定义能增加企业价值的公司治理最佳实践【外文翻译】

本科毕业论文（设计）外 文 翻 译原文：Defining corporate governance best practices to add firm valueEuropean family

本科毕业论文（设计） 外文 翻译 原文： Defining corporate governance best practices to add firm value European family-controlled public companies tend to perform less well in the stock market than their American counterparts. Also, while more and more investment funds that focus on family-firm opportunities are being formed in the United States, institutional investors remain reluctant to invest in continental European family-controlled businesses. These trends suggest that the best practices followed by family firms in the United States may provide helpful examples for similar enterprises in Europe. Due to anumber of reasons, the positive impact of afamily’s entrepreneurial skills on afirm’s stock price tends to decline as leadership is passed from one generation to the next. New generations may lack managerial abilities or, because of the comfortable lifestyle they already enjoy, may not possess the same drive for personal success as their fathers or mothers. Loss of motivation and adecline in capability in the third generation of afamily are frequently seen as signs of the “Buddenbrooks effect,” and these qualities may be amajor cause of the conservatism of younger generations regarding innovation and growth. Also, as the company grows, new financial needs emerge. Equity injections become necessary to provide working capital, support expansions, and refresh competitive strategies. Because the family’s financial availability may be insufficient to meet market demands, asecond or third-generation entrepreneur may forgo abusiness opportunity that has the potential to dilute her stake in a venture.