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.

中文翻译：

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管理近视和创新策略的短期性：韩国企业的金融化

摘要

这项研究使用韩国公司和USPTO涵盖1980-2017年的数据，通过经验检验了管理型近视眼是否会导致创新战略的短期性。主要发现是，支出指标作为金融化和管理近视的代用变量，在数量和质量上对创新产生负面影响。因此，管理近视与创新策略的短期性有关。此外，根据公司规模进行的估算表明，导致管理创新近景的短期管理假说仅对企业集团有效。