快30岁了还近视?时间取向与企业生命周期

IF 3.6 Q1 BUSINESS, FINANCE
Vivien Lefebvre
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引用次数: 0

摘要

大量文献表明,大型上市公司存在管理短视主义和时间导向不足的问题。我们研究公司在其整个生命周期中的时间取向,以投资视野来衡量。基于组织学习理论和代理理论的理论论证,我们认为企业年龄与投资期限的关系是二次型的,呈倒U型。通过对欧洲上市公司和私营公司的大样本分析,我们得到了与这一预测一致的结果。我们的研究结果支持这样一种观点,即年轻的公司逐渐学会使用更复杂的投资决策标准,从而导致更长的投资期限。然而,这种影响受到治理结构变化的限制,例如从所有者管理状态到专业管理状态的转变所导致的所有权与控制权的分离。讨论了对未来研究和实践的启示。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Turning 30 and myopic? Temporal orientation and the firm lifecycle
A vast body of literature shows that large, publicly listed firms suffer from managerial short‐termism and inadequate temporal orientation. We study the temporal orientations, measured as the investment horizons, of firms throughout their lifecycles. We build on theoretical arguments from organizational learning theory and agency theory to argue that the relationship between firm age and the investment horizon is quadratic, with an inverted U shape. Using a large sample of publicly listed and privately held European firms, we obtain results consistent with this prediction. Our results support the idea that younger firms gradually learn to use more sophisticated investment decision criteria, thus resulting in longer investment horizons. However, this effect is bounded by changes in governance structure, such as the separation of ownership from control that results from the transition from an owner‐managed status to a professionally managed status. Implications for future research and practice are discussed.
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来源期刊
CiteScore
6.70
自引率
10.70%
发文量
70
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