De l'inconvenient du court-termisme

In: Politique internationale: pi, Issue 145

Abstract

John Kay is interviewed. In 2012, you wrote a report for the UK government, who asked you to explain the inclusion by asset managers and investors, the competitiveness of companies and savings long term. What, in your view, the shortcomings of short-termist approaches? The intrinsic problem of asset management is that the performance horizon - that is to say the time we give ourselves to judge the results of the leaders - is now much smaller than the horizon revelation of the value - that is to say the time necessary to properly assess the impact of various events that punctuate the life of companies on their performance. Inevitable consequence asset managers are more concerned anticipate fluctuating assessments of their peers - these evaluations have an immediate impact on the value of a company - that maximize the value created by the structures in which they invest. This approach focuses the relations between business leaders and investors in the process of shareholder remuneration, which is often disconnected from the real productive capacity. Adapted from the source document.