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Ownership as a Form of Corporate Governance

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  • Brian L. Connelly
  • Robert E. Hoskisson
  • Laszlo Tihanyi
  • S. Trevis Certo
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    Abstract

    Firm ownership is an increasingly influential form of corporate governance. Although firms might be owned by different types of owners, most studies examine owner influence on a particular firm outcome in isolation. This study synthesizes research from multiple disciplines on different types of owners and offers a unifying framework of governance through ownership. Using this framework, we describe the motivations of various types of owners, the tactics owners use to affect firms in which they are invested, and the dominant firm outcomes these owners seek to influence. We note how heightened managerial awareness of heterogeneous owner interests increases owner influence on firm-level outcomes. We also provide a roadmap for future study and offer research questions about where scholars might turn their attention to better understand the role of owners in directing firm actions. Our study draws attention to emerging forms of ownership, such as hedge funds and sovereign wealth funds, and highlights the changing (and often competing) interests of shareholders and how this impacts theories of governance. Copyright (c) 2010 The Authors. Journal of Management Studies (c) 2010 Blackwell Publishing Ltd and Society for the Advancement of Management Studies.

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Journal of Management Studies.

    Volume (Year): 47 (2010)
    Issue (Month): s2 (December)
    Pages: 1561-1589

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    Handle: RePEc:bla:jomstd:v:47:y:2010:i:s2:p:1561-1589

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    Cited by:
    1. Massimo Colombo & Annalisa Croce & Samuele Murtinu, 2014. "Ownership structure, horizontal agency costs and the performance of high-tech entrepreneurial firms," Small Business Economics, Springer, vol. 42(2), pages 265-282, February.
    2. Paul André & Walid Ben-Amar & Samir Saadi, 2014. "Family firms and high technology Mergers & Acquisitions," Journal of Management and Governance, Springer, vol. 18(1), pages 129-158, February.
    3. Kim, Soo Y. & Upneja, Arun, 2014. "Predicting restaurant financial distress using decision tree and AdaBoosted decision tree models," Economic Modelling, Elsevier, vol. 36(C), pages 354-362.
    4. Andres, Christian & Betzer, André & Goergen, Marc, 2011. "Dividend policy, corporate control and tax clienteles: The case of Germany," CFS Working Paper Series 2011/16, Center for Financial Studies (CFS).
    5. Christian Andres & André Betzer & Marc Goergen, 2012. "Dividend Policy, Corporate Control and the Tax Status of the Controlling Shareholder," Schumpeter Discussion Papers sdp12006, Universitätsbibliothek Wuppertal, University Library.
    6. Ma, Xufei & Yiu, Daphne W. & Zhou, Nan, 2014. "Facing global economic crisis: Foreign sales, ownership groups, and corporate value," Journal of World Business, Elsevier, vol. 49(1), pages 87-100.

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