Abstract：Based on the data of A-share listed firms in China from 2007 to 2019, this study investigates the impact of employee salary competitiveness on corporate risk-taking. The results show that the higher level of employee salary competitiveness promotes corporate risk-taking, and which is more pronounced among firms with high levels of R&D intensity, high corporate transparency, and non-SOEs. The mechanism tests indicate that the incentive channel, as well as the reputation channel, dominates the positive nexus between employee compensation incentives and corporate risk-taking. Specifically, increasing employee salary competitiveness leads to more valuable human capital, higher R&D expenditure, and lower cost of capital. The mediation effect test indicates that increasing employee compensation incentives can enhance firm value by promoting corporate risk-taking.
熊毅，洪荭. 员工薪酬竞争力对企业风险承担的影响研究[J]. 管理学报, 2022, 19(10): 1456-.
XIONG Yi，HONG Hong. Research on the Impact of Employee Salary Competitiveness on Corporate Risk Taking. Chinese Journal of Management, 2022, 19(10): 1456-.
