LEADER 05866nam 2200709 a 450 001 9910965582103321 005 20251116140435.0 010 $a9786610211517 010 $a9781280211515 010 $a1280211512 010 $a9780309584104 010 $a0309584108 010 $a9780585119809 010 $a0585119805 035 $a(CKB)110986584751146 035 $a(OCoLC)44963862 035 $a(CaPaEBR)ebrary10054966 035 $a(SSID)ssj0000259442 035 $a(PQKBManifestationID)11222513 035 $a(PQKBTitleCode)TC0000259442 035 $a(PQKBWorkID)10276578 035 $a(PQKB)10153475 035 $a(MiAaPQ)EBC3375975 035 $a(Au-PeEL)EBL3375975 035 $a(CaPaEBR)ebr10054966 035 $a(CaONFJC)MIL21151 035 $a(OCoLC)923260149 035 $a(Perlego)4736697 035 $a(BIP)1610499 035 $a(EXLCZ)99110986584751146 100 $a19920212d1992 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aTime horizons and technology investments /$fCommittee on Time Horizons and Technology Investments, National Academy of Engineering 205 $a1st ed. 210 $aWashington, D.C. $cNational Academy Press$d1992 215 $a1 online resource (118 p.) 300 $aIncludes bibliographical references (p. 74-77). 311 08$a9780309046473 311 08$a0309046475 327 $aTIME HORIZONS AND TECHNOLOGY INVESTMENTS -- Copyright -- Preface -- Contents -- Executive Summary -- 1 The Issue and the Approach -- THE APPROACH AND METHOD OF THE STUDY -- DO U.S. CORPORATE EXECUTIVES HAVE SHORT TIME HORIZONS? -- MACROECONOMIC EVIDENCE: RELATIVE RATES OF INVESTMENT IN FIXED CAPITAL AND R& -- D -- SUMMARY AND CONCLUSION -- 2 Explaining Time Horizons and Technology Investments -- WHAT IS "NEAR-TERM ORIENTED" MANAGEMENT AND GOVERNANCE? -- THE MECHANICS OF CAPITAL COSTS, RISK, AND THE SPECIAL CHARACTERISTICS OF INVESTMENTS IN TECHNOLOGY DEVELOPMENTS -- Perspectives on the Cost of Capital -- Financial Markets and Technology Investments -- Investment Hurdle Rates and Technology Investments -- DETERMINANTS OF COMPANY INVESTMENT TIME HORIZONS -- SUMMARY AND CONCLUSION -- 3 Company Time Horizons and Technology Investments: The Roles of Corporate Governance and Management -- THE IMPORTANCE OF GOVERNANCE: THE ROLES OF BOARDS OF DIRECTORS -- Boards of Directors' Choices and Time Horizons -- Compensation and Selection of Board Members -- THE PREROGATIVES OF MANAGEMENT AND CORPORATE TIME HORIZONS -- The Development and Execution of Corporate Strategy -- Design and Implementation of Career Development Systems and Compensation Schemes -- Decision-Making Methods and Performance Measurement -- SUMMARY AND RECOMMENDATIONS -- 4 Time Horizons and Cost of Capital -- FINANCIAL MARKETS AND TIME HORIZONS IN THE 1990S -- A COMPANY'S CONTROL OVER ITS COST OF CAPITAL -- Financial Markets, Technology, and Company Valuation -- Time Horizons, Technology Investments, and Ownership Structures -- THE ECONOMIC COST OF CAPITAL: NATIONAL DIFFERENCES AS A CRUCIAL ISSUE -- SUMMARY AND RECOMMENDATIONS -- 5 The Influences of Government Investments and Regulatory Policies on Corporate Time Horizons -- GOVERNMENT POLICIES AND A STABLE ENVIRONMENT FOR INVESTMENT. 327 $aThe Mixed Impact of Regulation and the Legal Environment -- The Government's Role in the Creation of Stable Markets -- GOVERNMENT INVESTMENTS, COMPLEMENTARY ASSETS, AND PRIVATE-SECTOR TIME HORIZONS FOR INNOVATION -- Infrastructure -- Research and Development -- Time Horizons and the Public-Sector Investment Portfolio -- SUMMARY AND RECOMMENDATIONS -- 6 Summary Argument: Understanding Time Horizons and Technology Investments -- References -- Appendix A Cost of Capital-The Managerial Perspective -- ABSTRACT -- APPROACH -- THE INTERVIEWS -- Question 1: Is the Cost of Capital an Important Source of Competitive Disadvantage? -- Group 1: Cost of Capital is a Critical Competitive Factor -- Group 2: The Cost of Capital Is Not a Major Competitive Factor -- Group 3: The Mixed View -- Question 2: How Do the Firms that Emphasize the Competitive Impact of the Cost of Capital Manage the Problem? -- Question 3: What Accounts for the Differences in Views on the Cost of Capital? -- Industry Type -- Size -- Capital Intensity -- Financial Health and Capital Availability -- Market Leadership -- Conclusion -- NOTES -- REFERENCES -- Appendix B Biographical Information on Committee Members. 330 $aIt is frequently argued that U.S. corporations have shorter time horizons for planning and investment than their Japanese and German competitors. This argument, though widely accepted in studies of U.S. competitiveness, has rarely been examined in depth. Time Horizons and Technology Investments explores the evidence that some U.S. corporations consistently select projects biased toward short-term return and addresses factors influencing the time-related preferences of U.S. corporate managers in selecting projects for investment. It makes recommendations to policymakers and managers about policies to mitigate negative external influences and about strategies to remove internal biases toward noncompetitive decisions. 606 $aBusiness planning$zUnited States 606 $aCapital investments$zUnited States 606 $aTechnological innovations$xEconomic aspects$zUnited States 606 $aCompetition$zUnited States 615 0$aBusiness planning 615 0$aCapital investments 615 0$aTechnological innovations$xEconomic aspects 615 0$aCompetition 676 $a600 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910965582103321 996 $aTime horizons and technology investments$94366348 997 $aUNINA