Earnings Pressure and Long-Term Corporate Governance: Can Long-Term-Oriented Investors and Managers Reduce the Quarterly Earnings Obsession?

We appreciate the help from Senior Editor Gary Dushnitsky and three anonymous reviewers, the feedback from Raffi Amit, Mary Benner, Philip Bromiley, Weiru Chen, James Constantini, Parthiban David, Douglas Frank, Igal Hendel, Marvin Lieberman, Dawn Matsumoto, Steven Monahan, Vicente Salas Fumás, Edward Zajac, Peter Zemsky, and seminar participants at Arizona State University, Boston College, China Europe International Business School, Copenhagen Business School, INSEAD, London Business School, Wharton School, University of California at Irvine, University of Michigan, and University of Zaragoza. An earlier version of this paper was included in the 2010 Academy of Management Meeting Best Paper Proceedings, and won the BlackRock/NACD (National Association of Corporate Directors) “Global Challenge for Innovation in Corporate Governance” in 2013.