Huili Zhang , Yibo Huang , Lei Xu , Xuegang Cui , Zhonghui Hu
{"title":"University shareholding and corporate innovation: Evidence from China","authors":"Huili Zhang , Yibo Huang , Lei Xu , Xuegang Cui , Zhonghui Hu","doi":"10.1016/j.irfa.2025.104017","DOIUrl":null,"url":null,"abstract":"<div><div>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.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"101 ","pages":"Article 104017"},"PeriodicalIF":9.8000,"publicationDate":"2025-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521925001048","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
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.
期刊介绍：
The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.
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