Strategic short termism as an issue of top-teams’ temporal orientation

Short-termism among firms, the tendency to excessively discount long-term benefits and favour less valuable short-term benefits, has been a prominent issue in business and public policy debates but research to date has been inconclusive. We study how managers frame, interpret, and resolve problems of intertemporal choice in actual decisions by using computer aided text analysis to measure the frequency of top-team temporal references in 1653 listed Australian firms between 1992-2005. Contrary to short-termism arguments we find evidence of a significant general increase in Future orientation and a significant decrease in Current/Past orientation. We also show top-teams’ temporal orientation is related to their strategic orientation, specifically the extent to which they focus on Innovation-Expansion and Capacity Building.

The paradox of transparency : short-termism and the institutionalisation of Australian capital markets

As the ultimate corporate decision-makers, directors have an impact on the investment time horizons of the corporations they govern. How they make investment decisions has been profoundly influenced by the expansion of the investment chain and the increasing concentration of share ownership in institutional hands. By examining agency in light of legal theory, we highlight that the board is in fact sui generis and not an agent of shareholders. Consequently, transparency can lead to directors being 'captured' by institutional investor objectives and timeframes, potentially to the detriment of the corporation as a whole. The counter-intuitive conclusion is that transparency may, under certain conditions, undermine good corporate governance and lead to excessive short-termism.

Short-termism : challenges and resolutions

The global financial crisis has highlighted the vulnerability of our economy to systemic risks. While its causes are numerous and relate to complex problems deeply embedded in capital markets, ‘short-termism’ (excessive focus on short-term outcomes at the expense of long-term wealth creation and sustainability) has frequently been flagged as a major contributor to this crisis. Although short-termism is not new, the global financial crisis has highlighted the presence of short-termism among institutional investors, and the failure of global markets and regulators to deal with such perverse and destructive behaviour (Guyatt 2009). Solutions are clearly needed. Although there is a body of research that provides evidence of the presence of short-termism in capital markets and the consequences of short-term decision-making on the financial wellbeing of both individuals and organisations, there is no consensus on mitigating solutions to short-termism. What emerges from the literature is the need to take a broad interdisciplinary perspective in seeking solutions to the problem.

A Short History of Cultural Studies (Taiwanese edition)

This is the first volume to capture the essence of the burgeoning field of cultural studies in a concise and accessible manner. Other books have explored the British and North American traditions, but this is the first guide to the ideas, purposes and controversies that have shaped the subject. The author sheds new light on neglected pioneers and a clear route map through the terrain. He provides lively critical narratives on a dazzling array of key figures including, Arnold, Barrell, Bennett, Carey, Fiske, Foucault, Grossberg, Hall, Hawkes, hooks, Hoggart, Leadbeater, Lissistzky, Malevich, Marx, McLuhan, McRobbie, D Miller, T Miller, Morris, Quiller-Couch, Ross, Shaw, Urry, Williams, Wilson, Wolfe and Woolf. Hartley also examines a host of central themes in the subject including literary and political writing, publishing, civic humanism, political economy and Marxism, sociology, feminism, anthropology and the pedagogy of cultural studies.

Psychological predictors of the propensity to omit short-response items on a high-stakes achievement test

This article presents the findings of a study of the psychological variables that discriminate between high and low omitters on a high-stakes achievement test using a short-response format. Data were obtained from a questionnaire administered to a random sample (N = 1,908) of students prior to sitting the 1997 Queensland Core Skills (QCS) Test (N = 29,273). Fourteen psychological variables were measured including test anxiety (four subscales), emotional stability, achievement motivation, self-esteem, academic self-concept, self-estimate of ability, locus of control (three subscales), and approaches to learning (two subscales). The results were analyzed using descriptive discriminant analysis and suggested that the psychological predictors of the propensity to omit short-response items include test-irrelevant thinking and academic self-concept, with sex of candidate being a mediating variable.

Multiple-choice versus short-response items: Differences in omit behavior

The overall rate of omission of items for 28,331 17 year old Australian students on a high stakes test of achievement in the common elements or cognitive skills of the senior school curriculum is reported for a subtest in multiple choice format and a subtest in short response format. For the former, the omit rates were minuscule and there was no significant difference by gender or by type of school attended. For the latter, where an item can be 'worth' up to five times that of a single multiple choice item, the omit rates were between 10 and 20 times that for multiple choice and the difference between male and female omit rate was significant as was the difference between students from government and non-government schools. For both formats, females from single sex schools omitted significantly fewer items than did females from co-educational schools. Some possible explanations of omit behaviour are alluded to.

Staff perspectives of a cardiology short stay unit

Objective To evaluate staff perceptions about working environment, efficiency and the clinical safety of a cardiovascular intervention short stay unit (SSU) during the first year of operation. Design Postal questionnaire. Setting Cardiac catheterisation laboratory (CCL), coronary care unit (CCU), general cardiology ward (GCW) and the short stay unit (SSU) of a tertiary referral hospital situated in the mid coastal region of NSW. Subjects Cardiologists (including visiting medical officers [VMO]), cardiology fellows, cardiology advanced trainees and nurses. Results Responses on the working environment of the SSU and the discharge process were statistically significant. A substantial proportion of both nurses and doctors had concerns about patient safety, even though no adverse events were formally recorded in the database. Conclusions Though the participants of the survey agree on the efficiency of the SSU in providing beds to the hospital, they disagree on aspects that are important in the functioning of the SSU, including the working environment, patient selection and clinical safety. The results highlight potential issues that could be improved or addressed and are relevant to the rollout of SSUs across NSW.