Cortoplacismo corporativo a la sombra del precipicio fiscal

CAMBRIDGE – Las tendencias económicas a veces están más interrelacionadas de lo que se ve en las noticias. Por ejemplo, habitualmente nos encontramos con informes sobre los problemas financieros de los gobiernos, como el «precipicio fiscal» en Estados Unidos y la crisis de la deuda en Europa. Y se ha prestado mucha atención, a menudo en artículos de opinión próximos entre sí, a la visión de que los hiperactivos mercados de acciones, en especial en EE. UU. y el Reino Unido, obligan a las grandes corporaciones a centrarse desproporcionadamente en los resultados financieros de corto plazo a costa de las inversiones de largo plazo en las economías de sus países.

Ambas situaciones no están desconectadas. Y examinar esa conexión proporciona una buena oportunidad para evaluar las debilidades y ambigüedades del argumento –esgrimido desde hace mucho tiempo– sobre la reducción de los horizontes temporales corporativos que generan las furiosas operaciones de alto volumen en los mercados de valores.

El pensamiento convencional indica que a medida que al aumentar la frecuencia de la compra y venta de acciones, los operadores inducen a los gerentes a planificar considerando horizontes cada vez más cortos. Si los inversionistas institucionales se rehúsan a mantener las acciones durante más de unos pocos meses, se cree, los horizontes temporales de los directores ejecutivos para la planificación corporativa deben reducirse hasta aproximadamente el mismo marco temporal.

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