數(shù)據(jù)和處理方法[外文翻譯]

1、外文題目：OwnershipStructureCpatePerfmanceinTheJdanianManufacturingCompanies出處：JdanJournalofBusinessAdministration作者：JamalAbuSerdanehMajdyIZuriekatImadAlSheikh原文：DATAMETHODOLOGYSampleThisstudyrepresentsasampleconsistingofallJ

2、danianmanufacturingcompaniestradedinAmmanStockExchange(ASE)Afiveyearpaneldataarecompiledoutofownershipinfmationfinancialstatementsofthesecompaniesbetween20022006However，thedatafromsomecompanieswereunavailableinsomeyearsb

3、ecauseofliquidation，mergertheestablishmentofnewcompaniessuchcompanieshavebeeneliminatedfromthesamplesetThetotalnumberofcompaniesanalyzedis56thetotalnumberofobservationsaddedupto280Thisstudyusesanaveragefeachcompanyoverfi

4、veyears(20022006)indertoreducetheeffectsoftemparyshocksonthemeasurementofperfmancetoexaminetheequilibriumrelationshipinthedataVariablesMeasurementsToexaminetheeffectofownershipstructureontheperfmanceofJdanianmanufacturin

5、gcompanies，itisassumedthatfirmsperfmancedependsonanumberofexplanatyvariables，ownershipstructure，dimensions，otherfirmacteristicsPerfmanceVariableThemainobjectiveofthisstudyistoinvestigatetheimpactofownershiphave5%，10%，15%

6、20%ofissuedcompany’ssharesTherefehypothesis1isstatedasfollows：H1：ThereisasignificantrelationshipbetweenownershipconcentrationperfmanceamongtheJdaniancompanies2FeignOwnershipFeignersusuallyinvestinprofitablecompanies，beca

7、usetheydosophisticatedanalysispritoinvestment.Soastheproptionofstockownedbyfeigninvestsincreases，perfmanceisexpectedtoincreaseaswell(Sarac，2002)Increasedfeigninvestsprovideadvantagesfusingtechnologyknowhow，whichallowsthe

8、firmtobemeproductiveefficientthandomesticfirms(Caves，1996；Kumar，2003)Thepriliteraturethatexaminedtheimpactoffeignownershiponperfmancefounddifferentresults；Sarac(2002)Kumar(2003)didnotfindanyrelationshipbetweenownershipst

9、ructureperfmanceButarelationshipwasfoundinotherstudiessuchasSarkarSarkar(2000)Patible(2002).Therefe，hypothesis2isstatedasfollows：H2：ThereisasignificantrelationshipbetweenthefeignownershipperfmanceamongtheJdaniancompanies

10、3InstitutionalOwnershipInstitutionalownershipdimensionisrelatedtoaptionofequityownedbyinstitutionalinvestsThechoiceofthisdimensionislinedwithFama(1980)，Severin(2001)Sarac(2002)Theyindicatedthatitmusthaveabeneficialinflue

11、nceonperfmance.ShleiferVishny(1986)Berger(2003)justifytheexpectedrelationshipbetweeninstitutionalownershipperfmanceintwodirectionsFirstly，outsideblockownersareabletohelpmitigateproblemsofcontrollingmanagersSecondly，large

12、blockshareholdersmayalsoimprovetheeffectivenessoftakeovermechanismbymitigatingthefreeriderproblemFreeriderproblemisrelatedtothelackofcontrolbyshareholdersWan(1999)foundthatinstitutionalownershipispositively，statistically