A ailable online a www. ajou nals.in
In e na ional Jou nal o Managemen and Economics
In en ion
ISSN: 2395-7220
DOI: 10.47191/ijmei/ 11i10.02
Volume: 11 Issue: 10 Oc obe 2025
In e na ional
Open Access
Impac Fac o :
8.518 (SJIF)
Page no. 4706-4720
4706
Xinyun Zhang, IJMEI Volume 11 Issue 10 Oc obe 2025
Cul u al Dynamics and "Sha ing he Cake": Cul u al Inclusion o Cul u al
Supe io i y
Xinyun Zhang
Publici y Depa men , Uni e si y o In e na ional Business and Economics (UIBE), Beijing 100029, China
ARTICLE INFO
ABSTRACT
Published Online:
08 Oc obe 2025
Co esponding Au ho :
Xinyun Zhang
The cu en end o cul u al globaliza ion has p omp ed socie y o conside wo cul u al
dynamics: cul u al inclusion and cul u al supe io i y, which can con ibu e o a mo e a ional
dis ibu ion o he "cake" in he common weal h? To his end, his pape cons uc s wo
a iables, cul u al inclusion and cul u al supe io i y, based on he numbe o emples o
Con ucianism, Buddhism, Taoism, Ch is iani y, and Islam, and d aws he ollowing
conclusions: Fi s , cul u al inclusion can inc ease he sha e o labo income and educe he gap
in labo dis ibu ion, hus p omo ing he "good dis ibu ion o he cake", while cul u al
supe io i y can p omo e he "good dis ibu ion o he cake". Second, when execu i es do no
ha e o e seas expe ience, he posi i e e ec o cul u al inclusion on " good dis ibu ion o he
cake " is mo e p onounced, while he opposi e is ue o cul u al supe io i y; Thi d, cul u al
inclusion may be able o sha e he cake well by imp o ing co po a e in o ma ion anspa ency
and poo ly by inc easing he i s ca ego y o agency cos s, while he opposi e is ue o cul u al
supe io i y. The esea ch in his pape p o ides impo an cul u al insigh s in o he "good
dis ibu ion o he cake" componen o p omo ing sha ed p ospe i y.
KEYWORDS: cul u al inclusion; cul u al supe io i y; sha ing he cake; common weal h.
1. INTRODUCTION
Agains he backd op o he changing wo ld si ua ion
and he inc easing end o economic and cul u al
globaliza ion, people o all coun ies a e s anding a he
c oss oads o hei own ci iliza ions, wi nessing, ca ing and
hinking abou he clash o ci iliza ions and hei u u e
de elopmen . Will he de elopmen o di e se human
ci iliza ions be mu ually inclusi e and blossoming o will he
mos ad an ageous ci iliza ions be deposed? On Ma ch 15,
2023, Xi Jinping poin ed ou a he High-le el Dialogue
be ween he Communis Pa y o China and he Wo ld's
Poli ical Pa ies ha we should join ly ad oca e espec o
he di e si y o wo ld ci iliza ions and he supe io i y o
ci iliza ional exchange, mu ual app ecia ion and
ci iliza ional ole ance o e ci iliza ional di isions, clashes
and supe io i y[1] . Conside ing ha he concep o ci iliza ion
is oo b oad and di icul o measu e, and cul u e is he main
sou ce o ci iliza ional di e ences, based on Williams'
de ini ion o cul u e and ci iliza ional con e gence[2] , he
ollowing will eplace ci iliza ion wi h cul u e o u he
analysis.
As China en e s a mode a ely p ospe ous socie y by
2020, he ocus o mode niza ion will g adually shi o
common p ospe i y[3] . Howe e , al hough he pola iza ion o
income dis ibu ion has been e ec i ely alle ia ed a e mo e
han 40 yea s o e o m and opening up, he e is s ill a la ge
gap be ween ci izens' incomes and a long way o go o achie e
he "oli e-shaped" goal.[4] China s ill has a long way o go o
“Cul u al Dynamics and "Sha ing he Cake": Cul u al Inclusion o Cul u al Supe io i y”
4707
Xinyun Zhang, IJMEI Volume 11 Issue 10 Oc obe 2025
achie e he goal o common p ospe i y. The Cen al
Economic Con e ence in 2021 poin ed ou ha he goal o
common p ospe i y canno be achie ed wi hou imp o ing
he income dis ibu ion sys em on he basis o highe
incomes.[5] . How o imp o e he dis ibu ion sys em, na ow
he income gap and sha e he a luen cake is he key poin o
be sol ed on he way o achie e common p ospe i y in China.
