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1、本科毕业论文（设计）外文翻译原文：DefiningcorporategovernancebestpracticestoaddfirmvalueEuropeanfamily-controlledpubliccompaniestendtoperformlesswellinthestockmarketthantheirAmericancounterparts.Also,whilemoreandmoreinvestmentfundsthatfocusonfamily-firmopportunitiesarebeingformedintheUnitedStates,institutiona
2、linvestorsremainreluctanttoinvestincontinentalEuropeanfamily-controlledbusinesses.ThesetrendssuggestthatthebestpracticesfollowedbyfamilyfirmsintheUnitedStatesmayprovidehelpfulexamplesforsimilarenterprisesinEurope.Duetoanumberofreasons,thepositiveimpactofafamily’sentrepreneurialskillsonafirm’s
3、stockpricetendstodeclineasleadershipispassedfromonegenerationtothenext.Newgenerationsmaylackmanagerialabilitiesor,becauseofthecomfortablelifestyletheyalreadyenjoy,maynotpossessthesamedriveforpersonalsuccessastheirfathersormothers.Lossofmotivationandadeclineincapabilityinthethirdgenerationofaf
4、amilyarefrequentlyseenassignsofthe“Buddenbrookseffect,”andthesequalitiesmaybeamajorcauseoftheconservatismofyoungergenerationsregardinginnovationandgrowth.Also,asthecompanygrows,newfinancialneedsemerge.Equityinjectionsbecomenecessarytoprovideworkingcapital,supportexpansions,andrefreshcompetiti
5、vestrategies.Becausethefamily’sfinancialavailabilitymaybeinsufficienttomeetmarketdemands,asecondorthird-generationentrepreneurmayforgoabusinessopportunitythathasthepotentialtodiluteherstakeinaventure.Inothercases,newgenerationsmaynotsharethesamevisionaboutstrategicgoalsanddisagreeonthedirecti
6、onthecompanyshouldtakeinthefuture.Whileownersmaybelinkedbyblood,theycanoftenlackacohesiveidentity,legacy,andculture.Thisnormallyleadstoorganizationaldisruptions,inefficienttransitions,andalossofcompetitiveness.Businessesgrowlinearly,whilefamiliesgrowexponentially.Astimegoesbyandgenerationalsu
7、ccessionsmultiplythenumberofinterestedindividuals,keepingfamilymembersunitedandenthusiasticaboutworkingwithoneanotherisakeyissueandoneofthemostdifficultgovernancetasksinfamily-controlledfirms.Finally,itisnotuncommonfortheretiringfoundertorear
