Abstract
Drawing upon the deregulation of initial public offerings (IPOs) in China, our study reveals a substantial and negative correlation between shareholder bargaining power and the labor income share. This association is particularly pronounced in companies with a higher proportion of institutional investor holdings, within more competitive industries, and those grappling with more severe financing constraints. For scholars exploring the distributive impact of capital market regulatory policies, we emphasize a cautionary note: shareholder capitalism could expedite the erosion of the labor share, potentially exacerbating inequality.
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