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This study aims to contribute to the broad field of research regarding changes in fertility and postponement of parenthood. To accomplish this, I combine Richard Sennett’s exposition of “the new culture of capitalism” (2006 s. 126) and one of Daoud and Larsson’s (2014 s. 52) interpretations of the sociological term embeddedness. More particularly, the present study intends to investigate whether the social institutions that, in line with Sennett (2006 s. 25, 35), promote short-termism and flexibility, have come to be internalized (i.e., embedded) in the way women relate to the long-term investment of making a parental debut. The data consist of statements derived from eight semi-structured interviews with women aged between 20 and 28. The interviews executed to answer the following questions:   • How can we understand the way young Swedish women, without children, relate to committing parental debut?   • Which factors do young Swedish women, without children, emphasize regarding a possible parental debut?   Although the results were not unambiguous, there are indications that women choose, or have chosen, to postpone their parental debut due to ambivalence regarding making long-term commitments. Another result was that a possible parental debut not always is considered as a priority to other aspects. This included education and career, as well as the ability to be “free” and make self-sufficient decisions. To a certain extent, this rationale and reasoning were prevalent regardless of age and occupation, which was positive concerning the generalizability of the results. On the other hand, it was also clear that other aspects were considered important, which stresses the importance of taking the theoretical context into account.   A suggestion is that further research should enlarge the number of survey units to increase the possibility to generalize the results. Furthermore, my opinion is that prospective research should take this kind of institutional approach into account in the attempts of understanding other trends and phenomena in society.

Bakgrund: Short-termism beskrivs i såväl den vardagliga debatten som i akademiska undersökningar som ett hinder för bolags långsiktiga värdeskapande. Trots detta så är inte relationen mellan short-termism och långsiktigt värdeskapande undersökt tillräckligt. Utöver detta så har tidigare studier funnit att tidshorisonten inom bolagsstyrning påverkar ett bolags finansiella prestationer, men inte kunnat fastställa hur relationen mellan short-termism, långsiktigt värdeskapande och finansiella prestationer ser ut. Syfte: Syftet med denna studie är att öka förståelse för relationen mellan short-termism, långsiktigt värdeskapande och finansiella prestationer, samt förklara vilka faktorer som påverkar variation av short-termism inom den svenska IT-branschen. Metod: Genom en kvantitativ metod i kombination med en deduktiv ansats så har studien undersökt hur relationen mellan olika fenomen inom bolagsstyrningen ser ut. Detta är gjort med ett urval bestående av IT-bolag som är noterade på Stockholmsbörsen. Slutsats: I en svensk kontext är agentteorin applicerbar, där ägande tycks vara starkast drivande faktorn när det kommer till tidshorisonten inom bolagsstyrning. Studien finner inte några empiriska bevis för att en relation mellan short-termism och långsiktigt värdeskapande finns, vilket påvisar att dessa två fenomen inom bolagsstyrning inte nödvändigtvis har en negativ relation mellan sig. Resultat från studien har dock visat att short-termism har en positiv relation till kortsiktiga finansiella prestationer, medan långsiktigt värdeskapande har en negativ relation till kortsiktiga finansiella prestationer. Det ser studien som ett empiriskt bevis för nyttan av att kunna balansera short-termism och långsiktigt värdeskapande för att uppnå en effektiv bolagsstyrning. / Background: Short-termism is described in both commonplace debate and academic research as an obstacle to company's long-term value creation. Nevertheless, the relationship between short-termism and long-term value creation is not investigated enough. In addition to this, previous studies have found that the time perspective within corporate governance affects a company's financial performance, but has not been able to determine how the relationship between short-termism, long-term value creation and financial performance appears. Purpose: The purpose of this study is to increase understanding of the relationship between short-termism, long-term value creation and financial performance, as well as explain the factors that influence the variation of short-termism within the Swedish IT industry. Method: Through a quantitative method in combination with a deductive approach, the study has investigated the relationship between different phenomena within corporate governance. The sample consists of companies from the IT industry listed on the Stockholm Stock Exchange. Conclusion: In a Swedish context, the agency theory is applicable, where ownership seems to be the strongest driving factor when it comes to the time perspective within corporate governance. The study does not find any empirical evidence that a relationship between short- termism and long-term value creation exists, which shows that these two phenomena of corporate governance do not necessarily have a negative relationship to each other. However, the results of the study have shown that short-termism has a positive relation to short-term financial performance, while long-term value creation has a negative relation to short-term financial performance. These empirical evidences indicate the benefit of being able to balance short-term and long-term value creation in order to achieve effective corporate governance.

Short-termism and myopia on the part of corporate managers, analysts, and investors have created a business environment driven by the excessive focus on short-term results and the need to meet earnings targets at the expense of long-term value creation. These are accompanied by numerous consequences, including the potential for short-term-oriented firms, particularly in the U.S., to lag behind global long-term-oriented firms, as well as the potential for short-term mindsets in the corporate world to catalyze financial crises. In this paper, I demonstrate that the market generally assigns higher values to long-term firms rather than short-term ones. This is evidenced by the fact that firms characterized to be long-term according to various financial metrics have higher valuation multiples than their short-term counterparts. The results suggest that the market has a degree of sophistication that rewards investments for the future rather than earnings management and present gratification, and that the corporate world should therefore increasingly develop a long-term mentality.

