University shareholding and corporate innovation: Evidence from China

被引：0
|
作者：
Zhang, Huili [1 ]
Huang, Yibo [1 ]
Xu, Lei [2 ]
Cui, Xuegang [1 ]
Hu, Zhonghui [3 ]
机构：
[1] Beijing Normal Univ, Business Sch, Beijing, Peoples R China
[2] Univ South Australia, Business Sch, Adelaide, SA 5000, Australia
[3] Peking Univ, Guanghua Sch Management, Beijing, Peoples R China
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2025年 / 101卷
基金：
中国国家自然科学基金;
关键词：
University shareholding; Corporate innovation; Firm value; OWNERSHIP STRUCTURE; BASIC RESEARCH; SPILLOVERS; INVESTMENT; EDUCATION; FIRMS; PERFORMANCE;
D O I：
10.1016/j.irfa.2025.104017
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
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.
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页数：13
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