Short‐term pressures are defined and a distinction drawn between external S‐TP, mainly from shareholders, and internal S‐TP, from top management. A conceptual framework for analysing S‐TP is developed and empirical evidence for their existence reviewed. Although certain crude formulations of the argument for short‐termism are rejected, evidence is found for the existence of both types of S‐TP in the UK. Variations in their intensity among sectors can be accounted for partly by inherent differences in technology, and partly by differences in the behaviour of firms. Excessive diversification, particularly by acquisition, exacerbates S‐TP.
Journal of Business Finance & Accounting – Wiley
Published: Dec 1, 1994
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