The Road to Common Prosperity:Enterprise ESG Performance and Labor Income Share
Optimizing the distribution pattern and increasing the share of labor income are the key measures to promote common prosperity.The construction of enterprise ESG has a profound impact on production and operation activities,and becomes a new driving force for optimizing the pattern of factor income distribution.Based on the theoretical analysis of the impact of enterprise ESG performance on labor income share,this paper empirically examines the impact of enterprise ESG performance on labor income share and its mechanism by using the panel data of listed non-fi-nancial enterprises from 2009 to 2021.The study finds that the ESG performance of enterprises can significantly increase the labor income share.Heterogeneity analysis shows that the income distri-bution effect of ESG is stronger in enterprises with low external financing ability,weak external governance ability,labor-intensive and high pollution.Mechanism analysis finds that reshaping the factor input structure,improving financing constraints and governance capabilities are important ways for ESG construction to increase labor income share.This paper expands the research bounda-ry of the determining factors of labor income share from a micro perspective,and provides policy implications for how to deepen the construction of enterprise ESG and optimize the structure of fac-tor income distribution in the new era.
ESG performancelabor income sharefactor reallocationfinancing constraintgovernance ability
万方数据
维普
