Ownership Structures and R&D Investments of U.S. and Japanese Firms: Agency and Stewardship Perspectives

By Peggy M. Lee, H. O'neill. 2003

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Family Ownership, Board Independence, and R&D Investment (2009, methodology): “First, most previous studies have mainly focused on ownership structure (P. M. Lee & O’Neill, 2003) or ownership types (Tribo et al., 2007) to examine their effects on R&D investment but not on family ownership.”
Economic and Technological Importance of Innovations in Large Family and Founder Firms (2013, background): “Prior research shows that ownership by institutional investors can have a decisive effect on firms’ levels of innovation expenditures (Bushee, 1998; Kochhar & David, 1996; Lee & O’Neill, 2003).”
Do Shareholders or Stakeholders Appropriate the Rents from Corporate Diversification? The Influence of Ownership Structure (2010, background): “…Kester, 1991), (2) Japanese firms invest more in R&D than do U.S. firms (Hundley, Jacobson, & Park, 1996; Thomas & Waring, 1999), and (3) shareholder-owner relationships in Japanese firms reflect stewardship norms, but those in the United States reflect principal-agent norms (Lee & O’Neill, 2003).”