Ownership Structure, Investment Behaviour and Firm Performance in Japanese Manufacturing Industries
基于1996-98年247家日本大型制造企业数据，研究了六类股东（外资、投资基金、养老基金、银行保险、关联公司、内部人）持股对企业投资和绩效的影响，发现关系比简单委托代理模型更复杂。
Using data spanning the 1996-98 fiscal years of 247 of Japan’s largest manufacturers, we empirically evaluate the extent to which a firm’s investment behaviour and financial performance are influenced by its ownership structure. To do so, we examine six distinct categories of Japanese shareholders: foreign investors, investment funds, pension funds, banks and insurance companies, affiliated companies and insiders. Our findings strongly indicate that the relationship between the equity stakes of a particular category of investor and a firm’s financial performance and investment behaviour is considerably more complex than is depicted in simple principal-agent representations. Such a result emphasizes the importance of making finely grained and contextually relevant distinctions when modelling and evaluating corporate governance relations.