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Article: Minimum Wage and Corporate Investment: Evidence from Manufacturing Firms in China
| Title | Minimum Wage and Corporate Investment: Evidence from Manufacturing Firms in China |
|---|---|
| Authors | |
| Issue Date | 2022 |
| Publisher | Cambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq |
| Citation | Journal of Financial and Quantitative Analysis, 2022, v. 57 n. 1, p. 94-126 How to Cite? |
| Abstract | This paper studies how minimum wage policies affect capital investment using the industrial census of manufacturing firms in China, where minimum wage policies vary across counties. Exploiting minimum wage policy discontinuities at county borders, we find that minimum wages increase capital investment. The investment response to minimum wages is stronger for firms that are labor-intensive, that have more room for technological improvement, and that cannot sufficiently pass on labor costs to consumers. A natural experiment based on county jurisdictional changes further assures the causal relationship. |
| Persistent Identifier | http://hdl.handle.net/10722/295820 |
| ISSN | 2021 Impact Factor: 4.337 2020 SCImago Journal Rankings: 4.657 |
| ISI Accession Number ID |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Geng, HG | - |
| dc.contributor.author | Huang, Y | - |
| dc.contributor.author | Lin, C | - |
| dc.contributor.author | Liu, S | - |
| dc.date.accessioned | 2021-02-08T08:14:28Z | - |
| dc.date.available | 2021-02-08T08:14:28Z | - |
| dc.date.issued | 2022 | - |
| dc.identifier.citation | Journal of Financial and Quantitative Analysis, 2022, v. 57 n. 1, p. 94-126 | - |
| dc.identifier.issn | 0022-1090 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/295820 | - |
| dc.description.abstract | This paper studies how minimum wage policies affect capital investment using the industrial census of manufacturing firms in China, where minimum wage policies vary across counties. Exploiting minimum wage policy discontinuities at county borders, we find that minimum wages increase capital investment. The investment response to minimum wages is stronger for firms that are labor-intensive, that have more room for technological improvement, and that cannot sufficiently pass on labor costs to consumers. A natural experiment based on county jurisdictional changes further assures the causal relationship. | - |
| dc.language | eng | - |
| dc.publisher | Cambridge University Press. The Journal's web site is located at http://journals.cambridge.org/action/displayJournal?jid=jfq | - |
| dc.relation.ispartof | Journal of Financial and Quantitative Analysis | - |
| dc.rights | Journal of Financial and Quantitative Analysis. Copyright © Cambridge University Press. | - |
| dc.rights | This article has been published in a revised form in [Journal of Financial and Quantitative Analysis] [http://dx.doi.org/10.1017/S0022109021000053]. This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © copyright holder. | - |
| dc.title | Minimum Wage and Corporate Investment: Evidence from Manufacturing Firms in China | - |
| dc.type | Article | - |
| dc.identifier.email | Lin, C: chenlin1@hku.hk | - |
| dc.identifier.authority | Lin, C=rp01808 | - |
| dc.description.nature | postprint | - |
| dc.identifier.doi | 10.1017/S0022109021000053 | - |
| dc.identifier.scopus | eid_2-s2.0-85099724649 | - |
| dc.identifier.hkuros | 321089 | - |
| dc.identifier.volume | 57 | - |
| dc.identifier.issue | 1 | - |
| dc.identifier.spage | 94 | - |
| dc.identifier.epage | 126 | - |
| dc.identifier.isi | WOS:000732471900001 | - |
| dc.publisher.place | United Kingdom | - |