Abstract

Government bailouts of corporate sectors in the COVID-19 crisis are part of a tripartite arrangement between government, business and institutional investors. Business should respond to the changing preferences of customers, employees and societies by identifying value propositions that justify the provision of risk capital by institutional investors. Critical to this is the determination and implementation of corporate purposes by owners and board directors that focus on inter-generational horizons. Family owners are particularly well placed to do this, but institutional investors need to make it part of their stewardship function as well. Measurement is key and significant reforms are required in the areas of accounting, valuation and reporting. Consistent with these observations, companies that had strong environmental, social and governance records performed better during the initial stages of the crisis, as did family owned firms and those that avoided high levels of leverage prior to the crisis.

中文翻译：

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危机时刻的业务

摘要

在COVID-19危机中，政府对企业部门的救助是政府，企业和机构投资者之间三方协议的一部分。企业应通过确定能够证明机构投资者提供风险资本合理的价值主张，来应对客户，员工和社会不断变化的偏好。对此至关重要的是，关注代际视野的所有者和董事会确定并实现公司宗旨。家族拥有者特别适合这样做，但是机构投资者也需要使其成为其管理职能的一部分。衡量是关键，在会计，估值和报告领域需要进行重大改革。根据这些观察结果，具有较强环境，