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1、外文翻译TheinfluenceofcorporategovernanceontherelationbetweencapitalstructureandvalueMaterialSource:CorporateGovernanceAuthor:MaurizioLaRoccaResearchesinBusinessEconomics,andinparticular,inBusinesseconomicsandFinancehavealwaysanalyzedtheprocessesofeconomicva
2、luecreationastheirmainfieldofstudies.StartingfromtheprovocativeworkofModiglianiandMiller(1958),capitalstructurebecameoneofthemainelementsthatfollowingstudieshaveshownasbeingessentialindeterminingvalue.Halfacenturyofresearchoncapitalstructureattemptedtove
3、rifythepresenceofanoptimalcapitalstructurethatcouldamplifythecompany’sabilitytocreatevalue.Thereisagainquiteabitofinterestinthetopicoffirmcapitalstructure,onwhetherornotitisnecessarytoconsidertheimportantcontributionofferedbycorporategovernanceasavariabl
4、ethatcanexplaintheconnectionbetweencapitalstructureandvalue,controllingopportunisticbehaviorintheeconomicrelationsbetweenshareholders,debtholdersandmanagers.Inthissense,capitalstructurecaninfluencefirmvalue.Therefore,thispaperexaminesthetheoreticalrelati
5、onshipbetweencapitalstructure,corporategovernanceandvalue,formulatinganinterestingproposalforfutureresearch.Thesecondparagraphdescribesthetheoreticalandempiricalapproachoncapitalstructureandvalue,identifyingthemainthreadsofstudy.Afterhavingexplainedtheco
6、nceptofcorporategovernanceanditsconnectionwithfirmvalue,therelationshipbetweencapitalstructure,corporategovernanceandvalue,aswellasthecausesbehindthem,willbeinvestigated.Capitalstructure:relationwithcorporatevalueandmainresearchstreamsWhenlookingatthemos
7、timportanttheoreticalcontributionsontherelationbetweencapitalstructureandvalue,itbecomesimmediatelyevidentthatthereisasubstantialdifferencebetweentheearlytheoriesandthemorerecentones.Influenceofcorporategovernanceontherelationbetweencapitalstructureandva
8、lueCapitalstructurecanbeanalyzedbylookingattherightsandattributesthatcharacterizethefirm’sassetsandthatinfluence,withdifferentlevelsofintensity,governanceactivities.Equityanddebt,therefore,mustbeconsideredasbothfinancialin