Managerial myopia and short-termism of innovation strategy: Financialisation of Korean firms
利用1980-2017年韩国企业数据，研究发现支付指标（金融化和管理者短视的代理变量）对创新有负面影响，且这种短视导致创新策略短期化的现象仅在大企业集团中成立。
Abstract This study empirically examines whether managerial myopia leads to short-termism of innovation strategy using Korean firm and USPTO data covering 1980–2017. The main finding is that payout indicators, as the proxy variables for financialisation and managerial myopia, have a negative effect on innovation, quantitatively and qualitatively. Hence, managerial myopia and short-termism of innovation strategy are related. Further, estimation by the firm’s size reveals that the hypothesis of managerial myopia leading to short-termism of innovation strategy is valid only for conglomerates.