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University shareholding and corporate innovation: Evidence from China

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  • Zhang, Huili
  • Huang, Yibo
  • Xu, Lei
  • Cui, Xuegang
  • Hu, Zhonghui

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.

Suggested Citation

  • Zhang, Huili & Huang, Yibo & Xu, Lei & Cui, Xuegang & Hu, Zhonghui, 2025. "University shareholding and corporate innovation: Evidence from China," International Review of Financial Analysis, Elsevier, vol. 101(C).
    • Handle: RePEc:eee:finana:v:101:y:2025:i:c:s1057521925001048
    DOI: 10.1016/j.irfa.2025.104017
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    Keywords

    University shareholding; Corporate innovation; Firm value;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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