研究成果：Business environment trustworthiness and employee income share

作者：白旻

发表期刊：International Review of Financial Analysis

期刊级别：ABS3

发表时间：2025年7月

摘要：Using China’s social credit pilot program as a quasi-natural experiment and a sample of listed firms from 2011 to2019, we provide robust evidence that employee income share rises as business environment trustworthiness improves. Notably, this increase is primarily driven by rank-and-file employees rather than executives. The mechanisms behind this trend include enhanced talent agglomeration, reduced agency problems, and eased financing constraints. The effect is more pronounced for firms facing greater competition, weaker corporate governance, poorer information environments, or located in less marketized regions. Further, the rise in employee income share positively impacts firms’ future financial performance. These findings indicate that in amore trustworthy marketplace, where more customers and investors are likely to engage, firms—particularly those struggling to attract customers and investors—place greater value on rank-and-file employees and increase their income share. This behavior fosters employee reciprocity, leading to improved firm performance.