F om a cul u al pe spec i e, a cul u ally inclusi e socie y and
a cul u ally supe io socie y ha e di e en ideas abou
"dis ibu ing he cake". A cul u ally inclusi e socie y aims a
cul u al symbiosis, a plu alis ic and egali a ian alue buil on
he p inciple o common subjec i i y[6] , while a cul u ally
supe io socie y always ollows he special p inciple o
pu suing p i a e in e es s[7] . Howe e , con empo a y socie y
ends o pu sue cul u al di e si y and p omo e cul u al
inclusion, while some people ad oca e cul u al cohesion,
b inging o li e he excellen adi ional Chinese cul u e such
as Con ucianism, u he enhancing cul u al con idence, and
making he excellen adi ional cul u e supe io o he
in luence o o he cul u es o achie e cul u al supe io i y.
Such wo cul u al dynamics a e bound o in luence he
hinking o he managemen o he en e p ise, which in u n
can di ec ly in luence he dis ibu ion o he "cake", so he
cul u al dynamics will ha e an impo an impac on he "good
dis ibu ion o he cake". So, which is mo e bene icial o he
common weal h, cul u al inclusion o cul u al supe io i y?
This pape is based on hese ques ions.
I is well documen ed ha in o mal cul u es such as
Con ucianism can signi ican ly in luence co po a e beha io
and e ec s on sha ed p ospe i y, o example, Con ucianism
can p omo e co po a e social esponsibili y[8] and cha i able
gi ing[9] o p omo e he goal o sha ed p ospe i y, bu i can
also inhibi sha ed p ospe i y by inc easing he pay gap
be ween execu i es and employees h ough "hie a chical
pe cep ions". [10]The impac o o eign cul u e can weaken he
in luence o Con ucianism[11] . Based on he complemen a i y
o s eng hs and weaknesses, he ex en o which adi ional
cul u es, such as Con ucianism, can educe he impac o hei
inhibi ing mechanisms on sha ed p ospe i y h ough
inclusion wi h o he cul u es is conside ed. Speci ically, does
cul u al inclusion ha e a acili a ing e ec on he sha ing o
he cake? Does cul u al supe io i y ha e a nega i e o
nega i e e ec on he sha ing o he cake?
This pape cons uc s cul u al inclusion and cul u al
supe io i y indica o s based on he numbe o Con ucianism,
Buddhism, Taoism, Ch is iani y, and Islam emples in each
p e ec u e-le el ci y in China o in es iga e hei e ec s on
common weal h and he mechanisms o hei e ec s. I is
ound ha cul u al inclusion p omo es be e "cake
dis ibu ion", while cul u al supe io i y educes he
pe o mance o companies in "sha ing he cake". The s udy
u he inds ha he posi i e e ec o cul u al inclusion on
"dis ibu ing he cake" is mo e p onounced in companies
whose execu i es do no ha e o e seas expe ience, while he
nega i e e ec o cul u al supe io i y on "dis ibu ing he
cake" is mo e p onounced in companies whose execu i es do
no ha e o e seas expe ience. The mechanism s udy inds
ha cul u al inclusion and cul u al supe io i y a ec he
dis ibu ion o he common weal h "cake" by a ec ing
co po a e in o ma ion anspa ency and i s -class agency
cos s. Speci ically, cul u al inclusion posi i ely a ec s he
dis ibu ion o he "cake" by inc easing in o ma ion
anspa ency, while cul u al supe io i y nega i ely a ec s he
dis ibu ion o he "cake" by dec easing in o ma ion
anspa ency; cul u al inclusion inc eases he i s ype o
agency cos s, while cul u al supe io i y dec eases he i s
ype o agency cos s. Cul u al inclusion inc eases he i s
ype o agency cos s, while cul u al supe io i y dec eases he
i s ype o agency cos s, which in u n a ec s he
dis ibu ion o he "cake".
