Abstract:
Continuous innovation serves as the core driving force for firms to transcend technology cycles and achieve high-quality development. As key governance entities, major shareholders exert significant influence on firms' innovation domains and investment decisions. This study categorizes major shareholders into four types: industry-oriented, technology-oriented, finance-oriented, and others. Using a sample of high-tech listed companies on the Shanghai and Shenzhen A-share markets, we examine the impact of major shareholder diversity on corporate continuous innovation. The findings reveal that excessive dispersion of major shareholder types inhibits firms' continuous innovation. The underlying mechanism is that the heterogeneous demands of diverse major shareholders lead to dispersed strategic focus, affect R&D investment intensity and reduce resource allocation efficiency, thereby weakening corporate continuous innovation. Furthermore, heterogeneity analysis demonstrates that the inhibitory effect of major shareholder diversity is more pronounced in firms with higher strategic aggressiveness and in non-state-owned enterprises. This study unveils the governance logic through which major shareholder diversity influences firms' long-term technological iteration processes, providing empirical evidence and policy implications for listed companies to optimize collaborative innovation governance mechanisms and for regulatory authorities to cultivate enabling long-term capital.
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