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PurposeThe purpose of this study is to examine the impact of cross-ownership on corporate digital innovation and their specific mechanisms. Cross-ownership, who hold equity in two or more companies simultaneously, have two different types of governance effects in the capital market: governance synergistic effects and competitive collusion effects.Design/methodology/approachThis paper uses a panel model, selecting A-share company data from 2011 to 2021 in China. In total, 23,853 valid data were obtained, which came from the CSMAR database and Wind database. For some missing data, they were manually supplemented by consulting the company's annual report and Sina Finance. Data processing was conducted using EXCEL and Stata16.0 software.FindingsThe results show that cross-ownership promote corporate digital innovation by leveraging governance synergies. Further grouping tests show that the synergistic effects of cross-ownership are significant in non-state-owned, high-tech, weakly competitive and higher analyst attention enterprises. Mechanism testing shows that cross-ownership can empower corporate digital innovation in three ways: reducing information asymmetry, alleviating financing constraints and improving corporate governance.Originality/valueThe conclusion of this paper provides new empirical evidence for a comprehensive understanding of the role of cross-ownership in corporate development, enriches the economic consequences research of chain institutional investors in China and broadens the research perspective of corporate digital innovation. It also provides important references for the digital transformation of enterprises and the healthy development of the capital market.

AbstractEnvironmental, social, and governance (ESG) investing is the new mainstream of sustainable development in the "dual‐carbon" era and serves as a crucial indicator for assessing enterprises' high‐quality development. Cross‐ownership, as an important participant in the capital market, significantly influences corporate business decisions. However, whether the impact of cross‐ownership on corporate ESG investment manifests as a synergistic governance effect or competitive collusion effect is a vital question. This study empirically investigates the impact of cross‐ownership on ESG investment, using listed companies in heavily polluting industries from the Shanghai and Shenzhen A‐shares between 2015 and 2022 as the research sample. The findings reveal that cross‐ownership positively influences corporate ESG investment by reducing information asymmetry, alleviating financing constraints, and enhancing corporate governance. This research not only expands the theoretical understanding of cross‐ownership and corporate ESG investment but also offers empirical guidance for improving corporate governance mechanisms and attaining sustainable development.