{"title":"Social security contributions, labor income share, and corporate innovation","authors":"Tongbin Li , Juan Gao","doi":"10.1016/j.frl.2025.107123","DOIUrl":null,"url":null,"abstract":"<div><div>Corporate innovation is regarded as a key driver of economic growth and technological progress. This paper uses panel data from Chinese listed companies for the period 2009–2023 to assess the impact of social security contributions on corporate innovation. The results show that social security contributions can effectively promote corporate innovation. Specifically, social security contributions positively affect corporate innovation by enhancing human capital intensity, and a higher labor income share strengthens the positive impact of social security contributions on corporate innovation. The findings have important theoretical and practical implications for promoting China's innovation-driven development strategy.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107123"},"PeriodicalIF":7.4000,"publicationDate":"2025-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325003861","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
Corporate innovation is regarded as a key driver of economic growth and technological progress. This paper uses panel data from Chinese listed companies for the period 2009–2023 to assess the impact of social security contributions on corporate innovation. The results show that social security contributions can effectively promote corporate innovation. Specifically, social security contributions positively affect corporate innovation by enhancing human capital intensity, and a higher labor income share strengthens the positive impact of social security contributions on corporate innovation. The findings have important theoretical and practical implications for promoting China's innovation-driven development strategy.
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