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Institutional Ownership, Strategic Choices and Corporate Efficiency: Evidence from Japan

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  • Shamsud D. Chowdhury
  • J. Michael Geringer

Abstract

Based on the tenets of capital allocation systems theory, stewardship theory, and ‘going concern’ concept of business, institutional ownership is proposed to affect corporate productivity, both directly and indirectly, in large Japanese corporations through a set of four firm‐level choices: product/market development, R&D intensity, capital intensity, and leverage. Using data on 118 corporations drawn from five industry sectors in Japan, and applying a partial mediation technique, this study tests an integrated, causal model of the relationships among these variables. Results show mixed support for the model. No direct relationship between institutional ownership and productivity is observed. However, institutional ownership affects productivity indirectly through R&D intensity and leverage. Although product/market development and capital intensity also affect productivity, institutional ownership has no significant relationship with them.

Suggested Citation

  • Shamsud D. Chowdhury & J. Michael Geringer, 2001. "Institutional Ownership, Strategic Choices and Corporate Efficiency: Evidence from Japan," Journal of Management Studies, Wiley Blackwell, vol. 38(2), pages 271-292, March.
    • Handle: RePEc:bla:jomstd:v:38:y:2001:i:2:p:271-292
    DOI: 10.1111/1467-6486.00236
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    Cited by:

    1. Chowdhury, Shamsud D., 2014. "Strategic roads that diverge or converge: GM and Toyota in the battle for the top," Business Horizons, Elsevier, vol. 57(1), pages 127-136.
    2. Sandra Dow & Jean McGuire & Toru Yoshikawa, 2011. "Disaggregating the group effect: Vertical and horizontal keiretsu in changing economic times," Asia Pacific Journal of Management, Springer, vol. 28(2), pages 299-323, June.
    3. Li, Kuei-Fu & Liao, Yi-Ping, 2014. "Directors' and officers' liability insurance and investment efficiency: Evidence from Taiwan," Pacific-Basin Finance Journal, Elsevier, vol. 29(C), pages 18-34.
    4. Elsayed, Khaled & Wahba, Hayam, 2013. "Reinvestigating the relationship between ownership structure and inventory management: A corporate governanceperspective," International Journal of Production Economics, Elsevier, vol. 143(1), pages 207-218.
    5. Jean McGuire & Sandra Dow, 2009. "Japanese keiretsu: Past, present, future," Asia Pacific Journal of Management, Springer, vol. 26(2), pages 333-351, June.
    6. Sellami Basma, 2008. "Gouvernement D'Entreprise Et Investissement En R&D : Une Etude Sur Le Sbf 250," Post-Print halshs-00525983, HAL.

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