IDEAS home Printed from https://ideas.repec.org/a/eee/finlet/v79y2025ics1544612325005380.html

Social insurance, wage levels, and corporate innovation efficiency

Author

Listed:
  • Hua, Xiang

Abstract

Using data from Chinese listed companies from 2009 to 2022 as a sample, this study examines the impact of social insurance and wage levels on corporate innovation efficiency. Results reveal that social insurance can inhibit corporate innovation efficiency, wage levels are conducive to enhancing corporate innovation efficiency, corporate age plays a moderating role in the relationship between social insurance and corporate innovation efficiency, and the impact of social insurance and wage levels on the innovation efficiency varies by state-owned and private enterprises.

Suggested Citation

  • Hua, Xiang, 2025. "Social insurance, wage levels, and corporate innovation efficiency," Finance Research Letters, Elsevier, vol. 79(C).
    • Handle: RePEc:eee:finlet:v:79:y:2025:i:c:s1544612325005380
    DOI: 10.1016/j.frl.2025.107275
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1544612325005380
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.frl.2025.107275?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Mu, Weiwei & Liu, Kefu & Tao, Yunqing & Ye, Yongwei, 2023. "Digital finance and corporate ESG," Finance Research Letters, Elsevier, vol. 51(C).
    2. Li, Jianqiang & Shan, Yaowen & Tian, Gary & Hao, Xiangchao, 2020. "Labor cost, government intervention, and corporate innovation: Evidence from China," Journal of Corporate Finance, Elsevier, vol. 64(C).
    3. Lahouel, Béchir Ben & Zaied, Younes Ben & Song, Yaoyao & Yang, Guo-liang, 2021. "Corporate social performance and financial performance relationship: A data envelopment analysis approach without explicit input," Finance Research Letters, Elsevier, vol. 39(C).
    4. Chen, Zhongfei & Xie, Guanxia, 2022. "ESG disclosure and financial performance: Moderating role of ESG investors," International Review of Financial Analysis, Elsevier, vol. 83(C).
    5. Cao, Xiaping & Cumming, Douglas & Zhou, Sili, 2020. "State ownership and corporate innovative efficiency," Emerging Markets Review, Elsevier, vol. 44(C).
    6. Zhi Yu & Yali Cao & Baoyin Qiu, 2025. "Can emission right mortgage loan promote corporate innovation?," Applied Economics, Taylor & Francis Journals, vol. 57(4), pages 441-447, January.
    7. Teimuraz Gogokhia & George Berulava, 2021. "Business environment reforms, innovation and firm productivity in transition economies," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 11(2), pages 221-245, June.
    8. Tsang, Albert & Wang, Kun Tracy & Liu, Simeng & Yu, Li, 2021. "Integrating corporate social responsibility criteria into executive compensation and firm innovation: International evidence," Journal of Corporate Finance, Elsevier, vol. 70(C).
    9. Wen, Fenghua & Li, Cui & Sha, Han & Shao, Liuguo, 2021. "How does economic policy uncertainty affect corporate risk-taking? Evidence from China," Finance Research Letters, Elsevier, vol. 41(C).
    10. Venturini, Alessio, 2022. "Climate change, risk factors and stock returns: A review of the literature," International Review of Financial Analysis, Elsevier, vol. 79(C).
    11. Deng, Xiang & Li, Weihao & Ren, Xiaohang, 2023. "More sustainable, more productive: Evidence from ESG ratings and total factor productivity among listed Chinese firms," Finance Research Letters, Elsevier, vol. 51(C).
    12. Lee, Chi-Chuan & Li, Xinrui & Yu, Chin-Hsien & Zhao, Jinsong, 2021. "Does fintech innovation improve bank efficiency? Evidence from China’s banking industry," International Review of Economics & Finance, Elsevier, vol. 74(C), pages 468-483.
    13. Xia, Li & Gao, Shuo & Wei, Jiuchang & Ding, Qiying, 2022. "Government subsidy and corporate green innovation - Does board governance play a role?," Energy Policy, Elsevier, vol. 161(C).
    14. Hasan, Iftekhar & (Stan) Hoi, Chun-Keung & Wu, Qiang & Zhang, Hao, 2020. "Is social capital associated with corporate innovation? Evidence from publicly listed firms in the U.S," Journal of Corporate Finance, Elsevier, vol. 62(C).
    15. He, Feng & Ma, Yaming & Zhang, Xiaojie, 2020. "How does economic policy uncertainty affect corporate Innovation?–Evidence from China listed companies," International Review of Economics & Finance, Elsevier, vol. 67(C), pages 225-239.
    16. Xiang, Xiaojian & Liu, Chuanjiang & Yang, Mian, 2022. "Who is financing corporate green innovation?," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 321-337.
    17. Wen, Huwei & Zhong, Qiming & Lee, Chien-Chiang, 2022. "Digitalization, competition strategy and corporate innovation: Evidence from Chinese manufacturing listed companies," International Review of Financial Analysis, Elsevier, vol. 82(C).
    18. Tian, Guangning & Li, Bo & Cheng, Yue, 2022. "Does digital transformation matter for corporate risk-taking?," Finance Research Letters, Elsevier, vol. 49(C).
    19. Smales, L.A., 2021. "Investor attention and global market returns during the COVID-19 crisis," International Review of Financial Analysis, Elsevier, vol. 73(C).
