Economic short-termism among Australian firms: A longitudinal investigation of managers' temporal perspectives and their relation to firm strategy and performance.

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The Business Council of Australia (2004) indicated its concern about the effects of short termism on Australia's future economic prosperity. We assess whether the attention managers give to the present and future when describing firms' strategies in annual reports has changed during 1992-2006. One of the key effects of short-termism is to reduce firms' focus on innovation. The project offers a direct, unobtrusive indicator of the time frame firms use to shape their strategies. Such evidence helps policy makers decide whether policy action is required; investors determine the seriousness of the problem in different business sectors, and creates a strong foundation for pursuing further research into the possible causes.