From shares to machines : how common ownership drives automation / Joseph Emmens, Dennis Hutschenreiter, Stefano Manfredonia, Felix Noth, Tommaso Santini ; editor: Halle Institute for Economic Research (IWH) - Member of the Leibniz Association
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From shares to machines (rev. version June 2026)
Discovery
1973309084
URN
urn:nbn:de:gbv:3:2-123456789-1196635
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Publication history
Halle (Saale), Germany : Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, 2026
Content
1 Online-Ressource (III, 68 Seiten, 5,8 MB) : Diagramme
Edition
This version: June 3, 2026
Language
eng
Comment
Literaturverzeichnis: Seite 39-42
Abstract
This paper studies whether common ownership affects the direction of technological change. We develop a task-based model in which commonly owned firms internalize wage externalities from labor market rivals, increasing incentives to automate. We establish causality by exploiting institutional investor mergers in a dynamic DiD design, using U.S. data on institutional ownership, establishment-level employment, and automation patents. When institutional investor mergers increase common ownership among labor market rivals, the annual probability of those firms producing an automation patent increases by 3.79 percentage points and employment growth falls by 3.8 percentage points on average. Both effects disappear without labor market overlap.
Series
IWH discussion papers ; 2024, no. 23 (October 2024) [rev.] ppn:837399270