University shareholding and corporate innovation: Evidence from China

Huili Zhang, Yibo Huang, Lei Xu, Xuegang Cui and Zhonghui Hu

International Review of Financial Analysis, 2025, vol. 101, issue C

Abstract: This study examines the impact of university shareholding on corporate innovation. We find that university shareholding significantly promotes corporate innovation performance. University–firm connections improve corporate innovation through attracting more highly educated talent and promoting university–firm cooperation. Additional tests suggest that the positive effect is more pronounced for firms in high-tech industries or those facing more-intense labor market competition. Moreover, the combined effects of university shareholding and corporate innovation significantly enhance firm value. Our findings provide insights for understanding the role of universities in firms' innovation practices in emerging markets.

Keywords: University shareholding; Corporate innovation; Firm value (search for similar items in EconPapers)
JEL-codes: G30 O32 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:101:y:2025:i:c:s1057521925001048

DOI: 10.1016/j.irfa.2025.104017

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