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This paper investigates the influence of non-financial firms' involvement in shadow banking on the caliber of corporate innovation. It focuses on Chinese non-financial listed companies between 2012 and 2022 and delves deeper into the mechanism of economic policy uncertainty (EPU) in relation to the interplay between shadow banking and innovation quality. The findings reveal that firms participating in shadow banking activities experience a decline in innovation quality, with a more pronounced effect observed among state-owned enterprises (SOEs) and small and medium-sized enterprises (SMEs). Furthermore, EPU amplifies the negative impact of non-financial firms' shadow banking on innovation quality. The outcomes of this study hold significant academic value and practical implications for curbing enterprise shadow banking, optimizing resource allocation structures, maintaining economic policy stability, and fostering high-quality businesses development.

The organization is the key factor for megaprojects in which thousands of connections and relations intertwine and influence the project performance. However, organizational evolution in megaprojects has not been fully studied. This study investigates the evolution of the organizational network of a megaproject in China using social network analysis (SNA), and then proposes corresponding governance strategies. The result shows that megaproject organizations evolve towards more connected networks but are differentiated for various investors. For government invested projects, the organizational network is well connected, cooperative, yet unstable and require strategic long-term governance policies; for private invested projects, the network is stable, but collaboration among participants is low, which indicates a need to establish collaborative governance structures. The result complements the organizational evolution theory for megaprojects and offers effective strategies for governing megaproject organizations. This study also helps practitioners better understand the nature and characteristics of megaproject organizations.