Ownership structures and R&D investments of US and Japanese firms: Agency and stewardship perspectives

• 成果类型: Article
• 署名作者: Lee, PM; O'Neill, HM
• 署名单位: Emory University; University of North Carolina; University of North Carolina Chapel Hill
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/30040615
• 发表日期: 2003
• 页码: 212-225
• 关键词: institutional investors; UNITED-STATES; CEO DUALITY; performance; BEHAVIOR; MODEL; diversification; governance; INNOVATION; EFFICIENCY

摘要

This study analyzes the impact of ownership structure on R&D investments in the United States and Japan. It begins with the premise that U.S. and Japanese firms have distinct patterns of ownership that may result in disparities in R&D investments. Agency theory and stewardship theory are used to hypothesize about the relationship between ownership and R&D investments. Empirical evidence shows that the level of ownership concentration, and its impact, differ across countries. We argue that these differences result from a mixture of motives and incentives.