近幾十年來，因應科技進步的發展、資訊流通的爆炸特性，越來越多文獻針對時間因子在公司決策期產生的差異化行為進行研究，但往往在定義「長期導向公司」與「短期導向公司」時面臨特性不明確的困境，普遍的研究會使用問卷訪談的方式去衡量經理人的決策表現與思維，針對量化的方式，則是選用關鍵字行為分析或是利用關鍵投票權去判定長短期策略導向。長期導向公司與短期導向公司在在面臨不同的決策情境時，具有差異性的行為指標，長期投資的穩健性、每股盈餘的人為操縱程度等都是我們能依此判定的行為，故本文根據麥肯錫在短期導向公司對經濟影響的研究報告，挑選三個財務指標去劃分公司的決策行為偏好，用量化分析的方式去檢視長短期導向公司在面對市場不可預期事件時，兩者在績效表現上的差異。
本文透過Compustat資料庫擷取2005年至2011年美國公開上市上櫃公司的財報資料，最終採納樣本數為3,149間公司，以2008金融風暴作為測試事件，並將事件前後三年平均數作為判定指標。回歸分析的結果顯示，兩群體的差異在Tobin’s Q指標上有顯著差異，從結果顯示，長期導向公司在2008金融風暴發生後，Tobin’s Q值下降的幅度較小，表示市場對於長期導向的公司具有較高的信心程度。本研究的實證結果仍對於企業發展長期策略上有激勵的效果，支持長期導向公司所能創造的價值。

In recent decades, more and more literature study on time factors in company’s decision-making orientation due to the advancement of information technology and generation. However, the distinctions between long- versus short-term orientated firms is not clear. In general, researchers used to determine the time orientation by survey. Besides, keyword searching and the closeness on votes which denied the short-term profitable projects for long-term development are the common ways to define long-term orientation. In this study, I use the Corporate Horizon Index created by McKinsey to measure the horizon of orientation based on patterns of investment, growth, earnings quality, and earning management. By means of quantitative analysis, I expect to examine the differences in performance between long- and short-term companies in the face of unpredictable market events.
In this paper, there are 3,149 samples firms with 32,674 observations from 2005 to 2011 to examine the performance difference between short-term firms and long-term firms surrounding the financial crisis. I found a significant difference in the changes of Tobin’s Q between short-term and long-term oriented firms. It suggests that stock markets are more confident on long-term oriented firms than short-term oriented firms. I believe that it can encourage firms to act or think based on long-term targets that not only benefit firms but also the whole society.

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