State-owned equity and innovation performance of mixed-ownership enterprises in China: The moderating effect of marketization

This paper aims to clarify the influence of controlling and participatory state-owned equity on innovation performance within mixed-ownership enterprises (MOEs), focusing specifically on the co-innovation effect of ownership structure. Empirical evidence suggests that controlling state-owned equity hinders innovation performance in MOEs. In contrast, participatory state-owned equity has the potential to significantly boost innovation performance in MOEs. Moreover, a more thorough analysis reveals that the level of marketization not only mitigates the inhibitory impact of controlling state-owned equity on innovation but also enhances the positive effect of participatory state-owned equity on innovation in MOEs. These empirically supported findings offer valuable insights for crafting effective policy strategies to promote mixed-ownership reforms in emerging economies.