Has Population Aging Led to Strategic Shifts in Enterprises?
By Hanteng Li, Yun Qin & Yuhang Wang
This paper uses Chinese listed companies from 2009 to 2023 as a sample to systematically examine the impact pathways and mechanisms through which population aging influences corporate strategic transformation. The study finds a significant positive relationship between population aging and corporate strategic transformation, and this conclusion remains robust under multiple sensitivity tests. Further analysis of moderating effects indicates that a firm’s innovation capability plays an important moderating role in the relationship between population aging and corporate strategic transformation; that is, firms with higher innovation capability are more inclined to undertake strategic adjustments in response to aging pressures. Threshold regression analysis reveals a significant threshold effect in the impact of population aging on corporate strategic transformation: as firm size changes, the characteristics of the impact also vary. These empirical results enrich the theoretical understanding of how population aging affects corporate behavior and provide theoretical guidance for enterprises in addressing demographic shifts.
Source ScienceDirect
