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The Impact of Ownership Structure on Wage Intensity in Japanese Corporations

Toru Yoshikawa

School of Business, Singapore Management University, 469 Bukit Timah Road, Singapore 259756

Phillip H. Phan

Lally School of Management and Technology, Rensselaer Polytechnic Institute, 1108th St., Troy, NY 12180-3590, pphan{at}rpi.edu

Parthiban David

Mendoza College of Business, University of Notre Dame, Notre Dame, IN 46556-0399

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.

Key Words: corporate governance • Japan • human capital theory • ownership structure • theory of the firm

Journal of Management, Vol. 31, No. 2, 278-300 (2005)
DOI: 10.1177/0149206304271766
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