 Heterogeneous Blockholders and Enterprise Innovation: Evidence From the Mixed-Ownership Reform in ChinaHui Xia, Shixian Ling and Zhangxin (Frank) Liu SAGE Open, 2023, vol. 13, issue 4, 21582440231207461 Abstract: 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 Keywords: mixed ownership reform; equity structure; heterogeneous blockholders; enterprise innovation; Corporate governance (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:sae:sagope:v:13:y:2023:i:4:p:21582440231207461 DOI: 10.1177/21582440231207461 Access Statistics for this article More articles in SAGE Open |
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