Population aging and corporate innovation: evidence from China

Bo Zhang, Ruixue Zhou, Limei Yang and Ximeng Zhang

Asia-Pacific Journal of Accounting & Economics, 2023, vol. 30, issue 4, 986-1007

Abstract: Using a sample of Chinese listed firms from 2007 to 2017, this study documents that corporate innovation is negatively associated with population aging, indicating that the aging workforce impedes corporate innovation. We further find evidence suggesting that education and stock-based incentive plans are two ways to alleviate the negative impact of population aging on corporate innovation. Our study complements existing research investigating the determinants of corporate innovation and extends the literature examining the economic consequences of population aging. This study also sheds light on the critical role of non-executive employees on corporate innovation.

Date: 2023
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DOI: 10.1080/16081625.2022.2047741

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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