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RAPPORT

Focusing on the Short or Long term?

The Causes and Consequences of the Time Horizon of Management of Dutch Listed Companies

Research highlights

(1) The time horizon of Dutch companies is clearly different from that of US-based companies, which have a relatively strong short-term orientation. Specifically, Dutch firms on average seem to focus on the long term as much as on the short term in their communication to investors during conference calls.

(2) The long-term orientation of Dutch companies has become somewhat stronger over the past ten years.

(3) The time horizon of management differs between companies depending on the industry.

(4) The time horizon of Dutch companies is mainly determined by the type of owners of the company as well as by the use of incentive-based remuneration policies.

(5) Management’s time horizon does not seem to influence decision making, which may reflect the Dutch corporate governance context, which provides management discretionary power to make strategic decisions relatively independently from demands of shareholders.

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