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1、外文文献翻译原文及译文标题：CorporateCulture:EvidencefromtheField作者：JohnGraham,CampbellHarvey,JillianPopadak期干ij:NberWorkingPapers年份：2016字数：译文5625字原文CorporateCulture:EvidencefromtheFieldJohnGrahamCampbellHarveyJillianPopadakABSTRACTWesurvey933NorthAmericanCEOsandCFOsandinterview16tounderstand(i)theimportance,an
2、tecedentsandconsequencesofcorporateculture;(ii)themechanismsthatunderliethecreationandeffectivenessofcorporateculture;aswellas(iii)thefactorsthatdeterafirmfromachievingitsaspirationalculture・Oursurveyandinterviewsrevealthefollowinginsights.First,executivescharacterizecultureas“abeliefssystem/9“aco
3、ordinationmechanism/9"aninvisiblehand,"or"howemployeesinteractwithoneanother：Second,91%ofexecutivessaycultureisimportantattheirfirmand78%ofexecutivesviewcultureasoneofthetop3ortop5factorsthataffecttheirfirm'svalue.CulturalfitinM&Adealsissoimportantthat48%ofexecutiveswouldwalkawayfromatargetthatisa
4、culturalmisalignment.Third,52%feelthatcultureisprimarilysetbythecurrentCEO.Fourth,boardsofdirectorsdonotdirectlychoosethefirm'sculture;instead,theyinfluencethechoiceofculturebypickingtheCEO(whosetstheculture).Boardsalsomodifytheeventualsuccessoftheculturebyreinforcingorunderminingthecultureviaspec
5、ificpoliciestheyinfluencelikeincentivecompensation.Fifth,aneffectivecultureimprovesfirmvalueandprofitabilityby(i)fosteringcreativityandencouragingproductivity;(ii)promotingmorerisktolerance;(iii)mitigatingmyopicbehavior;(iv)creatingaclimateforsuggestingcritiquesandforallowingideastogerminateorgani
6、cally;and(v)bycompensatingformistakesinwaysthatthefirm9sassetscannot.Inadditiontotheabove,executivesdescribetheculturesattheirfirmsindetailandalsosuggestseveralsourcesofpubliclyavailabledatatomeasurecorporateculture・Keywords:CorporateCulture,Valuation,Finance,Compensation,Risk,Short-termism1Introd
7、uctionCultureisgivencreditforsomeofthegreatestbusinesssuccessesandblamedforsomeofthebiggestfailures.Thoughcorporatecultureisaverypopulartopic,manyfundamentalresearchquestionsremainopen.Inthispaper,weattempttoprov
