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1、外文文献：CorporategovernanceandfirmperformanceSanjaiBhagat,BrianBolton来源：JournalofCorporateFinance,2008(14):257–273，本文翻译的是第二部分和第六部分Abstract：Howiscorporategovernancemeasured?Whatistherelationshipbetweencorporategovernanceandperformance?Thispapershedslightonthesequestionswhiletakingintoaccount
2、theendogeneityoftherelationshipsamongcorporategovernance,corporateperformance,corporatecapitalstructure,andcorporateownershipstructure.Wemakethreeadditionalcontributionstotheliterature:First,wefindthatbettergovernanceasmeasuredbytheGompers,Ishii,andMetrick[Gompers,P.A.,Ishii,J.L.,andMetr
3、ick,A.,2003,Corporategovernanceandequityprices,QuarterlyJournalofEconomics118(1),107–155.]andBebchuk,CohenandFerrell[Bebchuk,L.,Cohen,A.,andFerrell,A.,2004,Whatmattersincorporategovernance?Workingpaper,HarvardLawSchool]indices,stockownershipofboardmembers,andCEO-Chairseparationissignific
4、antlypositivelycorrelatedwithbettercontemporaneousandsubsequentoperatingperformance.Second,contrarytoclaimsinGIMandBCF,noneofthegovernancemeasuresarecorrelatedwithfuturestockmarketperformance.Inseveralinstancesinferencesregardingthe(stockmarket)performanceandgovernancerelationshipdodepen
5、donwhetherornotonetakesintoaccounttheendogenousnatureoftherelationshipbetweengovernanceand(stockmarket)performance.Third,givenpoorfirmperformance,theprobabilityofdisciplinarymanagementturnoverispositivelycorrelatedwithstockownershipofboardmembers,andboardindependence.However,bettergovern
6、edfirmsasmeasuredbytheGIMandBCFindicesarelesslikelytoexperiencedisciplinarymanagementturnoverinspiteoftheirpoorperformance.Corporateownershipstructure,corporategovernance,firmperformance,andcapitalstructureInagencymodels,adivergenceintheinterestsofmanagersandshareholderscausesmanagerstot
7、akeactionsthatarecostlytoshareholders.Contractscannotprecludethisactivityifshareholdersareunabletoobservemanagerialbehaviordirectly,butownershipbythemanagermaybeusedtoinducemanagerstoactinamannerthatisconsistentwiththeinterestofshareholders.GrossmanandHart(1983)describeth
