Excessive short-termism can come from the executive suite as much as from financial markets, especially from CEOs, who in the US have an average tenure of 6-7 years. It is fully understandable – and largely supported by empirical evidence – that these CEOs would want good results to occur on their watch, rather than after their successor takes over.
过多的短期行为来自金融市场的可能性和来自行政系统的可能性一样大，尤其是公司首席执行官级别，美国企业的这类职位通常有6~7年的任期。我们完全能理解——而且实验证据也证实了这一点——这些CEO只想公司在自己掌管的时期有良好的表现，而不愿在他们的继任者接管后才有表现良好。把高管和董事从金融市场进一步隔离开来反而会促使他们更加关注狭隘的短期结果。