abstract: 'This paper studies how labor supply affects corporate investment by

  exploiting an exogenous policy relaxation of urban household

  registration (hukou) in China. We find that following the staggered

  hukou policy change, low-skilled labor inflow leads to an increase in

  the capital expenditure of local firms, consistent with the

  complementarity hypothesis of low-skilled labor and physical capital.

  The results are stronger for firms that are less automated and more

  labor intensive and for regions with lower household income. Our

  findings suggest that labor mobility induced by labor market friction

  reduction stimulates corporate investments.'
affiliation: 'Xiao, Y (Corresponding Author), Shanghai Int Studies Univ, Sch Business
  \& Management, Shanghai, Peoples R China.

  Zhang, J (Corresponding Author), Guizhou Educ Univ, Sch Business, Guiyang, Guizhou,
  Peoples R China.

  Wu, Ziqi; Xiao, Yi, Shanghai Int Studies Univ, Sch Business \& Management, Shanghai,
  Peoples R China.

  Zhang, Jian, Guizhou Educ Univ, Sch Business, Guiyang, Guizhou, Peoples R China.'
author: Wu, Ziqi and Xiao, Yi and Zhang, Jian
author-email: 'wuziqi@shisu.edu.cn

  yixiao@shisu.edu.cn

  jianzhang@shisu.edu.cn'
author_list:
- family: Wu
  given: Ziqi
- family: Xiao
  given: Yi
- family: Zhang
  given: Jian
da: '2023-09-28'
doi: 10.1016/j.iref.2022.04.001
earlyaccessdate: APR 2022
eissn: 1873-8036
files: []
issn: 1059-0560
journal: INTERNATIONAL REVIEW OF ECONOMICS \& FINANCE
keywords: 'Investment; Low-skilled labor; Immigration; Capital-skill

  complementarity'
keywords-plus: 'SKILL COMPLEMENTARITY; FINANCING CONSTRAINTS; IMMIGRATION; IMPACT;

  WAGES; INEQUALITY; GOVERNANCE; EMPLOYMENT; INNOVATION; MIGRATION'
language: English
month: JUL
number-of-cited-references: '62'
orcid-numbers: Zhang, Jian/0000-0002-2342-2930
pages: 1110-1129
papis_id: 8537d6981f47cc9a79597fefa74c30de
ref: Wu2022labormobility
researcherid-numbers: 'Wu, Ziqi/GRO-5862-2022

  '
times-cited: '2'
title: Labor mobility and corporate investment-Evidence from a Quasi-natural experiment
  in China
type: Article
unique-id: WOS:000794853000006
usage-count-last-180-days: '5'
usage-count-since-2013: '13'
volume: '80'
web-of-science-categories: Business, Finance; Economics
year: '2022'