Rappaport, Alfred. "The Economics of Short-Term Performance Obsession." Financial Analysts Journal, May/June 2005.
The author, a longtime proponent of the use of discounted cash flow models for equity valuation, argues that the "root cause of recent corporate scandals" is "the widespread obsession with short-term performance. There is no greater impediment to good corporate governance and long-term value creation than earning obsession."
LK comment: But see also this commentary by Lawrence Summers.