1、每日微信群内分享7+最新重磅报告； 4、行研报告均为公开版，权利归原作者 所有，起点财经仅分发做内部学习。。The Working Paper series is a continuation of the formerly named Discussion Paper series;the numbering of the papers continued without interruption or change. ADBI’s working papersreflect initial ideas on a topic and are posted online for discussion. Some working papers maydevelop into other forms of publication.Suggested citation:Fukao, K., K. Ito, and C. Perugini. 2019. A Microeconomic Analysis of the Declining LaborShare in Japan. ADBI Working Paper 925. Tokyo: Asian Development Bank Institute.Available: adb/publications/microeconomic-analysis-declining-labor-share- japanPlease contact the authors for information about this paper.Email: ito-koji@meti.go.jpKyoji Fukao is a professor of economics at the Institute of Economic Research ofHitotsubashi University in Japan. Koji Ito is a consulting fellow at the Ministry of Economy,Trade, and Industry in Japan. Cristiano Perugini is an associate professor at the Universityof Perugia in Italy.The views expressed in this paper are the views of the author and do not necessarily reflectthe views or policies of ADBI, ADB, its Board of Directors, or the governments theyrepresent. ADBI does not guarantee the accuracy of the data included in this paper andaccepts no responsibility for any consequences of their use. Terminology used may notnecessarily be consistent with ADB official terms.Working papers are subject to formal revision and correction before they are finalized andconsidered published.Asian Development Bank InstituteKasumigaseki Building, 8th Floor3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, JapanTel:+81-3-3593-5500Fax:+81-3-3593-5571URL:adbiE-mail:info@adbi 2019 Asian Development Bank InstituteADBI Working Paper 925 Fukao, Ito, and PeruginiAbstractThe labor share in Japan has been declining significantly over the last three decades,accompanied by persistent stagnation and an unprecedented increase in economicinequalities. Since these dynamics are likely to be interrelated, understanding the drivers ofthe labor share might contribute significantly to the Japanese economic and policy debate.Surprisingly, the existing literature on the labor share in Japan is rather limited and confinedto country or industry studies. We first attempt to analyze the drivers of the labor share inJapan at the firm level. To this aim, we employ a panel of manufacturing firms from the BasicSurvey of Japanese Business Structure and Activities, spanning from 2001 to 2012. By meansof panel data estimators, we show how, besides technological variables, firms’ labor sharedepends significantly on the share of regular workers, on the importance of firms’ international engagement, and on various institutional settings of the product andlabor markets.Keywords: labor share, firm-level analysis, Japan, panel dataJEL Classification: D33, F61, J30, L11ADBI Working Paper 925 Fukao, Ito, and PeruginiContents1. INTRODUCTION ......... 12. THE DRIVERS OF THE LABOR SHARE: LITERATURE BACKGROUND .... 23. EMPIRICAL MODEL AND ESTIMATION STRATEGY ........... 54. DATA AND SUMMARY STATISTICS . 65. ECONOMETRIC RESULTS .... 85.1 Benchmark Estimations ........... 85.2 Estimation with Sector-Level Variables ......... 116. CONCLUDING REMARKS.... 13REFERENCES ......... 15APPENDIX .... 19。。。。。。