Compa ed wi h exis ing s udies, he possible
con ibu ions o his pape a e mainly in he ollowing aspec s.
Fi s , i opens up a new ield o esea ch on sha ed p ospe i y
om he pe spec i e o cul u al dynamics and p o ides a new
pe spec i e and me hod o explo ing he impac o cul u al
c oss- e iliza ion on economic and social de elopmen .
Secondly, we use empi ical analysis o cla i y he in luence
o cul u al inclusion and cul u al supe io i y on "sha ing he
cake", and e eal ha cul u al inclusion is he cul u al pos u e
ha can eally "sha e he cake", while cul u al supe io i y,
which is a compe i i e ideology, is incompa ible wi h he goal
o "common weal h" in China. The cul u al supe io i y is
incompa ible wi h he goal o "common p ospe i y" in China,
and p o ides a s ong suppo o China o ake he oad o
peace ul de elopmen . Thi d, om he pe spec i e o
mechanism, i e eals he key ole o in o ma ion
anspa ency and he i s ype o agency cos s in his p ocess,
which p o ides use ul insigh s o imp o ing he income
dis ibu ion sys em, na owing he income gap and p omo ing
common p ospe i y.
“Cul u al Dynamics and "Sha ing he Cake": Cul u al Inclusion o Cul u al Supe io i y”
4708
Xinyun Zhang, IJMEI Volume 11 Issue 10 Oc obe 2025
2. LITERATURE REVIEW AND RESEARCH
HYPOTHESIS
2.1 Li e a u e Re iew
In ecen yea s, cul u al s udies ha e apidly eme ged in
he ields o inance and managemen , and people ha e begun
o pay a en ion o he consequences o he in luence o
cul u e on economy and socie y. Fo eign cul u al s udies
mainly ocus on he in luence o Wes e n eligious cul u e[12] ,
while in China, he excellen adi ional cul u e -
Con ucianism cul u e, because o i s wo ld in luence and
non-supe s i ion and o he cha ac e is ics, leading o mos
domes ic cul u al s udies based on he Con ucian cul u al
pe spec i e, i has been ound ha Con ucian cul u e can
imp o e in e nal con ol go e nance[13] , enhance isk- aking
capaci y[14] and Con ucian cul u e has been ound o enhance
co po a e capabili ies such as in e nal con ol go e nance[17] ,
isk- aking capaci y[15] , and inno a ion capaci y , as well as
p omo e co po a e social esponsibili y by cu bing
i egula i ies o majo sha eholde s[16] and inc easing
in es men in en i onmen al p o ec ion . Howe e , mos o
he exis ing a icles s udying he impac o cul u e on
economy and socie y a e based on indi idual cul u es, and
he e a e no ele an s udies based on c oss-cu ing aspec s o
adi ional cul u es.
In e ms o sha ed p ospe i y, he e is a gene al
consensus o "sha e he pie well" while "making he pie
bigge ", as mo e and mo e s udies ha e con i med ha he
o e all gap be ween he ich and he poo has widened o e
he pas h ee cen u ies o so[18-20] . Fo companies, "sha ing
he pie" is mainly e lec ed in he inc ease o he sha e o
labo income and he educ ion o he a e age compensa ion
gap be ween managemen and employees[21-22] . The e a e
many ac o s ha in luence he sha e o income and he
in e nal pay gap, such as he inabili y o achie e op imal pay
based on in o ma ion misalignmen [23] , which leads o mo e
"noise" in execu i e pay ha is no ela ed o e o [24] ,
including su plus managemen o whi ewash pe o mance[25] ,
and agency-based heo y, whe e managemen powe can
enable managemen o in luence pay design and [26] and e en
collusion wi h he boa d o di ec o s[27] , while ew s udies
based on Con ucian cul u al pe spec i es on he impac o
"sha ing he cake" a e con o e sial, wi h bo h nega i e and
posi i e e ec s[28] and[29] , he possible easons o such
conclusions being di e en measu es o Con ucian cul u e.
