Heterogeneous Blockholders and Enterprise Innovation: Evidence From the Mixed-Ownership Reform in China

被引：0
|
作者：
Xia, Hui [1 ]
Ling, Shixian [1 ,3 ]
Liu, Zhangxin [2 ]
机构：
[1] Shandong Univ, Weihai, Peoples R China
[2] Univ Western Australia, Business Sch, Perth, WA, Australia
[3] Shandong Univ, Business Sch, 180 Wenhua Xilu, Weihai 264209, Shandong, Peoples R China
来源：
SAGE OPEN | 2023年 / 13卷 / 04期
关键词：
mixed ownership reform; equity structure; heterogeneous blockholders; enterprise innovation; Corporate governance; MULTIPLE LARGE SHAREHOLDERS; PERFORMANCE; EFFICIENCY;
D O I：
10.1177/21582440231207461
中图分类号：
C [社会科学总论];
学科分类号：
03 ; 0303 ;
摘要：
The mixed ownership reform of China is a kind of further partial privatization for the listed state-owned enterprises (SOEs), and an opportunity for non-state-owned enterprises (non-SOEs) to expand their commerce boundaries. The purpose of this paper is to investigate the effect of heterogeneous blockholders on corporate innovation. Spanning the analysis with listed companies in China from 2007 to 2017, we find that heterogeneous blockholders have a significant positive effect on enterprise innovation. Lowering agency costs and improving corporate innovation efficiency are the two plausible mechanisms. From further research, we find that compared with non-SOEs, the positive effect of heterogeneous blockholders on enterprise innovation is more pronounced for SOEs, and the effect is more positive with the improvement of relative power balance between heterogeneous blockholders. The paper sheds light on the innovation effects of mixed-ownership reform in emerging and transitioning countries.JEL Classification: G32, M13, D23, G34
引用
收藏
页数：14
相关论文
共 50 条
  • [1] The Impact of Executive External Pay Disparity on Enterprise Innovation: Evidence from Mixed-Ownership Enterprises in China
    Zhu, Lei
    Qi, Zhe
    Wang, Chunyan
    Liu, Li
    Li, Tong
    Ma, Haixin
    EMERGING MARKETS FINANCE AND TRADE, 2024, 60 (13) : 3061 - 3083
  • [2] Nationalization of private enterprises and default risk: Evidence from mixed-ownership reform in China
    Wang, Jinbo
    Ran, Maosheng
    Huang, Qing
    Li, Wanli
    ECONOMIC ANALYSIS AND POLICY, 2022, 76 : 534 - 553
  • [3] Does mixed-ownership reform improve SOEs' innovation? Evidence from state ownership
    Zhang, Xiaoqian
    Yu, Mingqiang
    Chen, Gaoquan
    CHINA ECONOMIC REVIEW, 2020, 61
  • [4] Government Intelligent Transformation and Mixed-Ownership Reform: Evidence From China
    Li, Bin
    Cao, Ruiqing
    Shi, Chenchen
    Zhao, Jing
    ECONOMICS & POLITICS, 2024,
  • [5] Mixed-ownership reform and factor misallocation: Evidence from China
    Peng, Ping
    Zhu, Xingwang
    PLOS ONE, 2024, 19 (04):
  • [6] Dynamic impact of mixed-ownership reform on enterprise innovation with different property rights
    Li, Haiping
    Ji, Hong
    Zhang, Yani
    Wang, Yongzhe
    Liu, Liyan
    APPLIED ECONOMICS LETTERS, 2024,
  • [7] China's mixed-ownership reform and SOE profitability
    Zhang, Yufei
    Liu, Deqiang
    ECONOMIC ANALYSIS AND POLICY, 2024, 83 : 496 - 520
  • [8] Mixed-Ownership Reform and Private Firms' Corporate Social Responsibility Practices: Evidence From China
    Li, Bin
    Xu, Lei
    McIver, Ron P.
    Liu, Xin
    Pan, Ailing
    BUSINESS & SOCIETY, 2022, 61 (02) : 389 - 418
  • [9] Upstream SOEs in the mixed-ownership reform
    Liu, Qian
    Wang, Leonard F. S.
    ECONOMIC AND POLITICAL STUDIES-EPS, 2022, 10 (04): : 462 - 475
  • [10] Mixed-Ownership Reform and Innovation: An Examination of State-Owned Enterprises
    Fu, Haiping
    Zeng, Saixing
    Sun, Daxin
    Lin, Jiawei
    IEEE TRANSACTIONS ON ENGINEERING MANAGEMENT, 2024, 71 : 14450 - 14471
12345