ACCOUNTING FOR FINANCIAL AND MANAGERIAL CAUSES OF SHORT‐TERM PRESSURES IN BRITISH CORPORATIONS
区分了外部（来自股东）和内部（来自高管）两种短期压力，构建了分析框架，并基于英国证据发现两类压力均存在，其强度受行业技术和企业行为影响，过度多元化会加剧短期压力。
Short‐term pressures are defined and a distinction drawn between external S‐TP, mainly from shareholders, and internal S‐TP, from top management. A conceptual framework for analysing S‐TP is developed and empirical evidence for their existence reviewed. Although certain crude formulations of the argument for short‐termism are rejected, evidence is found for the existence of both types of S‐TP in the UK. Variations in their intensity among sectors can be accounted for partly by inherent differences in technology, and partly by differences in the behaviour of firms. Excessive diversification, particularly by acquisition, exacerbates S‐TP.