Dual-Class Share Structure, Founder Heterogeneity, and Corporate Core Business Performance: A Perspective of Intellectual Capital

In the new economic era, the continuous innovation of business models and the dynamic changes in external market and technological risks have increasingly emphasized the role of intellectual capital of corporate executive teams in value creation. To fully leverage the value of intellectual capital, entrepreneurial teams have implemented a dual-class share structure, known as “same shares with different rights,” which not only ensures control and autonomy in management but also further strengthens the core position of intellectual capital. This structure entrusts decision-making control to founder teams with high intellectual capital, motivating them to freely exercise their talents based on unique insights, focus on in-depth management of core businesses, and avoid interference from short-term performance pressure, thus driving sustainable and robust enterprise development. This study grounded in scientific analysis, delves into the advantages and disadvantages of the dual-class share structure. By selecting relevant data from 1,430 Chinese concepts stocks lists in the US from 2009 to 2021, and conducting hypothesis significance tests using Stata software, combined with descriptive analysis and multiple regression analysis, this study systematically analyzed the impact of dual-class stock structures on corporate decision-making and performance. The results indicate that the dual-class share structure effectively harnesses the central role of entrepreneurial intellectual capital in corporate decision-making, helping curb excessive pursuit of short-term interests by external shareholders and thereby enhancing the long-term competitiveness and sustainable development capabilities of enterprises.