表3是变量间的相关性，披露指数（DSCORE）与GLC呈正相关（ ），与管理层所有权（MOWN）呈负相关（ ），与外部董事（OUTDIR）呈负相关( )。回归结果支持前面的假设H1和H3，而与H4相反。
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过于在意自己的所有权，所以有时候会，目光短浅，去责怪现有的，管理层或者公众股票持有人。
A bit fixated on maintaining their ownership, and sometimes become maybe as short-term as in their thinking as people may blame management or public share holders in being.
为了获取公司形式多样的公众所有权所带来的利益，股东们必须对管理层或经理人转移责任。
To get the benefits of diversified public ownership of firms, shareholders must delegate responsibility to managers, or agents.
它实现了所有权和经营权的集中，从而降低代理成本、激励和约束管理层。
It has realized the concentration of ownership and right of administration, so reduces agency cost, incents and restricts the management.
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