2004年--外文翻译--关联交易（节选）

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1、2300 单词 ,13400 英文字符， 4400 汉字 出处： Kohlbeck M J. Related Party TransactionsJ. Ssrn Electronic Journal, 2004, 29(2):115-137. Related Party Transactions Mark Kohlbeck， Brian Mayhew ABSTRACT We describe related party (RP) transactions and investigate financial incentive and monitoring determinants for fi

2、rms engaged in RP transactions. Our sample consists of 1,261 firms included in the S&P 1500. RP transactions are common in our sample, but vary substantially as to transaction type and disclosure. The most common RP transactions are loans, which are now largely prohibited by Section 402 of Sarbanes

3、Oxley. Method of disclosure financial statement footnote or proxy appears largely driven by dollar-based materiality concerns. We also analyze two broad classes of determinants of RP transactions financial incentives and monitoring. We find weaker corporate governance is associated with RP transacti

4、ons, an inverse relationship between CEO and directors cash compensation and RP transactions, and a positive association between CEO stock options and RP transactions. However, director and officer ownership are not associated with RP transactions. Overall our results suggest associations between di

5、rector and officer compensation, corporate governance and related party transactions. Related Party Transactions INTRODUCTION This paper describes related party (RP) transactions and investigates financial incentives, agency costs and monitoring of firms engaged in RP transactions. We describe RP di

6、sclosures of 1,261firms included in the 2001 Standard and Poors (S&P) 1500 by classifying (1) whether or not a firm discloses RP transactions, and if it discloses RP transactions, (2) who the transaction is with, (3) the nature of the transaction, and (4) whether the company discloses the transaction in its footnotes or proxy statement. After describing RP transactions, we investigate firm characteristics associated with RP transactions. We use efficient contracting and agenc