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1735This paper selects all A-share listed companies from 2008 to 2020 as the research sample, and examines the impact of grass-roots Party organization construction on corporate innovation. The results find that grass-roots Party organization construction significantly drives corporate innovation, and this finding still holds after a series of endogeneity and robustness tests. The mechanism test finds that improving internal governance and attracting external attention are both important channels to promote innovation. Further study finds that lower fiscal pressure, smaller financing constraints, and a higher level of fin-tech development help to strengthen the innovation-driving role of grass-roots Party organization construction.
This paper enriches and expands the research related to the economic consequences of grassroots Party organization construction and the factors influencing corporate innovation. The findings have important practical implications and useful insights for grass-roots Party organizations, corporate decision-makers, upper Party-building department, and the government.
