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1、本科畢業(yè)論文（設計）外文翻譯原文：Ownershipstructure,corporategovernanceandcapitalstructuredecisionsoffirmsEmpiricalevidencefromGhana1.IntroductionTherelevanceofcapitalstructuretofirmvalueremainsfairlyestablishedfollowingtheseminalarticlebyModiglianiandMiller,1958(GrabowskiandMueller,1972;McCa
2、be,1979;AndersonandReeb,2003).Severaltheoriesincludingthepeckingordertheory,thefreecashflow,thecapitalsignaling,thetrade-off,andmarkettimingtheories(windowsofopportunities)andthefactthatcapitalstructureisvoluntarilychosenbymanagers(Zwiebel,1996)havebeenpropoundedtoexplainthech
3、oiceofcapitalstructure.Also,considerableresearchattentionhasbeenpaidtotheimpactofagencycostsoncorporatefinancingsinceJensenandMeckling(1976)publishedtheirpaper.CrutchleyandHansen(1989)maintainthatmanagers’choiceofstockownershipinthefirm,thefirm’smixtureofoutsidedebtandequityfi
4、nancing,anddividendsaremeanttoreducethecostsofagencyconflicts.Bajajetal.(1998)suggestthatownershipispositivelycorrelatedwithvariousmeasuresofthedebt-equityratio(leverage),implyingthatownershipstructurehasacorrelationwithfinancialstructureoffirms(KimandSorensen,1986;Mehran,1992
5、;Brailsfordetal.,2002).FriendandLang(1988)findthatdebtratioisnegativelyrelatedtomanagerialownership.Brailsfordetal.(2002)suggestthattherelationshipbetweenmanagerialshareownershipandleveragemayinfactbeinvertedu-shaped.Inaddition,Berglo¨f(1990)suggeststhatincountriesinwhichfirms
6、aretypicallycloselyheld,debtfinanceplaysamoreprominentrolethanincountriescharacterizedbymoredispersedownershipstructuressuggestingtheimpactofinsidersystemofcorporategovernanceonfinancingstructureoffirms.ThomsenandPedersen(2000)reportempiricalevidencesupportingthehypothesisthat
7、theidentityoflargeowners–family,bank,andinstitutionalinvestors–hasimportantimplicationsforfinancialstructure.Inparticular,theyshowthatamoreriskaverseoramorepatiententrepreneurissueslessdebtandmoreequity.Giventhatinsidersystemofcorporategovernanceispracticedamonglistedcompanies
8、inGhana(Bokpin,2008),thisstudyseekstodocumenttheimpactofowner
