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Conflicting Voices: The Effects of Institutional Ownership Heterogeneity and Internal Governance on Corporate Innovation Strategies

Robert E. Hoskisson, Michael A. Hitt, Richard A. Johnson and Wayne Grossman
The Academy of Management Journal
Vol. 45, No. 4 (Aug., 2002), pp. 697-716
Published by: Academy of Management
Stable URL: http://www.jstor.org/stable/3069305
Page Count: 20
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Conflicting Voices: The Effects of Institutional Ownership Heterogeneity and Internal Governance on Corporate Innovation Strategies
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Abstract

Examining the relationship between governance and corporate innovation strategies, we found, in opposition to the assumption that owners have a unified voice, differences among governance constituencies' preferences for corporate innovation strategies. The managers of public pension funds preferred internal innovation, but professional investment funds' managers preferred acquiring external innovation. The profiles of boards of directors also shaped these innovation strategies. Inside directors with equity emphasized internal innovation, and outside directors with equity emphasized external innovation. The two types of fund manager equally preferred boards composed of outsider representatives with equity. However, pension fund managers preferred inside directors with equity more strongly than did professional investment fund owners.

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