Minimum wage effects on firms' R&D investment: Evidence from China

被引：4

作者：

Wei, Zhihua ^{[1
]}

Ren, Zerong ^{[1
]}

Zhu, Caiyun ^{[2
]}

Zhou, Yisihong ^{[3
,4
]}

Liu, Xiaowen ^{[4
]}

机构：

[1] Xiamen Univ, Sch Econ, Xiamen, Peoples R China

[2] Zhejiang Branch State Adm Foreign Exchange, Hangzhou, Peoples R China

[3] Changjiang River Ind Investment Grp Co Ltd, Wuhan, Peoples R China

[4] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan, Peoples R China

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2023年 / 87卷

基金：

中国国家自然科学基金;

关键词：

Minimum wage; Labor costs; Competitive pressure; Corporate governance; R & D investment; INSTITUTIONAL INVESTORS; CORPORATE GOVERNANCE; INNOVATION; PERFORMANCE; BEHAVIOR; ENHANCE; MARKET; COSTS;

D O I：

10.1016/j.iref.2023.04.009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the effect of minimum wage increases on firms' R&D expenditure in China. We find that an increase in the minimum wage significantly increases firms' R&D expenditure. This positive effect is stronger for labor-intensive firms, non-state-owned firms, and firms with fewer financing constraints and costs. To explore the underlying mechanism, we find that an increase in the minimum wage produces a factor substitution effect and a competitive pressure effect, and also mitigates the negative impact of agency problems and managerial myopia. Our study enriches the literature on economic consequences of a minimum wage and factors influ-encing firm innovation.

引用

页码：287 / 305

页数：19

共 53 条

[1] When Does Labor Scarcity Encourage Innovation? [J].