Board Power of Non-state Shareholders and High Quality Corporate Development:Based on the Mixed Ownership Re-form of State-owned Enterprises
Using the A-share data of listed state-owned companies from 2008 to 2022,we empirically test the impact of non-state shareholders'board power on the quality of enterprise development and an-alyze in depth the path of this impact as well as the heterogeneity.It is found that the board power of non-state shareholders in state-owned enterprises can improve the quality of enterprise development.Further research on the role of mechanisms finds that non-state shareholder board power can improve the quality of firm development by promoting corporate innovation and enhancing information clarity.The results of heterogeneity analysis show that in competitive state-owned enterprises and state-owned enterprises with low management power,board power of non-state shareholders is more likely to help enterprises achieve high-quality development.The findings provide strong evidence for the positive role of board power of non-state shareholders in state-owned enterprises in the context of mixed-owner-ship reform,which helps enterprises achieve high-quality development.
board power of non-state shareholderscorporate innovationinformation clarityhigh qual-ity corporate developmentmixed ownership reform
NETL
NSTL
万方数据
