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1、外文文献翻译译文原文：BoardCharacteristicsandAuditFees1.IntroductionThequalityofboardoversighthasreceivedincreasingattentioninrecentyears.Directorsarebeingheldtohigherperformancestandards,andmanygroupshavecalledforgreateremphasisontheindependence,diligence,andexpertiseofcorp
2、orateboardmembers(e.g.,NACD1996).Priorresearchdocumentsseveraloutcomesassociatedwith"higher-quality"boards,includingalowerincidenceoffinancialstatementfraud(Beasley1996)andfewerSECenforcementactionsforearningsmanipulation(Dechow,Sloan,andSweeney1996).Toprovidegrea
3、terinsightintoboardmonitoringofthefinancialreportingprocess,thispaperexaminestherelationsbetweenboardcharacteristicsandBig6auditfeesforFortune1000companies.Inthisstudy,allofthecompaniesengagedaBig6auditor.Thus,fromanoutsider'sperspective,allofthecompaniespurchased
4、thehighestlevelofauditqualityavailable(seePalmrose1988;SimunicandStein1996).However,amoreindependent,diligent,andexpertboardmaydemanddifferentiallyhigherauditquality(whichrequiresmoreauditwork)thantheBig6auditfirmnormallyprovides,primarilytoprotecttheboard'sownint
5、erests.Theboardmayseektoprotectitsreputationcapital(seeFama1980;FamaandJensen1983;Gilson1990),toavoidlegalliability(seeGilson1990;Sahlman1990),andtopromoteshareholderinterestsbypurchasingdifferentiallyhigherauditquality.Suchadditionalassurancewouldnotbeeasilyobser
6、vablebyoutsiders,butaslongasthemarginalbenefitstothedirectorsaregreaterthanthemarginalauditcosts(especiallygiventhattheboarddoesnotdirectlypayfortheaudit),thisenhancedassurancemaybedemanded.Theauditfeeincreasesastheauditor'sadditionalcostsarepassedontotheclient,su
7、chthat,aftercontrollingforothervariablestypicallyassociatedwithauditfees,weexpectpositiverelationsbetweenauditfeesandtheboardcharacteristicsexamined.Wemeasureboardindependenceasthepercentageofoutside(thatis,non-management)directorsontheboard.Boarddiligenceismeasur
8、edbyreferringtothenumberofboardmeetingsthatoccurredduringtheyear.Wemeasureboardexpertiseonthebasisoftheaveragenumberofotherdirectorpositionsheldbynon-ma
