Conflicting voices: The effects of institutional ownership heterogeneity and internal governance on corporate innovation strategies

• 成果类型: Article
• 署名作者: Hoskisson, RE; Hitt, MA; Johnson, RA; Grossman, W
• 署名单位: University of Oklahoma System; University of Oklahoma - Norman; Arizona State University; Arizona State University-Tempe; University of Missouri System; University of Missouri Columbia; Hofstra University
• 刊物名称: ACADEMY OF MANAGEMENT JOURNAL
• ISSN/ISSBN: 0001-4273
• DOI: 10.5465/3069305
• 发表日期: 2002
• 页码: 697-716
• 关键词: r-and-d; AGENCY COSTS; DIVERSIFICATION STRATEGY; firm; investors; BOARD; management; DIRECTORS; IMPACT; incentives

摘要

Examining the relationship between governance and corporate innovation strategies, we found, in opposition to the assumption that owners have a unified voice, differences among governance constituencies' preferences for corporate innovation strategies. The managers of public pension funds preferred internal innovation, but professional investment. funds' managers preferred acquiring external innovation. The profiles of boards of directors also shaped these innovation strategies. Inside directors with equity emphasized internal innovation, and outside directors with equity emphasized,external innovation. The two types of fund manager equally preferred boards composed of outsider representatives with equity. However, pension fund managers preferred inside directors with equity more strongly than did professional investment fund owners.