    20. Zhang, Yin & Peng, Hongxing & Liu, Tingli & Xie, Kehuang, 2024. "Corporate innovation and analysts’ estimates of the cost of equity: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 83-101.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Li, Yongfang & Ge, Mei & Liu, Yifeng, 2025. "Does participation in pension insurance promote or inhibit high-quality economic development? A heterogeneity and threshold effects analysis," International Review of Financial Analysis, Elsevier, vol. 107(C).
    2. Wang, Kenneth (Wei) & Zhong, Cassie (Xiaoqian), 2025. "The dark side of innovation policy uncertainty," Finance Research Letters, Elsevier, vol. 85(PC).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Lin, Lufeng & Zheng, Yinglong & Tu, Yongqian, 2025. "The new environmental protection law, ESG investment, and corporate innovation performance," International Review of Economics & Finance, Elsevier, vol. 98(C).
    2. Zhang, Huatao & Bi, Tao & Shen, Yunqiao & Tu, Sophia Zimeng, 2025. "The effects of intellectual property protection on corporate digital transformation," International Review of Economics & Finance, Elsevier, vol. 103(C).
    3. Liu, Ji & Xu, Zheng & Zhang, Jing & Zhou, Kun, 2025. "Can market competition enhance the utilization of data elements? Analysis from the dual perspectives of managerial incentives and entrepreneurial orientation," International Review of Financial Analysis, Elsevier, vol. 103(C).
    4. Liu, Dongming & Tu, Yongqian & Chen, Zhangzhang & Zheng, Yinglong, 2025. "Analysis of the synergistic effect of digital financial inclusion and social security on crime governance based on regional differences," International Review of Economics & Finance, Elsevier, vol. 98(C).
    5. Xu, Ying & Zhang, Mengliu & Zhang, Huansen & Liu, Lili, 2025. "How does corporate unethical behavior affect corporate performance?," International Review of Economics & Finance, Elsevier, vol. 103(C).
    6. Guo, Long & Cai, Can & Yang, Debin & Zhou, Zibu, 2025. "Executive compensation disparity and corporate operational performance," International Review of Economics & Finance, Elsevier, vol. 100(C).
    7. Sun, Li, 2025. "The impact of business model innovation and dynamic capabilities on enterprise development: An international business communication perspective," Finance Research Letters, Elsevier, vol. 80(C).
    8. Wang, Wei & Cao, QiangYuan & Li, Zhouyang & Zhu, JinYing, 2025. "Digital transformation and corporate environmental performance," Finance Research Letters, Elsevier, vol. 76(C).
    9. Ren, Yu & Liu, Xiongfei & Zhu, Yi, 2025. "Can the development of digital finance and information transparency improve enterprise investment efficiency?," Finance Research Letters, Elsevier, vol. 73(C).
    10. Liu, Jian & Wang, Chuyun & Zhao, Ziyun, 2025. "The new patent law and enterprise digital technology Innovation: An analysis of regulatory effects based on financing constraints," International Review of Economics & Finance, Elsevier, vol. 102(C).
    11. Wang, Hongyan & Cheng, Jiandong & Zhou, Hang, 2025. "Tax administration informatization, financial tightened regulation, and firm productivity: A quasi-natural experiment based on the "Golden Tax Phase III project"," International Review of Economics & Finance, Elsevier, vol. 98(C).
    12. Liu, Qi, 2025. "ETFs, financing constraints and corporate investment efficiency: An analysis of the regulatory effect based on equity incentive policies," Finance Research Letters, Elsevier, vol. 73(C).
    13. Li, Yuanyuan & Zhang, Yindan & Chen, Chen, 2025. "Enterprise digital transformation, government subsidies, and green innovation performance," Finance Research Letters, Elsevier, vol. 81(C).
    14. Gong, Zhongyi & He, Pei & Sun, Yuyang, 2025. "Social governance, financial regulation, and corporate investment efficiency," Finance Research Letters, Elsevier, vol. 79(C).
    15. Cai, Cen & Li, Yijia & Tu, Yongqian, 2024. "Big data capabilities, ESG performance and corporate value," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    16. Zhang, Huaqing & Zhang, Xiangjian & Tan, Haoyu & Tu, Yongqian, 2024. "Government subsidies, market competition and firms' technological innovation efficiency," International Review of Economics & Finance, Elsevier, vol. 96(PA).
    17. Cui, Mengxi & Zhang, Xiangjian & Cai, Cen, 2025. "Corporate social responsibility, digital economy, and corporate energy utilization efficiency-based on moderating effect and heterogeneity analysis," International Review of Economics & Finance, Elsevier, vol. 101(C).
    18. He, Chen & Zhang, Yinliang & Wang, Na, 2025. "Intellectual property financing and enterprise growth," Finance Research Letters, Elsevier, vol. 77(C).
    19. He, Bingquan & Gan, Lu, 2025. "Exploring the synergistic effect of CEO power and technological expertise in driving corporate digital transformation," International Review of Financial Analysis, Elsevier, vol. 98(C).
    20. Wang, Hongqi & Zhang, Linfeng & Xu, Dandan, 2025. "Breakthrough technological innovation, market competition, and corporate competitive advantage," Finance Research Letters, Elsevier, vol. 76(C).

    More about this item

    Keywords

    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:finlet:v:79:y:2025:i:c:s1544612325005380. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/frl .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.