Non-Controlling Shareholders and Innovation: Evidence from Chinese State-Owned Enterprises

被引：5

作者：

Huang, Dan ^{[1
]}

Lu, Dong ^{[2
]}

Quan, Xiaofeng ^{[3
]}

Xing, Cunyu ^{[4
]}

机构：

[1] Sichuan Univ, Business Sch, Chengdu, Peoples R China

[2] Southwestern Univ Finance & Econ, Sch Accounting, Chengdu, Peoples R China

[3] Donghua Univ, Glorious Sun Sch Business & Management, Shanghai, Peoples R China

[4] Southwestern Univ Finance & Econ, Sch Business Adm, Chengdu, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2023年 / 59卷 / 01期

基金：

中国国家自然科学基金;

关键词：

Non-controlling shareholders; innovation; State-owned enterprises; state-owned non-controlling shareholders; MULTIPLE LARGE SHAREHOLDERS; FIRM INNOVATION; INSTITUTIONAL INVESTORS; FINANCIAL CONSTRAINTS; CORPORATE GOVERNANCE; LISTED FIRMS; INVESTMENT; OWNERSHIP; COLLECTIVISM;

D O I：

10.1080/1540496X.2022.2090833

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We examine the effect of non-controlling shareholders (NCSs) on innovation in Chinese state-owned enterprises (SOEs). Using a sample of Chinese SOEs during 2007-2016, we find that the voting rights of NCSs positively relate to SOEs' innovation. Furthermore, we distinguish the identities of NCSs in terms of state-owned attributes and show that this positive relationship is concentrated in SOEs whose NCSs are state-owned. Additionally, we find that the effect of NCSs is more pronounced in financially constrained SOEs, and that SOEs with influential NCSs reduce inefficient investments while make more R&D investments. Overall, our results indicate that influential NCSs have a positive effect on SOEs' innovation through retaining more resources for innovation projects, and this effect varies somewhat depending on the state-owned attributes of NCSs.

引用

页码：39 / 59

页数：21

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