Explaining temporal orientation: Evidence from the durability of firms' capital investments
通过测量企业固定资产的持久性来研究时间导向的变化，发现相对于期望的绩效会提升资产持久性，而股票薪酬反而降低持久性。
Abstract In contrast to broad generalizations about the short‐termism of managers, this paper explains changes in the temporal orientation of specific firms over time based on performance relative to aspirations and top management team incentives. We gain empirical traction on temporal orientation by measuring the durability of acquired property, plant, and equipment (asset durability) from reported data on depreciation expense. Consistent with predictions, we find that performance relative to aspirations positively influences asset durability. Surprisingly, we find no evidence that stock‐based compensation produces the same effect. Instead, we find stock‐based compensation lowers asset durability. Copyright © 2011 John Wiley & Sons, Ltd.