Research on the Impact of Multiple Large Shareholders on Enterprises Labor Investment Efficiency
Labor investment efficiency is one of the key factors influencing the high-quality development of enterprises a-gainst the backdrop of population aging.From the perspective of equity structure configuration,using relevant data from non-financial and non-insurance industry listed companies in Shanghai and Shenzhen A-shares from 2007 to 2021,this study em-pirically investigates the effects and mechanisms of multiple large shareholders on labor investment efficiency.The research results indicate that multiple large shareholders significantly reduce labor investment efficiency in enterprises,mainly manifest-ed as exacerbating the insufficient labor investment.The mechanism testing reveals that conflicts and frictions among multiple large shareholders weaken their supervision and restraint on managers,intensifying the first-type agency conflicts and thereby reducing the efficiency of enterprise labor investment.After considering the relative strength of other large shareholders,it is found that the greater the number of other large shareholders and the higher their relative shareholding ratio,the lower the labor investment efficiency of the enterprise.Heterogeneity analysis indicates that good ESG performance and high-quality ex-ternal audit supervision can mitigate the adverse effects of multiple large shareholders on labor investment efficiency in enter-prises.Therefore,enterprises need to constantly optimize their equity structure arrangements to ensure coordination and unity among multiple large shareholders.At the same time,it is necessary for them to continuously improve their own ESG perfor-mance and hire senior auditors to conduct audit supervision,in order to mitigate the potential negative impacts of multiple large shareholders.
Multiple Large ShareholdersLabor Investment EfficiencyAgency ConflictsESG PerformanceAudit Quality
万方数据
维普
