Ownership structure dynamics and corporate innovation capacity

Huanfa Han and Tao Jiang

Finance Research Letters, 2025, vol. 80, issue C

Abstract: This study empirically analyzes the effect of equity structure on corporates' innovation capability. The findings suggest that an optimal level of equity concentration and balance, along with an executive equity proportion within a specific range, positively contribute to fostering corporate innovation. This study also analyses heterogeneity using corporate size as a differentiator, and the results show that the negative impact of equity concentration on technological innovation is more significant in small corporates, and in large corporates, the positive impact of the degree of equity balance and executive equity on technological innovation is more significant.

Keywords: Equity structure; Innovation capability; Equity concentration; Equity checks and balances; Executive equity ratio (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:80:y:2025:i:c:s1544612325006828

DOI: 10.1016/j.frl.2025.107422

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