Managerial Myopia and Long-Term Investment: Evidence from China
نویسندگان
چکیده
A corporation’s ability to uphold valuable long-term investments is a critical component of the business’s sustainability. Combining views upper echelons theory and agency theory, this study argues that myopic managerial behavior detrimental firm’s investment. We construct an indicator assessing myopia based on textual analysis approach. The moderating effect suggested negative impact lessened with increase in institutional investor ownership analyst coverage. In addition, we found negatively correlates capital expenditures R&D investments. Furthermore, cross-sectional correlation between investment stronger among firms higher industry competition, poor performance levels, non-state-owned enterprises.
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ژورنال
عنوان ژورنال: Sustainability
سال: 2022
ISSN: ['2071-1050']
DOI: https://doi.org/10.3390/su15010708