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Author:Liljeblom, E.
Vaihekoski, M.
Title:Who creates short-term pressure? An analysis of firms with different ownership structures
Journal:Liiketaloudellinen aikakauskirja
2010 : 3, p. 239-264
Index terms:corporate governance
executive remuneration
management
compensation
pay
stakeholders
Freeterms:share repurchasing
ownership structure
Language:eng
Abstract:This paper provides new evidence on who causes short-term behaviour, and what kind of effect it has on companies. There are found significant differences in the perceived short-term pressure caused by different shareholder and stakeholder categories e.g. families, activist owners, or market forces (that is, financial analysts). In firms with more short-term owners, such a felt pressure is significantly higher, with its sources including both the current owner categories and also perceived marginal investors. Firms also show cross-sectional variation across different ownership backgrounds in their actions to deal with such a pressure.
SCIMA record nr: 274158
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