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Executive shareholding, performance evaluation, and innovation investment: an empirical analysis from a governance perspective

Author

Listed:
  • Xu, Hai
  • Tang, Guohua
  • Huang, Danmin

Abstract

Drawing on A‑share listed companies in China from 2012 to 2023, this paper empirically examines the effects of executive shareholding, performance evaluation, and innovation investment. The findings indicate that executive shareholding promotes corporate innovation investment; performance evaluation promotes corporate innovation investment; executive shareholding moderates the relationship between performance evaluation and corporate innovation investment; the impact of executive shareholding on corporate innovation investment exhibits heterogeneity between high‑tech and non‑high‑tech firms; and the impact of performance evaluation on corporate innovation investment exhibits heterogeneity between state‑owned enterprises (SOEs) and private enterprises (PEs).

Suggested Citation

  • Xu, Hai & Tang, Guohua & Huang, Danmin, 2026. "Executive shareholding, performance evaluation, and innovation investment: an empirical analysis from a governance perspective," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325025097
    DOI: 10.1016/j.frl.2025.109260
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    References listed on IDEAS

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