Wage Differentials, Firm Investment, and Stock Returns

IF 2.6 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2026-04-04 DOI:10.1111/irfi.70074

Yongjun Kim

引用次数: 0

Abstract

This study investigates the effects of labor costs on firms' capital investments and stock returns. I estimate wage premia across US industries and show that the negative investment-return relation implied by $q$ -theory is steeper for firms paying high wage premia than for firms paying low wage premia. An extended investment-based model predicts the interaction effect, showing the labor adjustment costs as the key channel driving investment-return sensitivity. The inflexibility induced by labor costs offers new insights into asset prices and corporate investments.

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工资差异，企业投资和股票收益

本研究探讨劳动成本对企业资本投资与股票收益的影响。我估计了美国各行业的工资溢价，并表明q $$ q $$ -理论所隐含的负投资回报关系对于支付高工资溢价的公司比支付低工资溢价的公司更陡峭。一个扩展的基于投资的模型预测了交互效应，表明劳动力调整成本是驱动投资回报敏感性的关键渠道。劳动力成本导致的不灵活性为资产价格和企业投资提供了新的视角。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.