Shareholder Heterogeneity and Conflicting Goals: Strategic Investments in the Japanese Electronics Industry
Shareholder Heterogeneity and Conflicting Goals: Strategic Investments in the Japanese Electronics Industry
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股东异质性和目标冲突：日本电子行业的战略投资
DOI：
10.1111/j.1467-6486.2010.00958.x
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发表时间：
2011
期刊：
影响因子：
--
通讯作者：
好川透）
中科院分区：
文献类型：
--
作者：
共著 (共著者： アスリ チョルパン;好川透）
本文研究了20世纪90年代制度环境变化对日本电子企业战略取向的影响。我们考察了三种不同类型的股东对其投资公司战略方向的影响。第一类是外国投资组合投资者，他们描述了迫使企业改变战略的新兴影响力。两大国内股东——企业投资者和金融机构——代表了维持延续性的传统力量。在两股国内力量之间，虽然企业投资者试图维持现状，但金融机构已转向以市场为导向的投资行为。具体而言，我们探讨：(1)各类股东对企业多元化战略和资本承诺的影响；(2)企业绩效对股权结构与战略选择关系的调节作用。结果表明，国外投资者偏好集中的产品组合和保守的资本承诺。当被投资企业的财务业绩不佳时，他们也倾向于减少资本投资。当被投资公司进行战略投资时，国内金融机构现在对这些公司的业绩也同样敏感。相比之下，国内公司股东仍然对业绩漠不关心，而他们的目标是与被投资公司保持关系业务关系。
This article investigates the effects of the changing institutional environment on strategic orientations of Japanese electronics firms during the 1990s. We examine the effects of three different types of shareholders on strategic directions of their invested firms. The first one, foreign portfolio investors, characterizes the emerging influence that pressed for change in corporate strategies. The two domestic shareholders, corporate investors and financial institutions, represent the conventional forces for continuity. Between the two domestic forces, though, while corporate investors attempted to maintain status quo, financial institutions have shifted towards market‐oriented behaviour of investment. Specifically, we explore: (1) the influence of each type of shareholder on a firm's diversification strategy and capital commitment; and (2) the moderating effects of firm performance on the relationships between ownership structure and strategic choices. The results suggest that foreign investors prefer the focused product portfolio and conservative capital commitment. They also prefer the reduction of capital investment when the financial performance of their invested firms is poor. Domestic financial institutions are now similarly sensitive to the performance of their invested firms when those firms make strategic investments. By contrast, domestic corporate shareholders remain indifferent to performance, while they aim to maintain relational business ties with invested firms.