文档介绍：本科毕业论文(设计)
外文翻译
原文:
Insurance and ownership structure in India’s corporate sector
As noted earlier, corporate ownership structure is essentially a governance mechanism which influences the way managerial performance is monitored and controlled in order to pliance with owners’ wealth maximization objectives (Pearce & Zahra, 1992; Thomsen & Pedersen, 2000; Zou & Adams, 2008b). Finance theory holds that strategic risk management techniques, such as insurance, help managers and owners to maximize the traded value of the firm by reducing the volatility of earnings and mitigating financial distress and bankruptcy risk (Smith & Stulz, 1985). More specifically, property insurance involves the transfer of insurable asset risks (., arising from fire, flooding, wind storms, and so on) to a third party insurance carrier in return for the payment of actuarially fair rates of premium (Mayers & Smith, 1982).6 As noted previously in footnote 1, MacMinn and Garven (2000) and Mayers and Smith (1982), among others, argue that insurance is an integral part of corporate financial policy and thus an important strategic issue for board-level managers. Indeed, several prior academic studies (., Froot et al., 1993; Hoyt & Khang, 2000; Mayers & Smith, 1982; Zou & Adams, 2006, 2008a; Zou et al., 2003) suggest that property insurance can be an effective strategic post-loss investment financing m