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

Author

Listed:
  • Xiao, Ling
  • Ge, Chao
  • Luo, Zhenghan
  • Zhang, Weidong
  • Chen, Zihuang

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.

Suggested Citation

  • Xiao, Ling & Ge, Chao & Luo, Zhenghan & Zhang, Weidong & Chen, Zihuang, 2024. "How partial nationalizations affect technological innovation in mixed-ownership enterprises: A theoretical explanation based on the effects of heterogeneous shareholder governance and resource acquisi," International Review of Economics & Finance, Elsevier, vol. 94(C).
    • Handle: RePEc:eee:reveco:v:94:y:2024:i:c:s1059056024003964
    DOI: 10.1016/j.iref.2024.103404
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    Keywords

    State-owned enterprise (SOE); Mixed-ownership enterprise; Shareholder governance; Board governance; Technological innovation;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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