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1、外文文献翻译原文：AlternativeInternalControlsasSubstitutesoftheBoardofDirectorsCarlosFernándezRubénArrondoEmpiricalliteratureoncorporategovernanceoftenassumesindependenceamongdifferentcontrolmechanisms.However,differentstudiesintheAnglo-Saxoncontextfindthatcontrolmechanismsareinterrela
2、ted.TheSpanishcorporategovernancesystem,unliketheAnglo-Saxonone,ischaracterisedbythedominanceofinternalcontrols,mainlythestockownershipconcentrationandtheboardofdirectors.Inthisinternalcontrolcontext,wespecificallyanalysethepossiblesubstitutionofthesupervisorypotentialoftheboa
3、rdoutsidersbytheincentiveeffectsderivedfrommanagerialstockownershipandthesupervisoryroleoflargeshareholders.Ourmainresultsshowanegativerelationshipbetweentheproportionofoutsidedirectorsandmanagerialandlargeblockholders’ownershipstake.Thesefindingssupportthesubstitutionamongint
4、ernalcontrolsandsuggestthatSpanishfirmsformanefficientconglomerateofmanagerialcontrols,inwhichdeficienciesinasinglemechanismcanbecompensatedbytheactionofanalternativeone.Arecentgroupofstudiesintheareaofcorporategovernancerecognisethepossibleexistenceofinteractionsamongthediffe
5、rentcontrolmechanisms.Inthissense,Williamson(1983)statesthesubstitutionhypothesisbetweeninternalandexternalcontrolmechanisms,accordingtothat,whenthetakeovermarketisweak,asinthecaseoftheSpanishmarket,thereisagreaterroleforinternalcontrolmechanisms.Thealternativecontrolmechanism
6、saregroupedformingthecorporategovernancesystem.Traditionallythesesystemshavebeenclassifiedasexternal(marketoriented)andinternal(networkoriented).Theexternalsystems,dominantinAnglo-Saxoneconomies,arebasedonthecontrolexertedbythemarkets.Thesesystemsarecharacterisedbytheexistence
7、ofahighlydevelopedandliquidcapitalmarket,withahighamountoflistedcompanies.Inthesemarketstakeoversarefrequent,crossedshareholdingsarenotimportantandsharesaremainlyinthehandsofindividualsdirectlyorthroughinstitutionalinvestors(FranksandMayer,1994).Onthecontrary,internalsystemspr
8、evalentincontinentalEuropeaneconomiesandJapanpresentalowerdeg
