摘要：This paper fits into the stream of current research on the concept of short-termism and itsimportance for economic sustainability, especially sustainable finance. Short-termism focuses onshort time horizons by both corporate managers and the financial markets, and prioritizes short-timeshareholder return over the long-term growth of the company’s value. This study engages theshort-termism discussion by examining the effect of quarterly reporting on the long-term market valueof listed companies. The aim of the article is to determine whether European companies experiencethe negative effects of short-termism, precisely, whether public companies that prepare quarterlyreports, and which focus mainly on achieving the short-term goals of stock exchange investors,are seeing a decline in their market value in the long-term. We have not proven the existence of such adependence, the increase in reporting frequency of public companies does not contribute to a declinein their long-term market value. In the case of the EU-15 the results of regression model estimationindicate a positive and statistically significant impact of the time of regular quarterly reporting on thebuy-and-hold rates of return, in the “new” EU member states this relationship is not observed.
关键词：sustainable finance; short-termism; quarterly reporting; market value of companies; EU countries
