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Financialization, labor income share, and intra-firm pay gap

Author

Listed:
  • Xu, Zhen
  • Yin, Qingwei
  • Liu, Meiqi

Abstract

Empirical analysis using data from China's A-share listed companies between 2008 and 2022 shows that corporate financialization positively affects top managers’ labor income share and increases the internal pay gap. The higher the financing constraint, the stronger the positive effect of corporate financialization. The positive impact of financialization on labor income share was higher in backward than in developed regions. Enterprise financialization in labor-intensive industries increases labor income share, while capital- and technology-intensive industry performances are inhibited.

Suggested Citation

  • Xu, Zhen & Yin, Qingwei & Liu, Meiqi, 2025. "Financialization, labor income share, and intra-firm pay gap," Finance Research Letters, Elsevier, vol. 72(C).
    • Handle: RePEc:eee:finlet:v:72:y:2025:i:c:s1544612324013643
    DOI: 10.1016/j.frl.2024.106335
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    More about this item

    Keywords

    Enterprise financialization; Labor income share; Pay gap; Financing constraint; Heterogeneity;
    All these keywords.

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • H32 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Firm

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