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Conductor of supply chain orchestra: Chain intermediary shareholders and enterprise co-innovation

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  • Wang, Chunyan
  • Li, Tong
  • Zhu, Lei
  • Huang, Junhao

Abstract

In emerging markets, well-funded investors often take a long-term perspective and invest in several companies along the industrial chain. These intermediary shareholders have inherent profit motives and information advantages in promoting R&D cooperation among enterprises, while few studies have examined the impact of chain intermediary shareholders (CIS) on enterprise co-innovation. Based on non-financial listed enterprises in China from 2009 to 2023, we document a significantly positive association between CIS and enterprise co-innovation. Mechanism analyses show that CIS enhance co-innovation by improving supply chain governance and strengthening chain resilience. We further report that weaker legal environments and shorter chain distances amplify the effect of CIS. Economic consequence tests indicate that the co-innovation induced by CIS ultimately enhances total factor productivity. Overall, our findings suggest that CIS actively encourage R&D cooperation among their portfolio firms in pursuit of maximizing investment value, offering new insights into vertical common shareholding and the cooperative dynamics of industrial-chain ecosystems.

Suggested Citation

  • Wang, Chunyan & Li, Tong & Zhu, Lei & Huang, Junhao, 2026. "Conductor of supply chain orchestra: Chain intermediary shareholders and enterprise co-innovation," Economic Analysis and Policy, Elsevier, vol. 91(C), pages 1203-1225.
    • Handle: RePEc:eee:ecanpo:v:91:y:2026:i:c:p:1203-1225
    DOI: 10.1016/j.eap.2026.04.015
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