How partial nationalizations affect technological innovation in mixed-ownership enterprises: A theoretical explanation based on the effects of heterogeneous shareholder governance and resource acquisition

Ling Xiao, Chao Ge, Zhenghan Luo, Weidong Zhang and Zihuang Chen

International Review of Economics & Finance, 2024, vol. 94, issue C

Abstract: Unlike previous studies focusing on mixed-ownership reforms, mainly privatisation of state-owned enterprises, this study discusses the impact of partial nationalization and the appointment of D&Os on innovation investment and quality, measured in two dimensions: the heterogeneous shareholder governance effect and the shareholder resource acquisition effect. We find that the introduction of state-owned capital helps to promote the R&D investment and innovation quality of mixed-ownership private companies, and the introduction of state-owned capital and the appointment of D&Os have a more significant effect on the innovation investment and innovation quality of mixed-ownership private companies. The results of mechanism tests show that the impact of state capital introduction on R&D investment and strategic innovations is mainly through policy resources accesses and suppression of the tunnelling effect of non-state controlling shareholders.

Keywords: State-owned enterprise (SOE); Mixed-ownership enterprise; Shareholder governance; Board governance; Technological innovation (search for similar items in EconPapers)
JEL-codes: D23 O32 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:94:y:2024:i:c:s1059056024003964

DOI: 10.1016/j.iref.2024.103404

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