Employee Shareholders Or Institutional Investors? When Corporate Managers Replace Their Stockholders*
基于1989年对美国761家上市公司的调查，研究发现面临敌意收购环境或机构持股比例高的公司更倾向于增加员工持股，而大公司和已采取反收购措施的公司则在面临收购或短期压力时更可能增加员工持股、减少机构持股。
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.