Howe e , cul u e is a b oad ac o , and i s measu emen is a
"black box" ha canno be opened. Based on his si ua ion,
his pape a emp s o s udy he composi ion a io o di e en
local cul u es based on he Con ucian cul u e measu emen
me hod, and hen o iden i y he cul u al ac o s ha
con ibu e o "sha ing he cake" om he pe spec i e o
cul u al dynamics. The ad an age o his is ha he
composi ion o di e en cul u es can, o some ex en ,
elimina e he measu emen e o o a single cul u e and
mi iga e he in luence o o he common ac o s on di e en
cul u es.
2.2 Resea ch hypo hesis
Ci iliza ional supe io i y, as he spi i ual co e o
Wes e n cen ism, mani es s i sel as "supe io i y" h ough
acial consciousness, cul u al alues and o he dimensions,
which mani es s i sel a he cul u al le el as cul u al
supe io i y, i.e. as a cul u al p e e ence ha esis s he
de elopmen o o he cul u es a ound i , especially hose ha
a e h ea ening o i . An ex eme example o his is "Ame ican
cul u al cen ism", he belie ha wo ld cul u e should be
highly homogenized and in eg a ed, a o m o cul u al
hegemony ha is i sel ano he o m o capi alism[6] . Cul u al
inclusion is he co e o cul u al ela i ism and cul u al
plu alism, which ejec s absolu e and cen alized cul u al
o ms and ad oca es cul u al in e ac ion and cul u al
inclusion. Al hough he edi ice o Wes e n capi alism oday is
buil on he apex o human socie y, his does no mean ha
capi alism is all-jus , much less ha cul u al supe io i y is all-
jus . The unjus side o cul u al supe io i y is mani es ed in
he aliena ion o human ela ions caused by i , and he
cons an pu sui o ma e ial in e es s and pe sonal sel ishness
e odes he e i o y o alue a ionali y. The i onic image o
"man-ea ing man" is always unde he cu ain[30] . I is wo h
no ing ha his cul u al o m pu sues no he weal h o socie y,
bu he insigni ican weal h o indi iduals[31] , which is
des ined o lead egions and en e p ises ha a o cul u al
supe io i y o pu sue mo e sel ish sa is ac ion, hus g adually
igno ing he common weal h, he li elong goal o communis s.
Cul u al ole ance, he cul u al exp ession o he concep o
ci iliza ional coexis ence, may be he solu ion o he dilemma
o sel ishness b ough abou by cul u al supe io i y, because
an equal, ha monious and coexis en ci iliza ion canno be
based on special in e es s, bu mus be based on he common
in e es s and common alues o mankind, and hus can sol e
he con adic ion be ween he pa icula i y and uni e sali y
b ough abou by he men ali y o cul u al supe io i y o
capi alism, and hus p omo e The common p ospe i y,
“Cul u al Dynamics and "Sha ing he Cake": Cul u al Inclusion o Cul u al Supe io i y”
4709
Xinyun Zhang, IJMEI Volume 11 Issue 10 Oc obe 2025
especially in e ms o "sha ing he cake", can be achie ed.
Secondly, cul u al inclusion, as opposed o cul u al
supe io i y, enables companies and egions o ha e a global
a he han a local pe spec i e, which leads o a change in he
way hey hink abou he "dis ibu ion o he cake" and a eal
unde s anding o he posi i e meaning o common p ospe i y
o socie y and hemsel es.
A he en e p ise le el, "sha ing he cake" can be
conside ed om wo pe spec i es: income dis ibu ion gap
and labo income sha e. F om he pe spec i e o income
dis ibu ion gap, companies ha ad oca e cul u al inclusion
ha e less sel ishness han companies wi h supe io cul u e
due o he men ali y o inclusion, and hey will pu sue
ha monious ela ionships wi h hei supe io s and
subo dina es. Based on he abo e conside a ions, cul u al
inclusion can make managemen ac i ely o passi ely educe
he gap be ween hei pay and ha o he gene al employees
conside ing ha monious ela ionships[32-33] , while cul u al
supe io i y may make managemen ac i ely o passi ely use
non-posi i e means o inc ease hei own pay, hus inc easing
he gap be ween hei pay and ha o he gene al employees.
Based on he abo e analysis, his pape p oposes he
ollowing hypo heses:
Hypo hesis H1: Cul u al inclusion will educe he
income gap be ween managemen and gene al employees.
