccessingcapitalmarketsarerequiredtofollowTheCommercialCodeandtheSecuritiesandExchangeLaw.TheCommercialCoderequiresallkindsofcompaniestoprepareindividualfinancialstatements,consistingofabalancesheet,anincomestatement,andaproposalfordistributionand