Ownership structures and R&D investments of U.S. and Japanese firms: Agency and stewardship perspectives

Peggy M. Lee, Hugh M. O'Neill

Research output: Contribution to journalReview article

285 Scopus citations

Abstract

This study analyzes the impact of ownership structure on R&D investments in the United States and Japan. It begins with the premise that U.S. and Japanese firms have distinct patterns of ownership that may result in disparities in R&D investments. Agency theory and stewardship theory are used to hypothesize about the relationship between ownership and R&D investments. Empirical evidence shows that the level of ownership concentration, and its impact, differ across countries. We argue that these differences result from a mixture of motives and incentives.

Original languageEnglish (US)
Pages (from-to)212-225
Number of pages14
JournalAcademy of Management Journal
Volume46
Issue number2
DOIs
StatePublished - Apr 2003
Externally publishedYes

ASJC Scopus subject areas

  • Business and International Management
  • Business, Management and Accounting(all)
  • Strategy and Management
  • Management of Technology and Innovation

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