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1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：Ownershipstructure,corporategovernanceandcapitalstructuredecisionsoffirmsEmpiricalevidencefromGhana1.IntroductionTherelevanceofcapitalstructuretofirmvalueremainsfairlyestablishedfollowingtheseminalarticlebyModiglianiandMiller,1958(Grab
2、owskiandMueller,1972;McCabe,1979;AndersonandReeb,2003).Severaltheoriesincludingthepeckingordertheory,thefreecashflow,thecapitalsignaling,thetrade-off,andmarkettimingtheories(windowsofopportunities)andthefactthatcapitalstructureisvoluntarilychosenbymana
3、gers(Zwiebel,1996)havebeenpropoundedtoexplainthechoiceofcapitalstructure.Also,considerableresearchattentionhasbeenpaidtotheimpactofagencycostsoncorporatefinancingsinceJensenandMeckling(1976)publishedtheirpaper.CrutchleyandHansen(1989)maintainthatmanage
4、rs’choiceofstockownershipinthefirm,thefirm’smixtureofoutsidedebtandequityfinancing,anddividendsaremeanttoreducethecostsofagencyconflicts.Bajajetal.(1998)suggestthatownershipispositivelycorrelatedwithvariousmeasuresofthedebt-equityratio(leverage),implyi
5、ngthatownershipstructurehasacorrelationwithfinancialstructureoffirms(KimandSorensen,1986;Mehran,1992;Brailsfordetal.,2002).FriendandLang(1988)findthatdebtratioisnegativelyrelatedtomanagerialownership.Brailsfordetal.(2002)suggestthattherelationshipbetwe
6、enmanagerialshareownershipandleveragemayinfactbeinvertedu-shaped.Inaddition,Berglo¨f(1990)suggeststhatincountriesinwhichfirmsaretypicallycloselyheld,debtfinanceplaysamoreprominentrolethanincountriescharacterizedbymoredispersedownershipstructuressuggest
7、ingtheimpactofinsidersystemofcorporategovernanceonfinancingstructureoffirms.ThomsenandPedersen(2000)reportempiricalevidencesupportingthehypothesisthattheidentityoflargeowners–family,bank,andinstitutionalinvestors–hasimportantimplicationsforfinancialstr
8、ucture.Inparticular,theyshowthatamoreriskaverseoramorepatiententrepreneurissueslessdebtandmoreequity.GiventhatinsidersystemofcorporategovernanceispracticedamonglistedcompaniesinGhana(Bokpin,2008),thisstudyseekstodocumenttheimpactofowner
