Management innovation is a key driver of total factor productivity and plays a crucial role in developing new quality productive forces.As China’s capital market continues to develop,the prevalence of common ownershi...Management innovation is a key driver of total factor productivity and plays a crucial role in developing new quality productive forces.As China’s capital market continues to develop,the prevalence of common ownership—investors who hold significant stakes in multiple firms—has grown,raising the question of how it influences corporate management innovation.This study empirically investigates this issue using panel data from A-share listed companies in China between 2014 and 2022.The findings reveal an inverted U-shaped relationship between common ownership and management innovation.Specifically,institutional common ownership exerts no significant effect,while non-institutional common ownership exhibits a significant inverted U-shaped influence.Mechanism analysis suggests that common ownership often appoints shared directors,supervisors,and senior executives across firms,which in turn significantly impacts corporate management innovation.Further analysis indicates that common ownership in the primary and tertiary industries significantly influences management innovation,whereas that in the secondary industry does not show such an effect.This study offers valuable insights for corporate governance,business management,and investor decision-making and provides important references for policymakers in formulating governance-related regulations.展开更多
基金supported by the Humanities and Social Sciences Research Planning Project of the Ministry of Education:“A Study on Private Capital and Bank Stability”(No.19YJC790162).
文摘Management innovation is a key driver of total factor productivity and plays a crucial role in developing new quality productive forces.As China’s capital market continues to develop,the prevalence of common ownership—investors who hold significant stakes in multiple firms—has grown,raising the question of how it influences corporate management innovation.This study empirically investigates this issue using panel data from A-share listed companies in China between 2014 and 2022.The findings reveal an inverted U-shaped relationship between common ownership and management innovation.Specifically,institutional common ownership exerts no significant effect,while non-institutional common ownership exhibits a significant inverted U-shaped influence.Mechanism analysis suggests that common ownership often appoints shared directors,supervisors,and senior executives across firms,which in turn significantly impacts corporate management innovation.Further analysis indicates that common ownership in the primary and tertiary industries significantly influences management innovation,whereas that in the secondary industry does not show such an effect.This study offers valuable insights for corporate governance,business management,and investor decision-making and provides important references for policymakers in formulating governance-related regulations.
