Publication Type
Journal Article
Version
acceptedVersion
Publication Date
4-2005
Abstract
The authors studied the effect of ownership structure on human capital investments as indicated by wage intensity, defined as the ratio of expenditure on employee wages to sales, in a sample of 996 Japanese manufacturing firms during their economic recession of 1998-2002. They found that domestic shareholders, with interests beyond financial considerations, enhance wage intensity, especially when performance is low, and thereby safeguard human capital investments. Foreign shareholders with sole interest in financial returns have an opposite effect; they reduce wage intensity when firm performance is low.
Keywords
corporate governance, Japan, human capital theory, ownership structure, theory of the firm
Discipline
Asian Studies | Business Law, Public Responsibility, and Ethics | Organizational Behavior and Theory | Strategic Management Policy
Research Areas
Strategy and Organisation
Publication
Journal of Management
Volume
31
Issue
2
First Page
278
Last Page
300
ISSN
0149-2063
Identifier
10.1177/0149206304271766
Publisher
SAGE
Citation
YOSHIKAWA, Toru; PHAN, Phillip H.; and DAVID, Parthiban.
The impact of ownership structure on wage intensity in Japanese corporations. (2005). Journal of Management. 31, (2), 278-300.
Available at: https://ink.library.smu.edu.sg/lkcsb_research/2719
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Included in
Asian Studies Commons, Business Law, Public Responsibility, and Ethics Commons, Organizational Behavior and Theory Commons, Strategic Management Policy Commons