Enterprise Ownership, Corporate Governance, and Enterprise Innovation: Empirical Evidence from Listed Companies in Shanghai and Shenzhen A-Share Markets
DOI:
https://doi.org/10.54097/7bmdmm40Keywords:
Enterprise Ownership, Corporate Governance, Enterprise Innovation, Listed Companies.Abstract
This paper takes listed companies in the Shanghai and Shenzhen A-share markets from 2008 to 2018 as samples and examines the interaction mechanism between enterprise ownership, corporate governance, and enterprise innovation based on the panel data fixed-effects regression model. The study reveals the following findings: (1) The higher the level of corporate governance, the higher the level of enterprise innovation, indicating that an improvement in corporate governance significantly enhances enterprise innovation. (2) Further regression analysis of interaction terms reveals that the nature of property rights inhibits the positive impact of corporate governance on enterprise innovation, implying that for private enterprises, the role of corporate governance in promoting enterprise innovation is more pronounced. This paper, for the first time, examines the impact of enterprise ownership and corporate governance levels on enterprise innovation from an interactive perspective, enriching the literature on corporate governance and contributing to a comprehensive understanding of how to enhance enterprise innovation from the dimension of corporate governance.
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