When it comes to horse races, it’s easy for voters to get swept up in the mud-slinging and attack ads, and lose sight of the real issues at stake. The same could be true for leadership contests in the business world.
Companies that employ a horse race approach to selecting senior management are not necessarily doomed for failure, but they may not be headed in the right direction. Ideally, a company’s culture and organizational structure would support collaboration and resource sharing. In addition, a company’s current CEO and board should have a general understanding of the capabilities of several high-level executives to avoid a prolonged horse race.
One by one, the horses trot up the ramp and onto the track, pulling single-seat chariots behind them. The clip-clop of their hooves rises to a cacophony as the announcer signals the start of the race. Depending on the length of the race, it can be a short sprint or a long-distance endurance test. In the United States, sprints are generally known as “handicap races,” while in Europe, they’re called “routes.” The most prestigious races offer the largest purses.
The grueling sport of horse racing has been around for thousands of years, enthralling millions of fans worldwide. But the industry is undergoing major changes, driven by declining interest in the sport and concerns about animal welfare. Growing awareness has fueled improvements to the tracks and veterinary care, and organizations like People for the Ethical Treatment of Animals have launched investigations into abusive training practices, drug use, and even the transportation of horses for slaughter abroad.
A recent study found that newsrooms disproportionately focused on third-party candidates and framed elections as a horse race—what’s known as horse race coverage. It’s especially prevalent in close races and during the weeks leading up to Election Day. Those who study journalism have begun to explore the consequences of this trend, including research on how it influences voters’ views of candidates and policy issues.
In fact, many studies have linked horse race coverage to higher levels of partisanship and a decrease in the amount of time spent covering policy issues. The phenomenon also has a negative impact on voters, who tend to have less information and become more entrenched in their opinions. To help combat this, some newsrooms are using probabilistic forecasting—an advanced method that analyzes multiple opinion polls to better predict a candidate’s chances of winning an election. The results of this type of journalism have the potential to give more nuanced perspectives and more balanced coverage to both Republicans and Democrats, as well as third-party and independent candidates. Our updated roundup of research on horse race coverage features new research on third-party candidates, probabilistic forecasting, and TV news coverage.