Waseda Organizational and Financial Economics Seminar:
“Short Termism as a Governance Problem: Temporal Calibration and the Double Contingency” (11/27)
講演者 / Speaker
JACKSON, Gregory （Professor, Freie Universität Berlin）
日 時 / Date & Time
2017年11月27日（月）13:00～14:30
会 場 / Venue
早稲田大学 早稲田キャンパス 11号館 11階 1111教室
主 旨 / Outline
“Short Termism as a Governance Problem: Temporal Calibration and the Double Contingency”
Short-termism involves situations where corporate stakeholders – investors, managers, board members, and auditors – show a preference for strategies that add less value but have an earlier payoff relative to strategies that would add more value in the long run. Short-termism has been debated frequently, but has received surprisingly little academic attention. Although researchers tend to agree on the definition of the concept, they do not agree on how to demonstrate the sub-optimal nature of these decisions. Establishing whether short-term decisions are actually detrimental to long-term value creation relies largely on counterfactual reasoning. This paper contends that short-termism is caused by a self-reinforcing shortening of time-horizons produced by temporal calibration. Calibration involves a social interaction between various shareholders (pension funds, private equity, hedge funds) and managers. Short -term behavior is amplified by gatekeepers mediating these relationships – securities analysts, credit rating agencies, auditors, who frame time horizons through information, accounting and reporting formats. Short-termism therefore should be regarded as a social process, in which a certain behavior is reinforced by the reaction of others. Time horizons thus reflects the complex interaction between the incentives and orientations of different stakeholders. This relational character of short-termism helps explain why it is hard both to measure and difficult to address through simple policy instruments aimed at one group of stakeholders. No single policy in isolation is likely to curb short-termism among managers, shareholders and gatekeepers.
プログラム / Schedule
13：00 開会の挨拶（宮島 英昭 早稲田大学 高等研究所長 ／ 商学学術院 教授）
13：05 講演
14：05 質疑応答
14：25 閉会の挨拶（宮島 英昭）
対 象 / Prospected Audience
学部生・大学院生・研究者・教職員 等
主 催 / Organizer
早稲田大学 産業経営研究所
早稲田大学 高等研究所
申込み / Registration
事前申込み不要です。直接会場にお越しください。
