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Managerial myopia and short-termism of innovation strategy: Financialisation of Korean firms
- Authors
- SEO, Hwan Joo; Kang, Sung Jin; Baek, Yong Jun
- Issue Date
- Nov-2020
- Publisher
- OXFORD UNIV PRESS
- Keywords
- Financialisation; Innovation strategy; Korean firms; Managerial myopia; Radical innovation; Short-termism
- Citation
- CAMBRIDGE JOURNAL OF ECONOMICS, v.44, no.6, pp.1197 - 1220
- Indexed
- SSCI
SCOPUS
- Journal Title
- CAMBRIDGE JOURNAL OF ECONOMICS
- Volume
- 44
- Number
- 6
- Start Page
- 1197
- End Page
- 1220
- ISSN
- 0309-166X
- 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. © 2020 The Author(s). Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.
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Related Researcher
- SEO, Hwan Joo
- COLLEGE OF BUSINESS AND ECONOMICS (DIVISION OF BUSINESS ADMINISTRATION)