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We examine the effect of non-controlling shareholders (NCSs) on innovation in Chinese state-owned enterprises (SOEs). Using a sample of Chinese SOEs during 2007–2016, we find that the voting rights of NCSs positively relate to SOEs’ innovation. Furthermore, we distinguish the identities of NCSs in terms of state-owned attributes and show that this positive relationship is concentrated in SOEs whose NCSs are state-owned. Additionally, we find that the effect of NCSs is more pronounced in financially constrained SOEs, and that SOEs with influential NCSs reduce inefficient investments while make more R&amp;D investments. Overall, our results indicate that influential NCSs have a positive effect on SOEs’ innovation through retaining more resources for innovation projects, and this effect varies somewhat depending on the state-owned attributes of NCSs.

Non-Controlling Shareholders and Innovation: Evidence from Chinese State-Owned Enterprises