文献类型：期刊文献

英文题名：Labor protection and firms' risk-taking behavior: evidence from China's New Labor Contract Law

作者：Che, Yi[1];Li, Xuchao[2];Zhang, Yan[3];Zhao, Lin[3]

机构：[1]East China Univ Sci & Technol, Sch Business, Shanghai, Peoples R China;[2]Wuhan Univ, Ctr Econ Dev Res CEDR, Wuhan, Peoples R China;[3]Shanghai Univ Finance & Econ, Sch Econ, Shanghai 200433, Peoples R China

年份：2024

卷号：91

外文期刊名：JOURNAL OF ASIAN ECONOMICS

收录：;WOS:【SSCI(收录号:WOS:001197769500001)】；

基金：Yi Che gratefully acknowledges support from the National Natural Science Foundation of China (NSFC, Grant No. 72073095) , East China University of Science and Technology ' s Exploratory Research Fund Project and East China University of Science and Technology ' s Postgraduate Education Teaching Reform Program. Yan Zhang gratefully acknowledges support from the Fundamental Research Funds for the Central Universities: " High -Quality Development of Digital Economy: An Investigation of Characteristics and Driving Strategies (Grant Numbers 2023110139) , and support from Shanghai Planning Office of Philosophy and Social Science (2023BJB010) .

语种：英文

外文关键词：Labor protection; Risk-taking; China; Labor Contract Law

摘要：China's new Labor Contract Law (LCL), which came into force in 2008, has greatly improved the protection of workers and increased the cost of labor. This study employs the cross-sectional variation in labor intensity and time variation before and after the new LCL, to investigate its impact on firms' risk-taking behavior. The analysis finds strong and robust evidence that the LCL increased the risk-taking of firms in industries with higher labor intensity. The increased risktaking mainly arose among firms in regions with stricter law enforcement, firms that were less law abiding before the new LCL, as well as non-state-owned firms and efficient firms. The study also identifies two key mechanisms through which the new LCL increased firms' risk-taking behavior: capital deepening and productivity improvement.