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
收藏
页码：287 / 305
页数：19
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