セミナーシリーズ
経営学セミナー（2024.7.12）
Anna Grosman（Professor, Institute for Innovation and Entrepreneurship, Loughborough University London, United Kingdom）
- 開催日：
- 2024年7月12日（金）10:30-12:00
- 場所：
- 京都大学 総合研究2号館 3階 ケーススタディ演習室
- 言語：
- 英語
- コーディネーター：
- チョルパン・アスリ
タイトル：
“The Impact of Ownership on Strategy: Owner Diversity and Nonfinancial Objectives”
Academic Abstract:
We analyze the impact of ownership on global strategy. We review advances in our understanding of their relationship and suggestions for future studies. From the review, we propose organizing the analyses of owners into four broad categories (individuals, labor, state, and institution) and suggest placing more emphasis on the importance of the variety of non-financial objectives across owner types and their diverging roles in the strategy of firms. We also suggest considering the role of the home country context in directly influencing the types of owners prevalent in the country and indirectly affecting the incentives and constraints of owners in pursuing their non-financial objectives. We conclude with suggestions for studies to consider the role of owners’ nonfinancial objectives on diversification, internationalization, and innovation.
Managerial Abstract:
Owners in many large firms are not the passive investors commonly discussed but some take active roles in influencing the decisions taken by firms. However, although many search for financial returns, there are large differences across owners driven by their nonfinancial objectives. We provide an overview of how four main categories of owners (individuals (entrepreneurs and families), labor (managers and employees), state (government, state-owned banks, and sovereign wealth funds), and institutions (pension funds, mutual funds, hedge funds, private equity, venture capital, and impact investors), have particular nonfinancial objectives that result in varying diversification, internationalization, and innovation strategies. We also explain how the home country affects both the prevalence of types of owners and the strategies these owners pursue.
Keywords:
ownership, global strategy, governance, institutions, objectives, agency theory, institutional economics
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