期刊
REVIEW OF FINANCIAL STUDIES
卷 30, 期 8, 页码 2674-2718出版社
OXFORD UNIV PRESS INC
DOI: 10.1093/rfs/hhx028
关键词
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资金
- Terry-Sanford Award at the University of Georgia
We analyze the effects of institutional cross-ownership of same-industry firms on product market performance and behavior. Our results show that cross-held firms experience significantly higher market share growth than do non-cross-held firms. We establish causality by relying on a difference-in-differences approach based on the quasi-natural experiment of financial institution mergers. We also find evidence suggesting that institutional cross-ownership facilitates explicit forms of product market collaboration (such as within-industry joint ventures, strategic alliances, or within-industry acquisitions) and improves innovation productivity and operating profitability. Overall, our evidence indicates that cross-ownership by institutional blockholders offers strategic benefits by fostering product market coordination.
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