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| Tekijä: | Chen, Y. |
| Otsikko: | Conflicting interests in information disclosure and short-term orientation of firms |
| Lehti: | International Journal of Industrial Organization
1994 : JUN, VOL. 12:2, p. 211-225 |
| Asiasana: | DISCLOSURE COMPANIES CAPITAL MARKETS |
| Kieli: | eng |
| Tiivistelmä: | This paper explains why firms might be excessively short-term oriented even when they are able to inform the capital market about the true quality of their assets. The information a firm reveals to the capital market can be used by competitors to the firm's detriment. In this case, the future profitability of the firm's assets is no longer exogenous , but it is influenced by the strategic actions of its competitors, which in turn depend on the information the firm discloses. This motivates the firm to switch resources from future prospects to short-term profits. |
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