title: Dеvеlорmеnt of the horizon indех to еvаluаtе lоng-tеrmism of Russiаn non-finаnсiаl companies
metadata.name: dc.contributor.author
metadata.value: Grishunin, S.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Naumova, E.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Lukshina, N.
metadata.lang: -
metadata.name: dc.contributor.author
metadata.value: Bazaeva, M.
metadata.lang: -
metadata.name: dc.date.accessioned
metadata.value: 2022-11-10T17:43:43Z
metadata.lang: -
metadata.name: dc.date.available
metadata.value: 2022-11-10T17:43:43Z
metadata.lang: -
metadata.name: dc.date.issued
metadata.value: 2021-12
metadata.lang: -
metadata.name: dc.identifier.citation
metadata.value: Grishunin S., Naumova E., Lukshina N., Bazaeva M. 2021. Dеvеlорmеnt of the horizon indех to еvаluаtе lоng-tеrmism of Russiаn non-finаnсiаl companies. Russian Management Journal 19 (4): 475–493.
metadata.lang: en_GB
metadata.name: dc.identifier.other
metadata.value: https://doi.org/10.21638/spbu18.2021.405
metadata.lang: -
metadata.name: dc.identifier.uri
metadata.value: http://hdl.handle.net/11701/38516
metadata.lang: -
metadata.name: dc.description.abstract
metadata.value: Short-termism, the firm’s following strategic management practices for short-term, restricts
  investment in physical and intellectual capital. Investors and managers should identify and
  counteract such practices in a timely manner. However, existing academic and practical studies
  overlook problem of short-termism in emerging markets, lack reliable metrics of shorttermism
  or consider only financial indicators in existing horizon metrics. In this paper, we
  closed some research gaps and constructed the relative horizon index which evaluated
  strategic focus of public non-financial companies from various industries. We also performed
  empirical study of horizon index on the sample of 50 Russian non-financial companies over
  2014–2019. It revealed that the energy and utility segments in Russia have the largest share
  of long-term oriented companies, while the industrial, real estate and consumer goods segments
  have a significant share of short-term oriented companies. The former is explained
  by: the significant need for modernization in these sectors; developed corporate government
  systems of firms; limited incentives to accounting manipulations; and a diverse set of stakeholders.
  Conversely, the latter is underpinned by low levels of investments in comparison to
  depreciation of real estate, industrial and consumer goods companies. It is also driven by
  higher incentives for these companies to play with accounting ratios. We showed that the
  long-term strategic orientation of the firm is not immediately realized into sTable positive
  economic profit patterns over time. However, there is strong and positive correlation between
  the firm’s decision to follow long-term strategic orientation and the value of multi-period
  growth in firms’ economic profit. The results can be used by investors, analysts and asset
  managers to screen the companies on the subject of their following long-term value creation
  principles and to compare the ability of the firms to sustain positive economic profit.
metadata.lang: en_GB
metadata.name: dc.language.iso
metadata.value: en
metadata.lang: en_GB
metadata.name: dc.publisher
metadata.value: St Petersburg State University
metadata.lang: en_GB
metadata.name: dc.relation.ispartofseries
metadata.value: Russian Management Journal;Volume 19; Issue 4
metadata.lang: -
metadata.name: dc.subject
metadata.value: horizon index
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: long-term value creation
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: economic profit
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: strategic management
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: short-termism
metadata.lang: en_GB
metadata.name: dc.subject
metadata.value: management myopia
metadata.lang: en_GB
metadata.name: dc.title
metadata.value: Dеvеlорmеnt of the horizon indех to еvаluаtе lоng-tеrmism of Russiаn non-finаnсiаl companies
metadata.lang: en_GB
metadata.name: dc.type
metadata.value: Article
metadata.lang: en_GB
resources.filename: 05.pdf
resources.url: https://dspace.spbu.ru/bitstream/11701/38516/1/05.pdf
resources.format: Adobe PDF
resources.size: 931,69 kB