Equity Heterogeneity, Manager Tenure and Corporate Innovation

DOI

10.2991/978-94-6463-030-5_103How to use a DOI?

Keywords

Mixed Ownership Reform; Equity Heterogeneity; Corporate Innovation; Manager Tenure

Abstract

Against the backdrop of comprehensively advancing the reform of mixed ownership, equity heterogeneity has been revisited and widely known. Heterogeneous equity is closely related to corporate innovation, and the emergence of agency problems makes the term of executives as an inevitable link between the two, and its role cannot be underestimated. This article studies the relationship between equity heterogeneity and corporate innovation based on analysis of sample data of A-share listed companies in Shanghai and Shenzhen from 2017 to 2019, and examine the moderating role of executives’ tenure. Negative correlation, and this kind of negative correlation effect is more obvious in the state-owned enterprises, indicating that mixed equity participation has not played an active role in corporate innovation, private equity participation in the state-owned enterprises will have a negative effect on corporate innovation. At the same time, the regression results with executive tenure as the adjustment variable show that the negative correlation between the two will be affected by the executive tenure, and the executive tenure will positively adjust the relationship between the two. It is worth noting that differences in the nature of corporate property rights will result in differences in the relationship between equity heterogeneity, executive tenure, and corporate innovation. In private companies, equity heterogeneity is positively correlated with corporate innovation, but executive tenure is not significant, which needs to be further explored.

Copyright

© 2023 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Menghao Lin
PY  - 2022
DA  - 2022/12/20
TI  - Equity Heterogeneity, Manager Tenure and Corporate Innovation
BT  - Proceedings of the 2022 International Conference on Bigdata Blockchain and Economy Management (ICBBEM 2022)
PB  - Atlantis Press
SP  - 1046
EP  - 1054
SN  - 2589-4919
UR  - https://doi.org/10.2991/978-94-6463-030-5_103
DO  - 10.2991/978-94-6463-030-5_103
ID  - Lin2022
ER  -