Open AccessThe Impact of Ownership Structure on Innovation Level: Moderating Effect based on the Life Cycle
Author(s) -
Yanyun Nie,
Huining Nie
Publication year - 2021
Publication title -
bcp business and management
Language(s) - English
Resource type - Journals
ISSN - 2692-6156
DOI - 10.54691/bcpbm.v15i.254
Subject(s) - business , industrial organization , panel data , sample (material) , recession , economics , chemistry , chromatography , keynesian economics , econometrics
Taking listed manufacturing companies in China from 2015 to 2019 as research samples, this paper studies the influence of ownership structure on enterprise innovation level from the perspective of enterprise life cycle by using fixed effect panel regression method. The result shows that when enterprises are at the stage of growing and mature phases, the influence of equity structure on innovation level is similar to that of the whole sample, that is, the increase of ownership concentration and senior executives' shareholding ratio will inhibit enterprise innovation while the increase of ownership balance will promote enterprise innovation. When the firm is in recession, the improvement of ownership concentration and ownership balance will promote the firm's innovation, while the increase of executive ownership will inhibit the firm's innovation. The research enriches the research of influencing factors of innovation, and provide theoretical support for enterprises to improve innovation level by optimizing ownership structure.