How can co-institutional investors enhance the core competitiveness of enterprises? Evidence from China

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dc.contributor.authorLu, Xinyong
dc.contributor.authorXi, Meinong
dc.contributor.otherEkonomická fakultacs
dc.date.accessioned2025-12-08T11:24:16Z
dc.date.available2025-12-08T11:24:16Z
dc.description.abstractAs of 2023, institutional investors hold approximately 44.1% of the total market capitalization of China’s outstanding stocks. By simultaneously investing in multiple firms within the same industry, common institutional investors gain access to broader information channels and proprietary market insights at lower search costs. As shareholder linkages become increasingly common in the capital market, understanding their impact on firm behavior is of considerable practical relevance. This study empirically examines the relationship between common institutional investors and corporate innovation efficiency, using a panel of A-share listed companies in Shanghai and Shenzhen from 2010 to 2019. The results show that such investors enhance innovation efficiency through both monitoring and resource effects. Moreover, the effectiveness of these mechanisms is amplified by stronger internal control systems and better information environments. The study also finds that the impact of co-institutional investors is more pronounced in firms with higher agency costs and in non-state-owned enterprises. This research contributes to the literature on institutional ownership and innovation by providing micro-level evidence of the governance role played by co-institutional investors. It also offers practical insights for promoting sustainable and high-quality development in China and other developing economies.en
dc.formattext
dc.identifier.doi10.15240/tul/001/2025-5-017
dc.identifier.eissn2336-5604
dc.identifier.issn1212-3609
dc.identifier.urihttps://dspace.tul.cz/handle/15240/178358
dc.language.isoen
dc.publisherTechnická Univerzita v Libercics
dc.publisherTechnical university of Liberec, Czech Republicen
dc.publisher.abbreviationTUL
dc.relation.ispartofEkonomie a Managementcs
dc.relation.ispartofEconomics and Managementen
dc.relation.isrefereedtrue
dc.rightsCC BY-NC
dc.subjectInternal controlen
dc.subjectinformation environmenten
dc.subjectChinese economyen
dc.subjectcorporate governanceen
dc.subjectdeveloping countriesen
dc.subject.classificationC01
dc.subject.classificationD22
dc.subject.classificationG34
dc.subject.classificationM41
dc.subject.classificationO16
dc.titleHow can co-institutional investors enhance the core competitiveness of enterprises? Evidence from Chinaen
dc.typeArticleen
local.accessopen
local.citation.epage113
local.citation.spage99
local.facultyFaculty of Economics
local.filenameEM_4_2025_7
local.fulltextyes
local.relation.abbreviationE+Mcs
local.relation.abbreviationE&Men
local.relation.issue4
local.relation.volume28
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