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Employee Shareholders Or Institutional Investors? When Corporate Managers Replace Their Stockholders

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  • Michael Useem
  • Constance Gager

Abstract

During the past decade, the shares of publicly traded companies moved increasingly into the hands of institutional investors. As large investors pressed companies to restructure, companies were observed in turn to restructure their shareholder base. Drawing on a 1989 survey of 761 US publicly traded companies, firms facing a hostile takeover environment or with large institutional holdings are found to seek greater employee stockholding. Large firms and those that had adopted takeover defences are more likely when threatened with takeovers or short‐term pressures to seek more employee and less institutional stockholding. Though managers are employed by owners, investor efforts to discipline their managers can lead the latter to replace the former.

Suggested Citation

  • Michael Useem & Constance Gager, 1996. "Employee Shareholders Or Institutional Investors? When Corporate Managers Replace Their Stockholders," Journal of Management Studies, Wiley Blackwell, vol. 33(5), pages 613-632, September.
    • Handle: RePEc:bla:jomstd:v:33:y:1996:i:5:p:613-632
    DOI: 10.1111/j.1467-6486.1996.tb00811.x
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    1. Gregorio Sanchez-Marin & J. Samuel Baixauli-Soler & M. Encarnacion Lucas-Perez, 2010. "Ownership Structure and Board Effectiveness as Determinants of TMT Compensation in Spanish Listed Firms," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 12(1), pages 92-109, November.
    2. Ahrens, Carolin & Oehmichen, Jana & Wolff, Michael, 2018. "Expatriates as influencers in global work arrangements: Their impact on foreign-subsidiary employees’ ESOP participation," Journal of World Business, Elsevier, vol. 53(4), pages 452-462.
    3. Carine Girard, 2004. "L’incidence de l’activisme actionnarial sur les mécanismes de gouvernance:le cas français," Revue Finance Contrôle Stratégie, revues.org, vol. 7(3), pages 91-116, September.
    4. Otten, J.A. & Heugens, P.P.M.A.R., 2007. "Extending the Managerial Power Theory of Executive Pay: A Cross National Test," ERIM Report Series Research in Management ERS-2007-090-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.

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