Hypo hesis H2: Cul u al supe io i y will inc ease he
income gap be ween managemen and gene al employees.
F om a labo income sha e pe spec i e, in o ma ion
asymme y is a key ac o in no achie ing an op imal
compensa ion sys em.[23] E en company CEOs ecei e only
0.5% o he alue hey c ea e due o he employe 's di icul y
in de e mining he indi idual's con ibu ion o alue
c ea ion.[34] The educ ion in he psychological dis ance
be ween owne s and employees b ough abou by cul u al
inclusion can educe he deg ee o employees' concealmen
o p i a e in o ma ion, which, despi e he po en ial bene i s
o employees, may also con ibu e o he inabili y o
compensa ion make s o unde s and he ull ange o
co po a e and employee in o ma ion and hus o se
compensa ion inco ec ly, and hus he elease o such
in o ma ion may educe he deg ee o compensa ion
asymme y by inc easing he anspa ency o co po a e
in o ma ion. The elease o such in o ma ion may educe
in o ma ion asymme y by inc easing he anspa ency o
co po a e in o ma ion, hus op imizing compensa ion and
inc easing he sha e o labo income. The opposi e is ue o
he cul u al ad an age, as he employees' pu sui o sel -
in e es may make hem ca e mo e abou sho - e m in e es s
and conceal he ew in o ma ion ha hey only know, so ha
hey can ob ain p i a e gains in some way, which leads o he
dec ease o co po a e in o ma ion anspa ency and he
inc ease o in o ma ion asymme y and may educe he labo
income sha e. Based on he abo e analysis, his pape
p oposes he ollowing hypo heses:
Hypo hesis H3: Cul u al inclusion will inc ease he labo
income sha e.
Hypo hesis H4: Cul u al supe io i y educes he labo
income sha e.
3. STUDY DESIGN
3.1 Sample selec ion
This pape akes he lis ed companies in Shanghai and
Shenzhen A-sha es om 2011 o 2020 as he esea ch sample
and sc eens hem by he ollowing c i e ia: i s , excluding
inancial and insu ance companies; second, excluding ST and
*ST lis ed companies; hi d, excluding companies wi h
missing equi ed da a. A o al o 12,271 sample alues we e
ob ained a e sc eening. To exclude he e ec o ex eme
alues, his pape Winso ize all con inuous a iables a he
uppe and lowe 1%. The equi ed co po a e inancial and
go e nance da a o his pape we e ob ained om CSMAR
and CNRDS da abases. The da a p ocessing so wa e is
Py hon and S a a 15.0.
3.2 Model cons uc ion and a iable de ini ion
3.2.1. Model cons uc ion
In o de o es he in luence o cul u al ole ance and
cul u al supe io i y on "sha ing he cake", models (1) and (2)
a e cons uc ed in his pape .
Incomei, = α0 + α1 CTOi, + α2 Con olsi, + Indus y +
Yea + ξi, (1)
Incomei, = α0 + α1 CTRi, + α2 Con olsi, + Indus y +
Yea + ξi, (2)
The explana o y a iables Income deno e he wo key
componen s o "sha ing he cake", i.e., labo income sha e
and income dispa i y, CTO deno es cul u al inclusion, and
CTR deno es cul u al supe io i y, as de ined below. con ols
deno e con ol a iables, including e u n on equi y (ROE),
i m size (Size), capi al s uc u e (Le ), g ow h, numbe o
di ec o s (Boa d), independen di ec o s (Indep), op
sha eholde (Top1), and equi y balance (Le ). Size), capi al
s uc u e (Le ), i m g ow h (G ow h), numbe o di ec o s
“Cul u al Dynamics and "Sha ing he Cake": Cul u al Inclusion o Cul u al Supe io i y”
4710
Xinyun Zhang, IJMEI Volume 11 Issue 10 Oc obe 2025
(Boa d), p opo ion o independen di ec o s (Indep),
p opo ion o sha es held by he la ges sha eholde (Top1),
equi y checks and balances (Balance), deg ee o sepa a ion o
powe s (LQFLD), p opo ion o emale di ec o s (NXDS),
and owne ship s uc u e (SOE). In his pape , we con ol o
he e ec s o yea ixed e ec s and indus y ixed e ec s, and
clus e -adjus ed s anda d e o s a he i m le el.
