Abstract
Foreign shareholders have purchased many stocks issued by Japanese firms in recent years. Thus, they are expected to have a strong influence. In this paper, I analyze whether or not foreign shareholders demand changes in the number of employees in the firms of chemical, steel, electrical products, and wholesale and retail industries on the basis of the financial data from the fiscal year 1997 to 2007. The analysis showed that foreign shareholders do not reduce the number of employees in all industries if the firm is in the black. On the other hand, foreign shareholders perhaps maintain the number of employees in the wholesale and retail industries if the firm is in the red.
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