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

被引：3

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 50 条

[21] Is there a state-dependent optimal interval for firms' R&D investment? Evidence from China
Yang, Lixiong
Yao, Liangyan
Wu, Jianzu
APPLIED ECONOMICS, 2024,
[22] Intergenerational power gap and R&D investment: Evidence from China
Zhao, Yong
Yang, Xi
Xin, Daqi
Zhou, Wencang
Zhang, Shuaijun
Wang, Liying
JOURNAL OF INNOVATION & KNOWLEDGE, 2023, 8 (02):
[23] Board Capital, CEO Power and R&D Investment in Electronics Firms
Chen, Hsiang-Lan
CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2014, 22 (05) : 422 - 436
[24] R&D intensity and firms dividend policy: evidence from BRICS countries
Hasan, Fakhrul
Shafique, Sujana
Das, Bijoy Chandra
Shome, Rajib
JOURNAL OF APPLIED ACCOUNTING RESEARCH, 2022, 23 (04) : 846 - 862
[25] The Effects of Corporate Venture Capital, Founder Incumbency, and Their Interaction on Entrepreneurial Firms' R&D Investment Strategies
Paik, Yongwook
Woo, Heejin
ORGANIZATION SCIENCE, 2017, 28 (04) : 670 - 689
[26] Political Connection and Dynamic Adjustment in R&D Investment: Evidence From Chinese Manufacturing Firms
Zou, Ping
He, Juan
R & D MANAGEMENT, 2025,
[27] The Effects of Future Capital Investment and R&D Expenditures on Firms' Liquidity
Baum, Christopher F.
Caglayan, Mustafa
Talavera, Oleksandr
REVIEW OF INTERNATIONAL ECONOMICS, 2013, 21 (03) : 459 - 474
[28] Founder-Controlled Firms and R&D Investments: New Evidence From Canada
Bozec, Yves
Di Vito, Jackie
FAMILY BUSINESS REVIEW, 2019, 32 (01) : 76 - 96
[29] Minimum wage and corporate investment efficiency: Evidence from China
Zhu, Zhengjie
Tian, Jia
FINANCE RESEARCH LETTERS, 2024, 59
[30] The Impact of Antidumping on the R&D of Export Firms: Evidence from China
Xie, Shenxiang
Zhang, Mingxin
Liu, Shenglong
EMERGING MARKETS FINANCE AND TRADE, 2020, 56 (09) : 1897 - 1924

← 1 2 3 4 5 →