3.2.2. Key a iable de ini ion
3.2.2.1 Explana o y a iable: sha e o labo income
(dis ibu ion). The sha e o labo income is calcula ed by
using "cash paid o and o employees" as a p opo ion o o al
ope a ing income.[35] , which is deno ed as con ibu ion_1. To
enhance he eliabili y o he conclusion, we e e o he
p ac ice o Wang Xiongyuan and Huang Yujing, and use
"cash paid o and o employees" as a p opo ion o o al
ope a ing income. In o de o enhance he eliabili y o he
indings, he sha e o labo income is measu ed by using
"cash paid o employees and cash paid o employees" plus
he pay oll payable a he end o he pe iod minus he pay oll
payable a he beginning o he pe iod and di iding i by he
o al ope a ing income[36] , deno ed as dis ibu ion_2, as a
p oxy a iable o he sha e o labo income.
3.2.2.2 The explana o y a iable income gap (gap). The
a iable o income gap is gap_ a . Re e ing o K. Zhang e
al. he a io measu e o he a e age managemen
compensa ion o he a e age employee compensa ion is
used[37] . To enhance he obus ness o he a icle, he a io o
he a e age compensa ion o he op h ee execu i es o he
a e age compensa ion o he emaining employees
( h eegap)[38] and he na u al loga i hm o he di e ence
be ween he a e age compensa ion o managemen and he
a e age compensa ion o employees (gap_abs)[26] a e selec ed
as he emaining wo measu es o pay gap o obus ness
es ing by e e ing o Jiang e al. and Liang-Yin Chen e al.
3.2.2.3 Explana o y a iable cul u al inclusion (CTO).
Since China is mos in luenced by Con ucianism, Buddhism,
Islam and Ch is iani y a e he mos in luen ial eligions in he
wo ld and s ill ha e some in luence in China, his pape
measu es cul u al ole ance and cul u al supe io i y based on
i e eligions: Con ucianism, Buddhism, Islam and
Ch is iani y. A p esen , he numbe o Con ucian schools, he
numbe o emples[39] o he dis ance be ween en e p ises and
1
No e: Fo he con enience o analysis, he eligion
wi h he la ges numbe o clan emples in he
p e ec u e-le el ci y is e e ed o as he main
hei cul u al o igins[40] a e commonly used o measu e
adi ional cul u es such as Con ucianism and me chan
cul u e. Conside ing he a ailabili y o da a, his pape uses
he numbe o emples o each eligion wi hin he p e ec u e-
le el ci y whe e he en e p ise is egis e ed o cons uc he
cul u al inclusion and cul u al supe io i y indica o s. The da a
is p ocessed by ob aining he geog aphical loca ions o he
clan emples o i e eligions based on he CNRDS da abase
and ma ching hem wi h all p e ec u e-le el ci ies o ob ain
he numbe o emples o each eligion in each p e ec u e-
le el ci y
1
. Conside ing ha o he subjec eligion, excep
o he la ges objec eligion which is he mos h ea ening,
all o he eligions ha dly pose a h ea o he subjec eligion,
his pape akes he numbe o emples o he la ges objec
eligion di ided by he numbe o emples o he subjec
eligion o measu e he deg ee o ole ance o he subjec
eligion o he objec eligion, especially he eligion which
poses a h ea o i , which is eco ded as cul u al ole ance
(CTO_1), and secondly, o measu e he pe cen age o he
la ges objec eligion o o he o al numbe o all eligious
emples, which also e lec s he powe o he objec eligion
wi hin he p e ec u e, and hus he deg ee o ole ance o he
subjec eligion owa ds he mos h ea ening objec eligion,
no ed as cul u al ole ance (CTO_2). The speci ic
calcula ions a e shown in models (3) and (4):
CTO_1 = X2/X1 (3)
CTO_2 = X2/(X1+X2+X3+X4+X5) (4)
Among hem, X1 o X5 deno e he i e eligions o
Con ucianism, Buddhism, Taoism, Islam and Ch is iani y in
descending o de o he numbe o emples, i.e., X1 deno es
he numbe o emples o he eligion wi h he la ges numbe
o emples in a gi en p e ec u e-le el ci y, X2 deno es he
numbe o emples o he eligion wi h he second la ges
numbe o emples in a gi en p e ec u e-le el ci y, and so on.
