Institutional Ownership, Strategic Choices and Corporate Efficiency: Evidence from Japan
基于资本配置系统理论、管家理论和持续经营概念，研究了日本大型企业中机构所有权如何通过产品/市场开发、研发强度、资本强度和杠杆等战略选择间接影响企业生产率。
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.