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Short-term Expectations in Listed Firms:: The Effects of Different Owner Types
Stockholm University, Faculty of Social Sciences, School of Business, Finance.
Hanken, Finland.
Turku School of Economics, Finland.
2012 (English)Conference paper, Oral presentation with published abstract (Refereed)
Abstract [en]

We report empirical evidence regarding the disciplining role of differentinstitutional and other owners in reducing managerial myopia. Using data from alarge Nordic survey, we find that companies to a reasonably high degree feelthat external pressure for a good result in the short-term generates conflictwith the company’s long-term goals. We test for the effect of several ownershiptypes, and find that especially in firms with a large private equity owner theperceived pressure for short-term actions is reduced. In addition, we find anegative association between firm profitability and short-term pressure. Wealso find support for a behavioral characteristic: younger managers feelsignificantly more pressure. Firms subject to higher pressure undertake moreactions to accommodate that pressure. Again, the impact of especially a largeprivate equity owner is beneficial because such firms undertake significantlyless often actions that are likely to destroy value, such as deprioritizingtheir long-term investments or R&D.

Place, publisher, year, edition, pages
2012.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:su:diva-90881OAI: oai:DiVA.org:su-90881DiVA: diva2:627941
Conference
Summer Workshop on Corporate Governance, CBS, August 2012 in Copenhagen
Available from: 2013-06-13 Created: 2013-06-13 Last updated: 2013-07-11Bibliographically approved

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Short-termism(733 kB)191 downloads
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CiteExportLink to record
Permanent link

Direct link
Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf