How does artificial intelligence shock affect labor income distribution? Evidence from China

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

Pacific-Basin Finance Journal Pub Date : 2025-01-29 DOI:10.1016/j.pacfin.2025.102691

Xiamin Fan, Yuhui Wu, Yucheng Zhou, Shinong Wu

引用次数: 0

Abstract

Based on the neoclassical growth model and labor-management negotiation framework, we theoretically investigate the impact and mechanism of artificial intelligence (AI) shocks on the labor income share of firms. We then take China's “New-generation Artificial Intelligence Pilot Zone Policy” (AI pilot zone policy) as an exogenous shock and analyze micro-level corporate data. Employing a staggered difference-in-differences model, we find that the AI pilot zone policy significantly increases the labor income share in firms, primarily through the skill demand and skill premium effects. Our results withstand various robustness tests. Furthermore, we observe that the AI pilot zone policy has a more pronounced impact on the labor income share in firms characterized by high labor rigidity, low wage premiums, non-labor-intensive industries, and high-tech sectors.

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来源期刊

Pacific-Basin Finance Journal BUSINESS, FINANCE-

CiteScore

6.80

自引率

6.50%

发文量

157

期刊介绍： The Pacific-Basin Finance Journal is aimed at providing a specialized forum for the publication of academic research on capital markets of the Asia-Pacific countries. Primary emphasis will be placed on the highest quality empirical and theoretical research in the following areas: • Market Micro-structure; • Investment and Portfolio Management; • Theories of Market Equilibrium; • Valuation of Financial and Real Assets; • Behavior of Asset Prices in Financial Sectors; • Normative Theory of Financial Management; • Capital Markets of Development; • Market Mechanisms.