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<p>This study explores the relationship between foreign subsidiaries’ status as green energy generating facilities and their Japanese parent utility firms’ levels of equity ownership, relative to foreign subsidiaries engaged in traditional power generation or other productive activities in this industry. We hypothesize that green energy subsidiaries are associated with lower levels of equity ownership following efforts to reduce costs from activities to build local community legitimacy and relationships in green energy production investments. We further posit that this relationship is negatively moderated by host-country economic development, cultural distance from Japan, and regulatory transparency. Using an unbalanced panel dataset comprising 1,394 foreign subsidiary-year observations, from 235 different foreign subsidiaries, across 20 countries from 2013 to 2023. The findings support the idea that Japanese parent utility firms tend to own lower levels of equity in green energy producing subsidiaries, particularly in host countries that are less economically developed and/or culturally distant.</p>

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Japanese utility firm ownership levels in green power generating (vs. non-green) foreign subsidiaries: a focus on transaction costs

  • 期刊论文

  • 发表日期：

    2026年7月13日

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  • Max Zimmerman,
  • K. Skylar Powell

摘要

This study explores the relationship between foreign subsidiaries’ status as green energy generating facilities and their Japanese parent utility firms’ levels of equity ownership, relative to foreign subsidiaries engaged in traditional power generation or other productive activities in this industry. We hypothesize that green energy subsidiaries are associated with lower levels of equity ownership following efforts to reduce costs from activities to build local community legitimacy and relationships in green energy production investments. We further posit that this relationship is negatively moderated by host-country economic development, cultural distance from Japan, and regulatory transparency. Using an unbalanced panel dataset comprising 1,394 foreign subsidiary-year observations, from 235 different foreign subsidiaries, across 20 countries from 2013 to 2023. The findings support the idea that Japanese parent utility firms tend to own lower levels of equity in green energy producing subsidiaries, particularly in host countries that are less economically developed and/or culturally distant.