The macroeconomic implications of movements in labour income share across several economies are of serious concern. This study examines the relationship between labour income share and its key drivers: market power, capital intensity and automation. The study uses data on Indian firms from 2013 to 2021. The relationship is analysed by employing panel fixed effects and method of moments panel quantile estimators. The results indicate that market power is significantly and negatively associated with the labour share of income. Similarly, capital intensity and automation have a positive impact on the labour income share. Estimates of quantile regression reveal that the influence of market power and automation becomes more pronounced at higher quantiles of the labour share. In general, the relationship is consistent even after accounting for firm size and ownership type. The study also indicate complementary nature of labour and capital.

几个经济体劳动收入份额变动对宏观经济的影响值得严重关注。本研究探讨了劳动收入份额与其关键驱动因素之间的关系：市场力量、资本密集度和自动化。该研究使用了 2013 年至 2021 年印度企业的数据。通过采用面板固定效应和矩面板分位数估计方法来分析这种关系。结果表明，市场力量与收入中的劳动份额显着负相关。同样，资本密集度和自动化对劳动收入份额也有积极影响。分位数回归的估计表明，市场力量和自动化的影响在劳动力份额的较高分位数处变得更加明显。一般来说，即使考虑了公司规模和所有权类型，这种关系也是一致的。研究还表明劳动力和资本具有互补性。