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Time horizons and corporate governance

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  • Davin Raiha

Abstract

This paper examines the impact of operational time-horizons on corporate governance. Managerial 'short-termism' is problematic in industries where long product development and life cycles require managerial decisions that are similarly far-sighted in scope. By protecting managers from the pressures that induce short-termism I show how corporate governance and anti-takeover provisions can mitigate short-termism for firms with long operational time-horizons. I predict that firms operating in long time-horizon industries will employ more anti-takeover provisions than firms in short time-horizon industries. I examine this empirically and find support for this prediction.

Suggested Citation

  • Davin Raiha, 2019. "Time horizons and corporate governance," American Journal of Finance and Accounting, Inderscience Enterprises Ltd, vol. 6(1), pages 77-100.
    • Handle: RePEc:ids:amerfa:v:6:y:2019:i:1:p:77-100
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