Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/327266 
Year of Publication: 
2023
Citation: 
[Journal:] Journal of Innovation & Knowledge (JIK) [ISSN:] 2444-569X [Volume:] 8 [Issue:] 2 [Article No.:] 100354 [Year:] 2023 [Pages:] 1-14
Publisher: 
Elsevier, Amsterdam
Abstract: 
Targeting A-share listed family firms on the Shanghai and Shenzhen Stock Exchange, this study focuses on the special situation of state-owned equity participation in non-state-owned enterprises. Specifically, we explore the relationship between state-owned equity participation, intergenerational succession in family firms, and innovation investments. The results reveal a prominent 'double-edged sword' effect of state-owned equity participation on family firms; that is, there is a reversed U-shaped relationship between shareholding proportion and innovation investment. To some extent, the intergenerational succession of family firms moderates the reversed U-shaped relationship. Moreover, the double-edged sword effect of state-owned equity is more prominent in family businesses that are created by the entrepreneur from scratch. Compared to existing research arguing for the linear relationship between state-owned equity participation and innovation investment by enterprises, we reveal the impact of the excessive supervision effect arising from the increase in state-owned equity holdings on family firms' innovation. This study confirms the double-edged sword effect of state-owned equity participation in family firms and further explores the influence of intergenerational succession and the heterogeneity of family firms on such an effect. By revealing the double-edged sword effect of state-owned equity holdings, this study enriches the research on the participation of private enterprises in mixed-ownership reform.
Subjects: 
Family firms
Innovation investment
Mixed-ownership reform
State-owned equity
Succession
G32
L22
O32
P31
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Article

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