A1 Vertaisarvioitu alkuperäisartikkeli tieteellisessä lehdessä
Corporate ownership and managerial short-termism: Results from a Finnish study of management perceptions
Tekijät: Liljeblom E, Vaihekoski M
Kustantaja: ELSEVIER SCIENCE BV
Julkaisuvuosi: 2009
Journal: International Journal of Production Economics
Tietokannassa oleva lehden nimi: INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS
Lehden akronyymi: INT J PROD ECON
Vuosikerta: 117
Numero: 2
Aloitussivu: 427
Lopetussivu: 438
Sivujen määrä: 12
ISSN: 0925-5273
DOI: https://doi.org/10.1016/j.ijpe.2008.12.008
Verkko-osoite: http://ideas.repec.org/a/eee/proeco/v117y2009i2p427-438.html
Tiivistelmä
Increased media exposure to layoffs and corporate quarterly financial reporting have created arguable a common perception-especially favored by the media itself-that the companies have been forced to improve their financial performance from quarter to quarter. Academically, the relevant question is whether companies themselves feel that they are exposed to short-term pressure to perform even if it means that they have to compromise company's long-term future. This paper studies this issue using results from a Survey conducted among the 500 largest companies in Finland. The results indicate that companies in general feel moderate short-term pressure, with reasonable dispersion across firms. There seems to be a link between the degree of pressure felt, and the firm's ownership structure, i.e. we find some support for the existence of potentially short-term versus long-term owners. We also find significant ownership related differences, in line with expectations, in how such short-term pressure is reflected in actual decision variables such as the investment criteria used. (C) 2009 Elsevier B.V. All rights reserved.
Increased media exposure to layoffs and corporate quarterly financial reporting have created arguable a common perception-especially favored by the media itself-that the companies have been forced to improve their financial performance from quarter to quarter. Academically, the relevant question is whether companies themselves feel that they are exposed to short-term pressure to perform even if it means that they have to compromise company's long-term future. This paper studies this issue using results from a Survey conducted among the 500 largest companies in Finland. The results indicate that companies in general feel moderate short-term pressure, with reasonable dispersion across firms. There seems to be a link between the degree of pressure felt, and the firm's ownership structure, i.e. we find some support for the existence of potentially short-term versus long-term owners. We also find significant ownership related differences, in line with expectations, in how such short-term pressure is reflected in actual decision variables such as the investment criteria used. (C) 2009 Elsevier B.V. All rights reserved.
Turun yliopiston Tutkimustietojärjestelmän portaali