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1、股权结构与公司绩效：以印度为例外文翻译外文翻译原文OwnershipStructureandCorporatePerformance:EvidencefromIndiaMaterialSource:InternationalJournalofHumanitiesandSocialScienceAuthor:AmanSrivastavaAbstractOwnershipstructureofanycompanyhasbeenaseriousagendaforcorporategovernanceandth
2、atofperformanceofafirm.Thus,whoownsthefirm’sequityandhowdoesownershipaffectfirmvaluehasbeenatopicinvestigatedbyresearchersfordecades.Thus,theimpactofownershipstructureonfirmperformancehasbeenwidelytackledinvariousdevelopedmarketsandmorerecentlyinemerging
3、markets,butwaslessdiscussedbefore,inIndiainrecentchangingenvironment.Thispaperisamoderateattempttoaddresstherelationshipofownershipstructureofthefirmanditsperformance.Itinvestigateswhethertheownershiptypeaffectssomekeyaccountingandmarketperformanceindica
4、torsoflistedfirms.The98mostactivelylistedcompaniesonBSE100indicesofBombayStockExchangeofIndia,whichconstitutethebulkoftrading,werechosentoconstitutethesampleofthestudyasofendof2009-10.Thefindingsindicatethepresenceofhighlyconcentratedownershipstructurein
5、theIndianmarket.Theresultsoftheregressionanalysesindicatethatthedispersedownershippercentageinfluencescertaindimensionsofaccountingperformanceindicatorsi.e.ROAandROEbutnotstockmarketperformanceindicatorsi.e.P/EandP/BVratios,whichindicatethattheremightbeo
6、therfactorseconomic,political,contextualaffectingfirmsperformanceotherthanownershipstructure.Keywords:Ownershipstructure,corporateperformance,corporategovernance,India1.IntroductionOwnershipstructureofanycompanyhasbeenaseriousagendaforcorporategovernance
7、andthatofperformanceofafirm.Thus,whoownsthefirm’sequityandhowdoesownershipaffectfirmvaluehasbeenatopicinvestigatedbyresearchersfordecades.Thus,theimpactofownershipstructureonfirmperformancehasbeenwidelytackledinvariousdevelopedmarketsandmorerecentlyineme
8、rgingmarkets,butwaslessdiscussedbefore,inIndiainrecentchangingenvironment.Thoughthemodernorganizationemphasizesthedivorceofmanagementandownership;inpractice,theinterestsofgroupmanagingthecompanycandifferfromtheinterestsoft
