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Ownership structure and corporate strategy: one question viewed from two different worlds

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Listed:
  • Peter J. Lane
  • Albert A. Cannella
  • Jr.
  • Michael H. Lubatkin

Abstract

In their response to our paper, Amihud and Lev (1999) and Denis, Denis, and Sarin (1999) claim that disciplinary differences don’t matter and that methods and evidence should speak for themselves. In contrast, we argue that important differences exist between financial economics and strategic management, leading to differing beliefs, norms, methods, and interpretations of empirical results. Using a strategic management perspective to review the evidence presented by Amihud and Lev in their earlier study (1981) and in their and Denis et al.’s critiques of our work (1999), we find no reason to revise our original conclusion: there is little theoretical or empirical basis for believing that monitoring by a firm’s principals influences its diversification strategy and acquisition decisions. Copyright © 1999 John Wiley & Sons, Ltd.

Suggested Citation

  • Peter J. Lane & Albert A. Cannella & Jr. & Michael H. Lubatkin, 1999. "Ownership structure and corporate strategy: one question viewed from two different worlds," Strategic Management Journal, Wiley Blackwell, vol. 20(11), pages 1077-1086, November.
    • Handle: RePEc:bla:stratm:v:20:y:1999:i:11:p:1077-1086
    DOI: 10.1002/(SICI)1097-0266(199911)20:113.0.CO;2-O
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    Cited by:

    1. Bruno S. Frey & Margit Osterloh, "undated". "Yes, Managers Should be Paid Like Bureaucrats," IEW - Working Papers 187, Institute for Empirical Research in Economics - University of Zurich.
    2. King, Roger & Peng, Winnie Qian, 2013. "The effect of industry characteristics on the control longevity of founding-family firms," Journal of Family Business Strategy, Elsevier, vol. 4(4), pages 281-295.
    3. Brian T. McCann & Govert Vroom, 2014. "Competitive Behavior and Nonfinancial Objectives: Entry, Exit, and Pricing Decisions in Closely Held Firms," Organization Science, INFORMS, vol. 25(4), pages 969-990, August.
    4. He, Jinyu & Mahoney, Joseph T., 2006. "Firm Capability, Corporate Governance, and Firm Competitive Behavior: A Multi-theoretic Framework," Working Papers 06-0103, University of Illinois at Urbana-Champaign, College of Business.
    5. Gong, Xu & Lin, Anlan & Chen, Xiaoqi, 2022. "CEO–CFO gender congruence and stock price crash risk in energy companies," Economic Analysis and Policy, Elsevier, vol. 75(C), pages 591-609.
    6. Ducassy, Isabelle & Prevot, Frédéric, 2010. "The effects of family dynamics on diversification strategy: Empirical evidence from French companies," Journal of Family Business Strategy, Elsevier, vol. 1(4), pages 224-235, December.
    7. Oesterle, Michael-Jörg & Richta, Hannah Noriko & Fisch, Jan Hendrik, 2013. "The influence of ownership structure on internationalization," International Business Review, Elsevier, vol. 22(1), pages 187-201.

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