The growth in institutional holdings of public firms has led to increased interest in the concept of common ownership, in which the same investor owns stakes in multiple firms within the same industry. Economic theory suggests that common ownership could affect firm performance, but little empirical research has examined the nature of this effect or how a firm’s extant marketing potentially relates to this effect. This paper addresses this gap by proposing a relationship between common ownership and firm performance that is moderated by the firm’s extant marketing capabilities and its relative marketing strategic emphasis. Our empirical approach employs data from over 43 million institutional holdings to develop a measure of common ownership and accounts for empirical issues like endogeneity and unobserved heterogeneity. The results document a positive relationship between common ownership and firm performance and provide some evidence that this effect is stronger for firms with lower marketing capabilities and a relative strategic emphasis towards R&D spending. These results suggest that public policymakers should consider the firms’ extant strategic marketing when assessing regulations on common ownership.

上市公司机构持股的增加导致对共同所有权概念的兴趣增加，其中同一投资者拥有同一行业内多个公司的股份。经济理论表明，共同所有权可能会影响公司绩效，但很少有实证研究检验了这种影响的性质或公司现有营销与这种影响的潜在关系。本文通过提出共同所有权和公司绩效之间的关系来解决这一差距，该关系受公司现有营销能力及其相对营销战略重点的调节。我们的实证方法采用来自超过 4300 万家机构持股的数据来制定共同所有权的衡量标准，并解释内生性和未观察到的异质性等实证问题。结果证明了共同所有权与公司绩效之间存在正相关关系，并提供了一些证据，表明这种影响对于营销能力较低且相对战略重点放在研发支出的公司来说更强。这些结果表明，公共政策制定者在评估共同所有权法规时应考虑公司现有的战略营销。