Детерминанты инвестиционного горизонта CEO. Обзор литературы
Аннотация
В статье проведен всесторонний обзор литературы по факторам, влияющим на возникновение проблемы инвестиционного горизонта СЕО – предпочтения краткосрочных инвестиций долгосрочным (шорт-термизма). Согласно имеющимся работам основной причиной данной проблемы зачастую является личное отношение СЕО к риску, сформированное под влиянием таких факторов, как возраст, срок пребывания в должности и культурный багаж. Многочисленные предпосылки усугубления проблемы краткосрочных инвестиций в публичных компаниях описаны в современной академической литературе. Среди таких детерминант выделяются трудности с квартальной отчетностью, связь эффективности деятельности компании с краткосрочными метриками, рыночное давление и специфический профиль риска компании. Исследование McKinsey Global Institute, сосредоточенное на проблеме короткого горизонта, показывает, что компании, склонные к краткосрочным инвестициям, имеют более низкие основные экономические показатели и результаты эффективности деятельности. Консалтинговая компания Ernst & Young ввела Longterm Orientation Index (индекс долгосрочной ориентации), который позволяет сравнить горизонты решений между странами. В 2010 г. М. Аншия с соавторами представил метрику для измерения горизонтов решений СЕО на основании личностных характеристик СЕО. Несмотря на эти усилия, отсутствуют глубокие исследования, посвященные специфике проблемы инвестиционного горизонта СЕО и ее отличию от более общей проблемы корпоративного инвестиционного горизонта. В данной статье не только эмпирически изучается проблема короткого инвестиционного горизонта, но также рассматривается ее проявление в различных странах, ее потенциальная корреляция с экономическими кризисами и соответствующими
личностными качествами СЕО. Предложены также стратегии по ослаблению воздействия проблемы инвестиционного горизонта СЕО в компаниях.
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Литература
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