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

[31] Diminishing marginal returns from R&D investment: evidence from manufacturing firms
Faff, Robert
Ho, Yew-Kee
Lin, Weiling
Yap, Chee-Meng
APPLIED ECONOMICS, 2013, 45 (05) : 611 - 622
[32] The allocation and effectiveness of China's R&D subsidies - Evidence from listed firms
Boeing, Philipp
RESEARCH POLICY, 2016, 45 (09) : 1774 - 1789
[33] Agency theory and the context for R&D investment: Evidence from Korea
Yoo, Taeyoung
Rhee, Mooweon
ASIAN BUSINESS & MANAGEMENT, 2013, 12 (02) : 227 - 252
[34] Pay for accounting performance and R&D investment: Evidence from China
Chen, Shenglan
Lin, Bingxuan
Lu, Rui
Ma, Hui
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2016, 44 : 142 - 153
[35] Corporate governance structure, managerial discretion, and the R&D investment in China
Dong, Jing
Gou, Yan-nan
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2010, 19 (02) : 180 - 188
[36] Political embeddedness, socioemotional wealth, and R&D investment in family firms: Evidence from China as a transition economy
Meng, Shuang
Gomez-Mejia, Luis R.
Yi, Jingtao
JOURNAL OF FAMILY BUSINESS STRATEGY, 2024, 15 (03)
[37] Financialization and the Slowdown in Korean Firms' R&D Investment
Seo, Hwan Joo
Kim, Han Sung
Kim, Yoo Chan
ASIAN ECONOMIC PAPERS, 2012, 11 (03) : 35 - 49
[38] The impact of R&D investment on mitigating supply chain disruptions: Empirical evidence from US firms
Parast, Mahour Mellat
INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS, 2020, 227
[39] Linkages between R&D, innovation, investment and export performance: evidence from European manufacturing firms
Carboni, Oliviero A.
Medda, Giuseppe
TECHNOLOGY ANALYSIS & STRATEGIC MANAGEMENT, 2020, 32 (12) : 1379 - 1392
[40] R&D expenditures, ultimate ownership and future performance: Evidence from China
Wang Ruiqi
Wang, Fangjun
Xu, Luying
Yuan, Changhong
JOURNAL OF BUSINESS RESEARCH, 2017, 71 : 47 - 54

← 1 2 3 4 5 →