Intéressant article de The Economist en faveur d'une démarche de long terme des entreprises et intitulé : "Taking the long view - The pursuit of shareholder value is attracting criticism - not all of it foolish". En plus des arguments pratiques et théoriques recensés par l'auteur (le "cas" Unilever, les résultats pervers de la primauté actionnariale, les statistiques sur la baisse significative des investissemernts des entreprises...) et des critiques qu'il ne nie pas (quel instrument de mesure ?), sa conclusion sur le dépassement impératif du court terme est percutante :
Rather than junking shareholder value, companies should tweak it. Some are getting better at this. Warren Buffett, like Mr Polman, adamantly refuses to provide earnings guidance to investors. IBM has produced a “2015 roadmap” to persuade investors that its big investments today will make money in the future. L’Oréal and Air Liquide have offered shareholders bonuses for holding shares longer than a certain period of time. Google, LinkedIn, Zynga and other tech companies have adopted dual-class voting structures that allow the founders to resist the pressure to produce short-term results. Several companies allow their chief executives to exercise their share options only after retirement, to encourage long-term thinking. Giving managers ordinary shares (rather than options) which they cannot sell for several years aligns their interests even more closely with those of ordinary shareholders.
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