共同机构投资者对企业组织韧性的影响:协同治理或合谋舞弊?OACHSSCD

Mutual institutional investors,as one of the main entities in the capital market,have received increasing attention.However,there is no unified view on the role they play.Currently,there are two view-points:one is that they exert a collaborative governance effect,and the other is that they cause collusion and fraud effects.Taking the Shanghai and Shenzhen A-share listed companies from 2014 to 2024 as the research sample,this paper discussed the influence of joint institutional investors on corporate organizational resilience from the theoretical and empirical perspectives.The research finds that joint institutional investors can signifi-cantly enhance organizational resilience,exert a collaborative governance effect,and do not result in collusion fraud.The mechanism of the intermediary role indicates that joint institutional investors can reduce the agency costs of enterprises and alleviate the financing constraints of enterprises,thereby enhancing the organizational resilience.The results of heterogeneity analysis reveal that the effect of co-institutional investors on enhancing organizational resilience is more pronounced in enterprises during the growth stage of their life cycle,and enter-prises with lower levels of industry competition and higher media attention.