Investors often influence the strategic decisions of their holdings, such as long-term orientation and investments in intangible assets. Investigating IT capability as a strategic asset, we examine the influence of institutional shareholders’ investment horizon and blockholdings on the development of organizational IT capability. We perform a panel data analysis of eleven years of archival data...

This paper proposes a theory that explains the nature of human capital ownership in the POEs, and argues that the institutional separation of de facto and de jure ownership of human capital from their owners is at the heart of the POE inefficiency. This institutional incompatibility has led to widespread phenomena of individuals using their de facto owned human capital to “capture” the benefits...

By discriminating between a lazy manager and a career concerns hypothesis, Aghi-on et al. (The American Economic Review 2013, 103(1), 277-304) try to disentanglethe link between innovation and institutional ownership. Citation-weighted patentcounts are used as a proxy for innovation, which motivates the use of count data mo-dels. While a replication in a narrow sense confirm...

125 words) This paper explores the effects of recent governance reforms and foreign ownership change on Japanese corporate performance. We attempt to show whether recent governance reforms are truly motivated by a new focus on improving shareholder returns, or reflect a response to institutional isomorphism. We tested the agency theory derived hypotheses and found that only the increase in fore...

We examine the relation between institutional ownership in acquiring firms and their post takeover stock performance. We find that negative long-run abnormal returns appear to decline (in economic and statistical terms) as the extent and persistence of institutional ownership increase, after accounting for the size, book-to-market and method of payment effects. Given the unusually high uncertai...

We use the Business Roundtable’s challenge to the Securities and Exchange Commission’s (SEC’s) 2010 proxy access rule as a natural experiment to measure the value of shareholder proxy access. We find that firms that would have been most vulnerable to proxy access, as measured by institutional ownership and activist institutional ownership, lost value on October 4, 2010, when the SEC unexpectedl...

This paper investigates the impact of mergers and acquisitions (M&A) on corporate performance. This article selects 36 M&A cases of China’s listed real estate companies in Shanghai and Shenzhen Stock Exchanges from 2008 to 2009. Regarding the corporate value in 2011 as the measure of the long-term performance, we will explore the relationship among check-and-balance Ownership Structure, board s...

In this research using theoretical predictions from a real option-based investment framework, the present study aims to examine the effects of stock returns volatilities on changes of working capital accruals of firms. In addition, the moderating effect of variables such as, life cycle and ownership structure on the relationship between stock return volatilities and working capital accruals is ...