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Is Supplementary Pension Beneficial to Human Capital Investment? Evidence from China

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  • Yalin Gong
  • Li Lai
  • Kam C. Chan
  • Xiaolan Xia

Abstract

We examine the impact of a supplementary pension insurance program (SPIP) and short-term compensation on firm-level human capital investment using a sample of Chinese firms from 2007 to 2018. The findings suggest that both SPIP and short-term compensation have positive effects on human capital investment, and the magnitude of SPIP is stronger than that of short-term compensation. Further analysis suggests that the impact of SPIP on human capital investment in a firm is magnified when the firm has high-quality employees. Our findings are robust after accounting for potential endogeneity concerns. When compared with short-term compensation, SPIPs contribute more to establishing a long-term relationship between a firm and its employees, which stimulates human capital investment.

Suggested Citation

  • Yalin Gong & Li Lai & Kam C. Chan & Xiaolan Xia, 2022. "Is Supplementary Pension Beneficial to Human Capital Investment? Evidence from China," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 58(3), pages 739-753, February.
    • Handle: RePEc:mes:emfitr:v:58:y:2022:i:3:p:739-753
    DOI: 10.1080/1540496X.2020.1843426
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