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Implementation of the Social Insurance Law, mismatch in investment and financing maturities, and corporate innovation

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  • Qian, Kun
  • Xu, Shiyu

Abstract

This paper leverages the implementation of the Social Insurance Law as a quasi-natural experiment and uses listed companies from 2006 to 2021 as the research sample. A difference-in-differences model is constructed to explore the effect of the law's implementation on corporate innovation. The results indicate that the implementation of the insurance law significantly promotes corporate innovation, with the effect being more pronounced among non-state-owned enterprises, those with relatively dispersed ownership, and those operating in highly competitive industries. Further mechanism analysis reveals that the law facilitates corporate innovation by reducing the mismatch between investment and financing maturities.

Suggested Citation

  • Qian, Kun & Xu, Shiyu, 2025. "Implementation of the Social Insurance Law, mismatch in investment and financing maturities, and corporate innovation," International Review of Economics & Finance, Elsevier, vol. 101(C).
    • Handle: RePEc:eee:reveco:v:101:y:2025:i:c:s1059056025004186
    DOI: 10.1016/j.iref.2025.104255
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    JEL classification:

    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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