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Multiple Large Shareholders and Corporate R&D Manipulation: An Agency Cost Perspective

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  • Hao Ding
  • Chunlin Liu

Abstract

R&D manipulation by enterprises has become an important issue affecting the quality of innovation and market equity. From a shareholding structure perspective, this paper tries to test the association between multiple large shareholders and R&D manipulation. Employing Chinese listed firms' data from 2009 to 2023, we find that multiple large shareholders promote corporate R&D manipulation behaviour by exacerbating agency problems. In addition, media attention and analyst attention can play a governance role and help weaken the multiple large shareholders' promoting effect on R&D manipulation behaviour. This paper delves into the impact of collusive motives on R&D manipulation in the context of multiple large shareholders coexistence. Drawing on agency cost theory, this paper constructs a theoretical model in which multiple large shareholders raise agency costs, ultimately leading to elevated corporate R&D manipulation. In the practical sense, this paper provides a path reference for enterprises to establish a collaborative monitoring mechanism for large shareholders, which is an important managerial inspiration for curbing R&D manipulation and ultimately realising sustainable development.

Suggested Citation

  • Hao Ding & Chunlin Liu, 2026. "Multiple Large Shareholders and Corporate R&D Manipulation: An Agency Cost Perspective," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 40(1), pages 197-209, May.
    • Handle: RePEc:bla:apacel:v:40:y:2026:i:1:p:197-209
    DOI: 10.1111/apel.70010
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