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Short-termism : challenges and resolutions

Gallery, Gerry T. & Gallery, Natalie (2009) Short-termism : challenges and resolutions. Australian Accounting Review, 19(4), pp. 275-277.

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Abstract

The global financial crisis has highlighted the vulnerability of our economy to systemic risks. While its causes are numerous and relate to complex problems deeply embedded in capital markets, ‘short-termism’ (excessive focus on short-term outcomes at the expense of long-term wealth creation and sustainability) has frequently been flagged as a major contributor to this crisis. Although short-termism is not new, the global financial crisis has highlighted the presence of short-termism among institutional investors, and the failure of global markets and regulators to deal with such perverse and destructive behaviour (Guyatt 2009). Solutions are clearly needed. Although there is a body of research that provides evidence of the presence of short-termism in capital markets and the consequences of short-term decision-making on the financial wellbeing of both individuals and organisations, there is no consensus on mitigating solutions to short-termism. What emerges from the literature is the need to take a broad interdisciplinary perspective in seeking solutions to the problem.

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ID Code: 31969
Item Type: Journal Article
Additional URLs:
Keywords: Short - termism, Board decision - making, Global financial crisis
DOI: 10.1111/j.1835-2561.2009.00063.x
ISSN: 1035-6908
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > ACCOUNTING AUDITING AND ACCOUNTABILITY (150100) > Accounting Auditing and Accountability not elsewhere classified (150199)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Accountancy
Copyright Owner: Copyright 2009 CPA Australia
Deposited On: 27 Apr 2010 11:14
Last Modified: 05 Jan 2011 23:58

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