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Intellectual property demonstration city construction, financial innovation, and corporate governance

Author

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  • Duan, Pengyue
  • Wang, Huihui
  • Zhang, Xiangjian

Abstract

This paper uses panel data at the level of Chinese listed companies to empirically investigate the intrinsic relationship and interaction mechanisms among the construction of Intellectual Property Demonstration Cities (IPDC), financial innovation, and corporate governance. The results show that IPDC development significantly promotes the improvement of corporate governance among listed firms. Further analysis reveals that the promoting effect of IPDC on corporate governance varies significantly across corporations with different levels of cash flow levels. Financial innovation plays a key mediating role in the process through which IPDC influences corporate governance. This study not only enriches academic research on IPDC but also provides a theoretical basis for governments to formulate policies that enhance corporate governance. It also helps enterprises leverage the opportunities brought by IPDC development and financial innovation to optimize their governance structures and enhance market competitiveness.

Suggested Citation

  • Duan, Pengyue & Wang, Huihui & Zhang, Xiangjian, 2026. "Intellectual property demonstration city construction, financial innovation, and corporate governance," Finance Research Letters, Elsevier, vol. 106(C).
    • Handle: RePEc:eee:finlet:v:106:y:2026:i:c:s1544612326007890
    DOI: 10.1016/j.frl.2026.110261
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