资源描述：
《定义能增加企业价值的公司治理最佳实践【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、本科毕业论文（设计）外文翻译原文：DefiningcorporategovernancebestpracticestoaddfirmvalueEuropeanfamily-controlledpubliccompaniestendtoperformlesswellinthestockmarketthantheirAmericancounterparts.Also,whilemoreandmoreinvestmentfundsthatfocusonfamily-firmopportunitiesare
2、beingformedintheUnitedStates,institutionalinvestorsremainreluctanttoinvestincontinentalEuropeanfamily-controlledbusinesses.ThesetrendssuggestthatthebestpracticesfollowedbyfamilyfirmsintheUnitedStatesmayprovidehelpfulexamplesforsimilarenterprisesinEurop
3、e.Duetoanumberofreasons,thepositiveimpactofafamily’sentrepreneurialskillsonafirm’sstockpricetendstodeclineasleadershipispassedfromonegenerationtothenext.Newgenerationsmaylackmanagerialabilitiesor,becauseofthecomfortablelifestyletheyalreadyenjoy,maynotp
4、ossessthesamedriveforpersonalsuccessastheirfathersormothers.Lossofmotivationandadeclineincapabilityinthethirdgenerationofafamilyarefrequentlyseenassignsofthe“Buddenbrookseffect,”andthesequalitiesmaybeamajorcauseoftheconservatismofyoungergenerationsrega
5、rdinginnovationandgrowth.Also,asthecompanygrows,newfinancialneedsemerge.Equityinjectionsbecomenecessarytoprovideworkingcapital,supportexpansions,andrefreshcompetitivestrategies.Becausethefamily’sfinancialavailabilitymaybeinsufficienttomeetmarketdemands
6、,asecondorthird-generationentrepreneurmayforgoabusinessopportunitythathasthepotentialtodiluteherstakeinaventure.Inothercases,newgenerationsmaynotsharethesamevisionaboutstrategicgoalsanddisagreeonthedirectionthecompanyshouldtakeinthefuture.Whileownersma
7、ybelinkedbyblood,theycanoftenlackacohesiveidentity,legacy,andculture.Thisnormallyleadstoorganizationaldisruptions,inefficienttransitions,andalossofcompetitiveness.Businessesgrowlinearly,whilefamiliesgrowexponentially.Astimegoesbyandgenerationalsuccessi
8、onsmultiplythenumberofinterestedindividuals,keepingfamilymembersunitedandenthusiasticaboutworkingwithoneanotherisakeyissueandoneofthemostdifficultgovernancetasksinfamily-controlledfirms.Finally,itisnotuncommonfortheretiringfoundertorear
