The Answer to Short-Termism Isn’t Asking Investors to Be Patient
Harvard Business Review
JULY 18, 2017
Toyota has a class of shares that gives investors “loyalty dividends” if they hold onto them for five years. Critically, short-term selling by shareholders need not entail short-term behavior by managers. An influential 1992 HBR article by Michael Porter advocated the Japanese model of long-term illiquid stakes.
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