英语翻译Percentage of outside directors:Outside directors are me

英语翻译
Percentage of outside directors:Outside directors are members of the board
who are neither top executives,retired executives,or former executives of the
company nor relatives of the CEO.Outside corporate lawyers who are
170 H.MehranlJournal of Financial Economics 38 (1995) 163-184
employed by the firm and also serve on the board are considered insiders since
many have conflicts of interest (e.g.,Vancil,1987).I also measure the percentage
of outside directors employed by manufacturing firms,savings and loans and
banks,investment banking firms,venture capital firms,and insurance companies.
Firm performance:The proxies for firm performance in Eq.(2) are Tobin’s Q,
measured by the ratio of the market value of the firm’s securities to the
replacement cost of its tangible assets,and return on assets (ROA),measured by
the ratio of net income to the book value of the firm’s total assets.The Qs are
from the R&D Master File (Cummins,Hall,Laderman,and Mody,1985),and
net income and total assets are from the COMPUSTAT Annual Industrial File.
Whether Q and ROA are correct proxies for firm performance is a subject of
continuing debate in the literature.In addition to well-known measurement
problems associated with Q,many have argued that Q is a better proxy for the
firm’s growth opportunity than its performance.Others argue that ROA (and
other accounting rates of return) conveys little information about economic
rates of return (e.g.,Fisher and McGowan,1983; Benston,1985).An argument
for using ROA is that accounting returns are highly important in determining
executive compensation (e.g.,Antle and Smith,1986; Jensen and Murphy,
1990b; Ely,1991).Paul (1992) argues that accounting returns provide information
to the board about the value added to the firm by the CEO.Therefore,
executives have incentives to make major corporate decisions and/or report
income in such a way as to affect ROA and,thus,their compensation (e.g.,Defeo,
Lambert,and Larcker,1989).Other measures,such as stock return,have also
been suggested in the literature.Stock return as a proxy for firm performance is
most appropriate,however,for all-equity firms.While the three proxies have
their own shortcomings,they are highly correlated (Jacobson,1987; Landsman
and Shapiro,1989),and the qualitative nature of the results should not be
affected by the choice of the proxy.Therefore,to be consistent with the literature,
I have chosen Q and ROA.

首先,你的文献来自PDF,一不小心把页眉页脚粘贴上来了,我把这部分分出来只翻译正文.其次,括号里面文献作者的名字我就不翻译了,因为你最后的参考文献中还要用到,翻译出来不如不翻译.
页眉部分：170 H.Mehranl Journal of Financial Economics 38 (1995) 163-184
outside director指的是外部董事,具体含义是“非每天到班的高级主管”.
外部董事百分率：外部董事指那些既非高级主管、退休主管或公司前任主管,也非首席执行官亲属的董事会成员.公司雇用并服务于董事会的外部律师则被认为是内部人员,因为许多律师涉及利害冲突关系(例如Vancil,1987).作者也统计了制造公司,储蓄机构和银行、投资银行公司、风险投资公司和保险公司雇用的外部董事百分率.
公司绩效：方程(2)中的公司绩效评价指标是托宾Q值和资产报酬率(ROA),前者用的公司债券的市场价值与其有形资产的重置成本的比值来衡量；后者用净收入与公司总资产的帐面价值的比值来衡量.托宾Q值的资料来自于研发机构的主控文件 (Cummins、Hall、Laderman和Mody,1985),而净收入和总资产的资料来自于标准普尔公司会计数据库年度行业文件.
托宾Q值和资产报酬率是否是公司绩效的正确指标是文献中争论不断的议题.众所周知的是伴随着托宾Q值而来的衡量问题,许多人争论说,用托宾Q值评价公司成长机会比评价其绩效更好.其他人则争论说,资产报酬率 (以及其他会计收益率)仅能传递经济收益率的少量信息(例如Fisher和McGowan,1983；Benston,1985).关于资产报酬率的争议是会计收益在确定执行官们的薪酬方面是非常重要的(例如Antle和Smith,1986；Jensen和Murphy,1990b；Ely,1991).Paul (1992)争论说,会计收益给董事会提供关于首席执行官给公司增加额外价值的信息.因此,公司主管有做出重大决定和/或以影响资产报酬率的方式汇报收入、从而增加其薪酬的动机(例如Defeo、Lambert和Larcker,1989).其他衡量指标例如股票收益也在文献中提到,然而股票收益作为全自有资本公司的绩效的衡量指标是最模糊的.3个指标体系各有缺点然而又高度相关(Jacobson,1987； Landsman和Shapiro,1989),并且所得结果都是定性的描述,这一本质应该不受指标选择的影响.因此,为了和其他文献保持一致,我选择托宾Q值和资产报酬率.