The University of Oulu’s 6G Flagship programme continues to set the pace for next-generation wireless communication by blending cutting-edge research with real-world testing. As the world’s first 6G research initiative, 6G Flagship offers a unique environment where academia and industry collaborate to shape the future of connectivity.

“6G Waves, 6G Flagship’s bi-annual magazine, gives a clear view of what the programme has achieved and where its work is heading. It also shows how today’s research choices shape the coming decade”, says professor Ari Pouttu, Director of 6G Flagship, University of Oulu, Finland.

More than half of psychologists experimented with artificial intelligence tools in their practices in the past year, but almost all cite concerns about how the technology may affect their patients and society, according to the American Psychological Association’s 2025 Practitioner Pulse Survey.

Abstract

Purpose – With the increasing prevalence of common institutional ownership, a burgeoning literature has emerged to examine its economic consequences. However, the majority of existing studies focus on the product market and firm-level behavior and decision-making. Research on the impact of common institutional ownership on overall business strategy remains scarce. Therefore, this study aims to investigate the influence and mechanism of common institutional ownership on business strategy aggressiveness and explore the factors

that affect the relationship between the two.

Design/methodology/approach – We empirically examine the relationship between common institutional ownership and business strategy aggressiveness based on a sample of Chinese A-share listed companies from 2009 to 2023. In addition, we perform a series of endogeneity and robustness tests to validate our findings, including the Heckman two-stage tests, propensity score matching ordinary least squares, instrumental variables approach, placebo tests and remeasurement of key variables.

Findings – We find that common institutional ownership significantly reduces business strategy aggressiveness. Mechanism analyses suggest that the anti-competitive effects lead to a significant negative correlation between the two. Heterogeneity analyses indicate that the inhibitory effect of common institutional ownership on business strategy aggressiveness is more pronounced when common institutional investors are long-term oriented, the firms are state-owned and operate in non-technology-intensive industries, and the level of regional legalization is relatively low.