Time Horizons and Technology Investments

TIME 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.