Why Do Large Shareholders Adopt a Short-Term VS a Long-Term Investment Horizon in Different Firms?

I ask why the same large shareholders, i.e. blockholders, have different investment horizons. Using the U.S. data for 1998-2013, I examine four fundamental firm policies and characteristics for their potential influence on blockholders' investments with different time horizons. The panel OLS, logistic and dynamic GMM regression analyses reveal that blockholders adopt a short-term horizon in smaller firms with a less independent board, high leverage and high dividends while the same blockholders keep their investments longer in firms with a more independent board and low dividends. Under various economic conditions, different firm characteristics gain importance in blockholders' decision on short-term versus long-term investments