02644nab a22003377a 4500 OSt 20250331031331.0 250219t2025 |||uu||oo|||| 00| 0 eng d 2329-3292 JMCFI - Learning Resource Center Guo, Zhenglong 12821 Governance structure and substantive innovation in Southern China’s manufacturing enterprises : an empirical investigation / Zhenglong Guo and Runshuai Li. s.l. : Scientific Research Publishing Inc., 2025. Includes bibliographical references. Abstract : From the perspective of manufacturing enterprises’ sustainable development, this study investigates the relationship between corporate governance structure and substantive innovation behavior. By combining theoretical research and empirical research methods, the research selected data information from manufacturing enterprises in southern China from 2016 to 2020 to conduct regression analysis to investigate the impact of key factors in the internal governance structure of manufacturing enterprises on their substantive innovation behavior. The results show that in the development of manufacturing enterprises, substantive innovation behaviors such as product innovation and service innovation are influenced by the equity structure, board structure, and management structure of the enterprise. The concentration of equity structure and innovation behavior exhibit an inverted U-shaped relationship. The larger the board size, the worse the innovation behavior, huge stakeholders and excessive distribution of interests will lead to shareholders’ concession logic, thus restricting the sustainable development of enterprises. Sustainable development 9008 Manufacturing enterprises. 12822 Governance structure Bankruptcy China. 12823 Corporate technological innovation Equity structure China. 12824 Enterprise substantive innovation Board of directors structure China. 12825 Enterprise substantive innovation Executive incentives China. 12826 Enterprise substantive innovation Management incentives China. 12827 Business Research. 12567 Research. 146 Quantitative research. 1581 Journal articles (Open access). 11480 Li, Runshuai 12828 , volume 13, number 1 (January 2025). Open Journal of Business and Management https://www.scirp.org/journal/paperinformation?paperid=138681 OAER 0 4675 4675 0 0 0 0 DL DL 2025-02-19 0 2025-02-19 https://www.scirp.org/journal/paperinformation?paperid=138681 2025-02-19 OAER