Financial factors and ownership structure are both part of the determinants of corporate R&D investment. Considering listed firms in the R&D intensive industries during the 2000s, this paper examines whether financial factors and ownership structure explain R&D investment in Japan. Following the...

Cross shareholding that makes takeovers difficult is not necessarily harmful to shareholders due to initiative effects. As long as manager's private benefits are to some extent in line with shareholders' benefits, cross shareholding may benefit shareholders. Cross shareholding is more likely to...

This study investigates whether the stewardship code mitigates the free-rider problem of institutional investors. We construct panel data of listed firms in 56 countries and examine the effects of the introduction of stewardship codes in 13 countries using a difference-in-differences approach....