The Impact of Ownership Structure on Wage Intensity in Japanese Corporations
研究了1998-2002年日本经济衰退期间996家制造业企业的所有权结构对工资强度的影响，发现国内股东在业绩不佳时提高工资强度以保护人力资本，而外国股东则相反。
The authors studied the effect of ownership structure on human capital investments as indicated by wage intensity, defined as the ratio of expenditure on employee wages to sales, in a sample of 996 Japanese manufacturing firms during their economic recession of 1998-2002. They found that domestic shareholders, with interests beyond financial considerations, enhance wage intensity, especially when performance is low, and thereby safeguard human capital investments. Foreign shareholders with sole interest in financial returns have an opposite effect; they reduce wage intensity when firm performance is low.