“…Second, by shedding light on an underexplored type of pyramids, in which the state is the ultimate owner (Chernykh, 2008; Wright et al, 2021), we extend the business group literature (Hu and Sun, 2019). Additionally, juxtaposing pyramidal ownership with SOE innovation, an intersection that has received limited scholarly attention, and contextualizing the relationship in China, the largest emerging economy (by GDP), enrich the pyramid studies set in emerging economies (Fan et al, 2013; Hu and Xu, 2022; Opie et al, 2019).…”