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Short-Term Expectations in Listed Firms: The Effects Of Different Owner Types
Stockholm University, Faculty of Social Sciences, Stockholm Business School.
Number of Authors: 3
2015 (English)In: Journal of International Financial Management & Accounting, ISSN 0954-1314, E-ISSN 1467-646X, Vol. 26, no 3, 223-256 p.Article in journal (Refereed) Published
Abstract [en]

We report empirical evidence in line with the disciplining role of different institutional and other owner types in reducing managerial myopia. Using data from a large Nordic survey, we find that companies, to a reasonably high degree, feel that external pressure for a good result in the short-term generates conflict with the company's long-term goals. We test for the effect of different ownership types and find that especially in firms with a large and non-transitory activist or fund as an owner, the perceived pressure for short-term actions is reduced. In addition, we observe a negative association between firm profitability and short-term pressure, and we find that younger managers feel significantly more pressure. Firms subject to greater pressure engage in more actions to accommodate that pressure. Again, the impact of a large activist owner is especially beneficial because such firms significantly less often undertake actions that have the potential to destroy value, such as deprioritizing their long-term investments or R&D.

Place, publisher, year, edition, pages
2015. Vol. 26, no 3, 223-256 p.
National Category
Business Administration
Identifiers
URN: urn:nbn:se:su:diva-121489DOI: 10.1111/jifm.12028ISI: 000360757000001OAI: oai:DiVA.org:su-121489DiVA: diva2:860610
Available from: 2015-10-13 Created: 2015-10-05 Last updated: 2017-12-01Bibliographically approved

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