英语翻译I.Political ties.A company is classified as politically

英语翻译
I.Political ties.
A company is classified as politically connected if at least one of its large shareholders(anybody directly or indirectly controlling at least 10% of votes) or top directors (CEO,chairman of the board,president,vice-president,or secretary) is a member of parliament,a minister or a head of state,or is tightly related to a politician or party.These close relationships include cases of friendship,past top political (e.g.,a head of state or minister) or corporate positions,as well as other tiesidentified in prior studies.
Connections with government ministers include cases in which the politician himself is a large shareholder or a top director,as well as cases where a politician’s close relative (e.g.,the son or daughter) holds such positions.Connections with a member of parliament,however,are recorded only when members of parliament themselves are shareholders or top directors,but do not consider cases when such positions are held by relatives.This was due to data limitations.Close relationships consist of cases of well-known friendship; share ownership or directorships held by former heads of state or prime ministers as well as former directorships held by current politicians,foreign politicians,and well documented relationships with political parties (Gomez and Jomo,1997; and Johnson and Mitton 2003),
To establish the presence of connections,the names of top company directors were taken from Worldscope,Extel,company websites,and Lexis-Nexis,and the names of block-holders were identified from Claessens,Djankov,and Lang (2000),Faccio and Lang (2002),the web sites of the stock exchanges or their supervisory authorities,Worldscope,and Extel.The Chiefs of State directory (CIA,2001) and the official website of the country’s government and parliament were used to gather the names of members of parliament or government.In addition to these academic studies,The Economist,Forbes and Fortune are also used as primary sources of information for well-known cases of friendships.
For this study,we focus on countries with at least 5 politically connected companies in the Faccio(2006) database,which results in an initial sample of 21 countries and 17,435 companies.Since these connections are recorded between 1997 and 2001,and our analysis focuses on subsequent accounting information,endogeneity problems should be mitigated.We reconsider this issue in the robustness section.Matching this sample to those firms with the necessary accounting data ultimately reduces our sample as described below.The final sample of companies,including the number of connected companies,by country,is presented in Table 1,and is discussed in Section III below.We first describe our measure of earnings quality using data on accruals.

公司被列为政治相连的,如果至少一个其大股东(任何直接或间接控制在 至少10%的选票)或顶董事(总裁,董事长,院长,副院长,或秘书)是一个国会议员,一个部长或一个国家元首,还是紧紧地与一个政客或政党.这密切的关系,包括案件的友谊,过去最高层政治(例如,一位国家元首或部长)或法人职务 以及其他tiesidentified在事前研究.与政府部长的案件也列入其中政治家本身就是一个大的股东或董事顶,以及情况下,一个政治家的近亲(例如,儿子或女儿)持这种立场.与国会议员,但是,入帐只有当国会议员本身是股东或董事的顶部,但不开庭审理案件时,这些职务由亲人.这是由于数据上的限制.密切的关系,包括个案知名的友谊; 股权或董事持有的前国家元首或首相以及前董事职务 当前政客,外国政客,有案可稽与政党(戈麦斯和jomo ,1997年; 与约翰逊及Mitton 2003年) ,以建立存在的联系,姓名顶尖公司董事均取自worldscope ,extel ,公司的网站,和Lexis-Nexis ,而名字块持有人发现侵占,djankov ,和Lang ( 2000年) ,faccio和Lang ( 2002 ) ,网址证券交易所或者其有关主管部门,worldscope ,extel .酋长国目录(中央情报局 2001 )及官方网站上,对我国政府和国会都用来搜集成员姓名 国会或政府首脑.除了这些学术研究的经济学家,福布斯财富也被用来作为主要资料来源是众所周知的友谊.这项研究中,我们集中的国家至少有5政治连公司在faccio ( 2006 )数据库,结果,在最初的样本包括21个国家和17,435公司.由于这些连接都记录在1997年至2001年,我们的分析将重点放在随后的会计信息,生性问题应得到缓解.我们重新考虑这个问题应在稳健节.选配这种抽样对这些企业提供必要的会计资料,最终降低我们的样本下文.最后抽样公司中,包括有多少关联公司,按国别,列在表1 并在第三节中讨论以下.我们首先描述我们衡量收入质量的数据