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Shareholder heterogeneity, financing constraints, and organizational resilience: Mixed-ownership reform in Chinese private enterprises
- Source :
- Heliyon, Vol 10, Iss 16, Pp e36380- (2024)
- Publication Year :
- 2024
- Publisher :
- Elsevier, 2024.
-
Abstract
- Private enterprise development encounters numerous challenges. China encourages state-owned enterprises to acquire equity stakes in private enterprises, thereby facilitating development of private enterprises through reverse mixed-ownership reform. To test the effectiveness of this approach, we focus on the impact of state-owned equity on the organizational resilience of private enterprises. Using empirical research methods and data from A-share listed Chinese companies from 2009 to 2022, we find that reverse mixed-ownership reform is significantly and positively correlated with the organizational resilience of private enterprises. Further analysis reveals that involvement of shareholders from state-owned enterprises can bolster the organizational resilience of private enterprises by mitigating their financing constraints. This paper extends the research on the mechanism by which a heterogeneous ownership structure can impact the organizational resilience of private enterprises and offers insights for private enterprises on how to bolster their organizational resilience through mixed-ownership reform.
Details
- Language :
- English
- ISSN :
- 24058440
- Volume :
- 10
- Issue :
- 16
- Database :
- Directory of Open Access Journals
- Journal :
- Heliyon
- Publication Type :
- Academic Journal
- Accession number :
- edsdoj.131e9ff9b25745f783e77c87714ab36a
- Document Type :
- article
- Full Text :
- https://doi.org/10.1016/j.heliyon.2024.e36380