As an example, when I worked for IBM, they furloughed the entire Systems technology group (essentially the folks working on things that aren't pure software or contracting) for a week.
This was done purely to reduce the payroll for the STG so that it's income would look better on the quarterly earnings.
Neither the inability to get anything done for 2 weeks (furlough was staggered so only approx half of folks were out each week) nor any of the follow on effects on project or work force was not enough to impede this type of roughshod pursuit of quarterly accounting numbers.
I mean, if you want "long term thinking", does that mean that WeWork is a better model than Boeing? Because people seem to hold it up as a failure of capitalism just as much.
A bond holder doesn't get paid their interest payment, it's a crisis. The government doesn't get the taxes due, it's a crisis. An employee doesn't get their paycheck, it's a crisis. Dividends are an "if we feel like it" thing. Many, many companies simply say "we have never paid any dividends and we may never pay any at all".
Stockholders by definition can only rely on the nebulous entire future of a company for stock value - either it will be sold some day for $X, or the dividends will total $X. That's a longer term perspective than anyone else has.
Perfectly rational investors with infinite lifespans might do what you say, but in reality most people are fickle, short sighted and don't actually do much thinking.