Note that this paper was under review before Laszlo's appointment as Associate Editor at JMS.
Ownership as a Form of Corporate Governance
Article first published online: 11 FEB 2010
© 2010 The Authors. Journal of Management Studies © 2010 Blackwell Publishing Ltd and Society for the Advancement of Management Studies
Journal of Management Studies
Special Issue: Offshoring and Outsourcing
Volume 47, Issue 8, pages 1561–1589, December 2010
How to Cite
Connelly, B. L., Hoskisson, R. E., Tihanyi, L. and Certo, S. T. (2010), Ownership as a Form of Corporate Governance. Journal of Management Studies, 47: 1561–1589. doi: 10.1111/j.1467-6486.2010.00929.x
- Issue published online: 25 OCT 2010
- Article first published online: 11 FEB 2010
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.