公司股权结构与公司绩效：数据来自希腊公司【外文翻译】

《公司股权结构与公司绩效：数据来自希腊公司【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、外文翻译原文CorporateOwnershipStructureandFirmPerformance:evidencefromGreekfirmsMaterialSource:http://ebscohost.comAuthor:PanayotisKapopoulosandSophiaLazaretouTheBerle-Means(1932)thesisimpliesthatdiffuseownershipadverselyaffectsfirmperformance.Wetestthishypothesisbyassessi

2、ngtheimpactofthestructureofownershiponprofitability,takingintoaccounttheendogeneityofownershipstructureandmodellingseparatelyinsideandoutsideownership.Table3presentstheresultsfromthemodelestimationusingTobin’sQasafirmperformancemeasurewhenmanagerialownershipistakenin

3、toaccount.Itusesthetotalsamplesize(175firms)andcomparesOLSestimatesto2SLSestimates.Table4usesthesmallerfirmsamplesize(163firms)excludingutilitiesandfinancialinstitutions.FocusingonOLSestimatesfortheprofitabilityequation,wenotethatprofitabilityisalwaysstatisticallydep

4、endentonatleastonemeasureofownershipstructure.Theregressioncoefficientofthefractionofsharesownedbyimportantoutsideinvestorstakesapositivesignandisstatisticallysignificant.ThisimpliesthatoutsideinvestorshareholdingsaffectTobin’sQratiopositively.Thisfindingisconsistent

5、withwhatonewouldexpect:greaterownershipconcentrationbyoutsideinvestorsmayleadtosuperiorperformance.Thesecondmeasureofownershipconcentration,namelythefractionofsharesownedbymanagement,alsohasapositiveeffectonperformance,althoughthecoefficientisstatisticallysignificant

6、atmuchlowerlevelsofsignificance(10percentor15percent).Thisresultisconsistentwiththefindingthatthesimplecorrelationcoefficientbetweenthetwoownershipvariablesis0.54.Moreover,theresultsshowninthetablesforthe2SLSestimatesconfirmthefindingfortheeffectofownershipconcentrat

7、iononprofitability.Thecoefficientsofbothownershipvariables,importantSHandmanagerialSH,havethecorrectpositivesignandarestatisticallysignificanteitheratamuchhigher(1percent)oralower(10percent)levelofsignificance.AnotherfindingshowninTables3and4isthenegativeeffectofthed

8、ebt-to-assetsratioonprofitability.InallOLSand2SLSestimates,leveragenegativelyaffectsprofitability.Thedistribution-to-salesratioispo