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| Shareholder Network Improving Innovation Performance: The Mediating Effect of Two Types of Agency Costs |
| PENG Zhengyin, LUO Guanqing |
| School of Business, Tianjin University of Finance & Economics |
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Abstract: Based on the sample of A-share listed firms in Shanghai and Shenzhen stock markets from 2010 to 2019, we investigate the relationship among shareholder network, two types of agency costs and innovation performance with social network analysis (SNA). The results show that shareholder network can improve innovation performance, and two types of agency costs partly mediate the relationship between shareholder network and innovation performance. We also find that the mediating effect of Agency Costs I is lower than Agency Costs II. In the first type of principal-agent relationship, shareholder network reduces the information asymmetry between shareholders and executives, thus it reduces the agency Costs I and improves the innovation performance. In the second type of principal-agent relationship, however, the reduction of Agency Costs II is implemented through which the shareholder network increases the negotiation ability of minority shareholders and reduces the exploitation of minority shareholders by large shareholders. And the reduction of Agency Costs II may be more than Agency Costs I. This study deepens the cognition of the relationship between shareholder network and innovation performance, and it also separates the mechanism of the two types of agency costs.
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Received: 18 March 2022
Published: 15 May 2022
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HE Daan. [J]. , 2022, 42(6): 51-67. |
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2022, Vol. 42 
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