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| Research on the Influence of Managerial Myopia on Firm’s Total Factor Productivity |
| ZHANG Yong，ZHANG Chunlei |
| Nanjing Forestry University, Nanjing, China |
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Abstract With the text analysis methods, this study examines the impact of managerial myopia on firm’s TFP from the perspective of reflecting the individual’s cognition of time. The results show that the higher the level of managerial myopia, the lower the firm’s TFP. The mechanism test results show that the path of the impact includes reducing R&D investment, reducing capital expenditure and increasing corporate financialization. In further heterogeneity analysis, this study finds that for firms with higher managerial power, more male managers, or higher degree of collusion between management and large shareholders, managerial myopia has a stronger inhibitory effect on the firm’s TFP.
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Received: 14 August 2022
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