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1、外文翻译OwnershipStructureandFirmValue:NewEvidencefromtheSpanishCorporateGovernanceSystemMaterialSource:http://papers.ssrn.com/sol3/papers.cfm?abstract_id=393464Author：AlbertodeMiguel,JulioPindado,ChabeladelaTorreTheoreticalandempiricalresearchontherelationshipbetweenownershipstructur
2、eandfirmperformancewasoriginallymotivatedbytheseparationofownershipfromcontrol(BerleandMeans,1932)and,morerecently,byagencytheory(JensenandMeckling,1976;FamaandJensen,1983).Thecommonpremiseinpaststudiesisthatmanagersandownershavedivergentinterests.Specifically,shareholderswishtoma
3、ximizevaluewhilemanagerspreferself-interestedstrategieswhicharefarfrommaximizingvalue,andintheabsenceofeitherappropriateincentivesorsufficientmonitoring,managerscanexercisetheirdiscretiontothedetrimentofowners.Inthiscontext,variouscorporategovernancemechanisms–suchasownershipstruc
4、tureareproposedtosolvethisdivergence-of-interestproblemandtomitigatethecostsassociatedwiththeconflict.Financialliteratureusuallyconsidersownershipstructureasthemaincorporategovernancemechanismthataffectsfirmvalue.Therefore,ourpaperfocusesonstudyinghowownershipstructureinfluencesco
5、rporatevalue.AswediscussinSectionII,severalstudieshaveobtainedempiricalevidenceontherelationshipbetweenfirmperformanceandownershipstructure.Inparticular,financialliteraturehaspaidgreaterattentiontotworelations.First,thereareseveralpapersthatstudytherelationshipbetweenfirmperforman
6、ceandownershipconcentration.Thesepaperstrytotestthemonitoringandexpropriationhypothesesindifferentcorporategovernancesystems.Forinstance,HillandSnell(1988)andMcConnellandServaes(1990)obtainevidenceforUSfirms;theexperienceofUKfirmsisofferedbyLeechandLeahy(1991)andMudambiandNicosia(
7、1998);thecaseofJapanesefirmsisstudiedbyKaplanandMinton(1994)andMorck,NakamuraandShivdasani(2000);andfinally,GortonandSchmid(2000)andLehmannandWeigand(2000)provideevidenceforGermanfirms.Second,otherpapersfocusontherelationshipbetweenfirmperformanceandinsiderownership.Inthiscase,the
8、sestudieslookforevidenceinfavorto
