An Empirical Study of Corporate ESG Performance to Enhance Labor Income Share:Based on Empirical Evidence from Listed Companies in China
Based on a large sample of Chinese listed companies,the data test confirms that corporate ESG performance improves labor income sharei a result of the combination of various factors.Based on the theory of corporate governance,authors select a sample of non-financial listed companies in Shanghai and Shenzhen A-shares in China from 2009 to 2021,and empirically examines the relationship between corporate ESG performance and labor income share as well as its changes by using multiple linear regression method and combining with the theory of corporate governance.The test results confirm that:corporate ESG performance is positively correlated with labor income share.Financial support,the level of internal control,and technological upgrading play a mediating role in the correlation between corporate ESG performance and labor income share.As the representative to labor intensity and technology intensity,factor intensity play a positive regulatory role in the relationship between corporate ESG performance and labor income share,while enterprise size and labor regulation cost negatively effects.This study empirically tests the relationship between corporate ESG performance and labor income share by tentatively applying relevant theoretical principles of internal corporate governance and externalities.The research confirms a significant indication of the impact of corporate ESG performance on labor income share through a series of tests examining various factors and their organic connections.The findings contribute to the existing literature in the filed of sustainable development.The conclusions provide theoretical foundations to assist companies in achieving high-quality development by improving their ESG performance.
Corporate ESG performanceLabor income shareFinancial supportInternal control levelTechnology upgrading