This thesis examines short- and long-term decision making, CEO-remuneration and its effects on company performance measured as return on assets during a time-period containing market up- and downturns with regards to company resilience. We examined this in a Swedish context by looking at listed companies on the Stockholm stock exchange during the period 2004 to 2014. The research was conducted using a multiple regression analysis to capture relationships between the dependent variable, the independent- and control variables over the observed time-period. We measure short-term action as decreases in R&D-spending, CapEx and number of employees, that can create short-term profits, whilst long-term actions is the opposite which are expected to generate a high level of company performance in the long run. In our observed population we find that companies who balance short- and long-term actions have a higher company performance, thus deviating from previous research. We also find that an increase in CEO-remuneration will not yield higher company performance when regarding firm size. The results of the study indicate that the companies in our sample have a goal alignment between the CEO and owners, although it shows tendencies of risk adversity in decision making. We find there is a more complex relationship between decision making, the CEO, and company performance than first expected.

<p>Aim of the Thesis: To investigate from a company’s perspective if the pressure for companies to produce quarterly reports has turned away their attention from working towards long-term value creation. The companies investigated are listed on the large-cap section on the Swedish stock exchange (OMX Nordic Exchange Stockholm AB).</p><p>Methodology: A quantitative approach has been used and empirical data has been collected through questionnaires. The data has been analyzed and presented with descriptive statistics.</p><p>Theoretical Perspectives: A literature review has been conducted and resulted in a theoretical framework illustrating the concepts of quarterly reporting, long-term value creating, short-termism and forecasting.</p><p>Empirical data: The empirical data was collected by distributing questionnaires to the companies listed on the large-cap section of the OMX.</p><p>Conclusion: Companies listed on the large cap section of the OMX do not perceive that the pressure to produce quarterly reports affects them in a negative way. The study also showed that many companies lack awareness of the risks associated with short-termism.</p>

Aim of the Thesis: To investigate from a company’s perspective if the pressure for companies to produce quarterly reports has turned away their attention from working towards long-term value creation. The companies investigated are listed on the large-cap section on the Swedish stock exchange (OMX Nordic Exchange Stockholm AB). Methodology: A quantitative approach has been used and empirical data has been collected through questionnaires. The data has been analyzed and presented with descriptive statistics. Theoretical Perspectives: A literature review has been conducted and resulted in a theoretical framework illustrating the concepts of quarterly reporting, long-term value creating, short-termism and forecasting. Empirical data: The empirical data was collected by distributing questionnaires to the companies listed on the large-cap section of the OMX. Conclusion: Companies listed on the large cap section of the OMX do not perceive that the pressure to produce quarterly reports affects them in a negative way. The study also showed that many companies lack awareness of the risks associated with short-termism.

This study examines whether earnings guidance contributes to investor short-termism -- excessive focus on a firm's short term performance and insufficient consideration of its long-term value creation potential. Using an adaptation of Ohlson's (1995) valuation model, I find that investors place significantly higher (lower) weight on short-term (long-term) earnings of quarterly guidance firms than on the corresponding earnings of non-guidance firms. Further tests indicate that the differential weighting cannot be fully explained by measurement errors, earnings properties, risk, or accuracy of analysts' forecasts. For a sample of guidance initiating firms, I find no differential valuations of firm value components before the initiation of guidance, but large differential valuations after guidance initiation. In contrast, for guidance discontinuation firms, I find that investors shift their focus from short-term to long-term earnings after the discontinuation of guidance. Together, the results support critics' claim that quarterly guidance contributes to short-term fixation in the market. / text

Nei paesi democratici, le elezioni rappresentano il principale meccanismo per garantire che, una volta eletto, un politico agisca effettivamente nell'interesse della collettività. Nel primo capitolo, presento una rassegna della letteratura sull'electoral accountability. Nel secondo capitolo, mostro come la presenza delle elezioni possa essere la causa della riluttanza dei politici ad investire in beni pubblici di lungo periodo (political short-termism), e come tale comportamento possa essere ottimale per la collettività. Nel terzo capitolo, mostro come l'interesse per la rielezione possa indurre un politico a continuare una politica che aveva intrapreso in passato anche quando sarebbe ottimale per la collettività cambiare politica , e a non continuare una politica introdotta in passato da un politico rivale anche quando sarebbe ottimale per la collettività non cambiare politica. Questi risultati possono aiutare a spiegare perchè i politici in carica hanno un "vantaggio elettorale" rispetto ai nuovi politici. / In the democratic countries, elections are the primary mechanism for ensuring that, once in office, a politician actually acts in the collectivity's interest. In the first chapter, I present a survey of the literature on electoral accountability. In the second chapter, I show that the presence of the elections may be the cause of the politicians' reluctance to invest in long-term public goods (political short-termism), and such behavior may be optimal for the collectivity. In the third chapter, I show that reelection concern may induce a politician to continue a policy he introduced in the past even when a policy change would be optimal for the collectivity, and not to continue a policy introduced in the past by a rival politician even when a policy change would not be optimal for the collectivity. These results may help to explain why the incumbent politicians have an "electoral advantage" over new politicians.

Cette thèse vise à analyser les aspects juridiques du rôle joué par les acteurs ayant une stratégie actionariale de court-terme (hedge funds,...) dans le cadre des offres publiques d'acquisition. Outre l'identification de ces acteurs et la description des méthodes employées, il s'agit aussi de s'interroger sur les moyens à disposition de la société cible pour se défendre et de se demander si des évolutions législatives ne seraient pas nécessaires. / The purpose of the Phd is to analyze questions raised by short-termism in takevoer bids. As a matter of fact, some shareholders only have short-terme strategies (such as Hedge funds,...) and takeover bids provide some fantastic arbitration opportunities. First, one should clearly identify these actors. Products which might be used in such situation will also have to be studied. Second, one should analyze which defence could provide the target. Third, a study of the opportunity or repealing or amending french legislation on these issues will be done.