3.2.2.4 Explana o y a iable cul u al supe io i y (CTR).
D awing on cul u al inclusion, cul u al supe io i y is
measu ed based on he numbe o clan emples o
Con ucianism, Buddhism, Taoism, Islam and Ch is iani y.
Speci ically, he la ge he di e ence be ween he numbe o
emples o he subjec eligion and he la ges objec eligion,
he highe he s a us o he subjec eligion. Conside ing ha
he e is a di e ence in he absolu e alue o he numbe o
eligion in his pape , and he emaining ou clan
emples become he gues clan emples.
“Cul u al Dynamics and "Sha ing he Cake": Cul u al Inclusion o Cul u al Supe io i y”
4711
Xinyun Zhang, IJMEI Volume 11 Issue 10 Oc obe 2025
eligious emples in each p e ec u e-le el ci y, his pape
adop s a p opo ional app oach o elimina e he di e ence in
he o al numbe o eligious emples wi hin he p e ec u e-
le el ci y, speci ically by using he numbe o emples o he
subjec eligion minus he numbe o emples o he la ges
objec eligion, and hen di iding he di e ence by he
numbe o eligious emples as a measu e o cul u al
supe io i y (CTR). To imp o e he obus ness o he indings,
his pape uses he CEO's place o bi h ins ead o he place
o business egis a ion o e-measu e he cul u al inclusion
and cul u al anscendence a iables in he obus ness es
sec ion. The speci ic calcula ions a e shown in model (5):
CTR = (X1-X2) / (X1+X2+X3+X4+X5) (5)
3.3 Desc ip i e s a is ics
Table 1 p esen s he esul s o desc ip i e s a is ics o
he key a iables. Among hem, he s anda d de ia ions o
cul u al inclusion CTO_1 and CTO_2 a e 0.232 and 0.113,
espec i ely, and he s anda d de ia ion o cul u al supe io i y
CTR is 0.258, bo h o which a e g ea e han 0.05, indica ing
ha he da a ha e a la ge dispe sion, i.e., he cul u al
dynamics o each p e ec u e-le el ci y has a la ge di e ence.
Table 1 Desc ip i e s a is ical analysis o key a iables
Va iables
Numbe o
samples
A e age alue
S anda d
de ia ion
Minimum alue
Median
Maximum
alue
dis ibu ion_1
12,271
0.126
0.083
0.012
0.109
0.454
gap _COPY a
12,271
1.529
0.605
0.251
1.481
3.268
CTO_1
12,271
0.283
0.232
0.011
0.179
0.959
CTO_2
12,271
0.178
0.113
0.005
0.143
0.468
CTR
12,271
0.567
0.258
0.000
0.630
0.985
ROE
12,271
0.062
0.124
-0.565
0.065
0.359
Size
12,271
22.36
1.176
19.96
22.24
25.73
Le
12,271
0.453
0.200
0.069
0.447
0.908
G ow h
12,271
0.157
0.421
-0.529
0.895
2.795
Boa d
12,271
8.672
1.674
5.000
9.000
15.00
Indep
12,271
0.373
0.052
0.333
0.333
0.571
Top1
12,271
0.330
0.143
0.087
0.306
0.716
Balance
12,271
0.698
0.591
0.028
0.531
2.706
LQFLD
12,271
5.401
7.807
0.000
0.000
28.83
NXDS
12,271
0.142
0.123
0.000
0.111
0.500
SOE
12,271
0.427
0.495
0.000
0.000
1.000
4. ANALYSIS OF EMPIRICAL RESULTS
4.1 Cul u al dynamics and sha ing he cake: a es o
cul u al inclusion
Table 2 p esen s he eg ession esul s o cul u al
inclusion (CTO_1, CTO_2) on labo income sha e
(dis ibu ion_1) and income gap (gap_ a ). In columns (1) and
(3), bo h cul u al inclusion and labo income sha e a e
signi ican ly posi i e a he 1% le el, indica ing ha cul u al
inclusion can expand he labo income sha e o i ms. In
columns (2) and (4), cul u al inclusion and income gap a e
bo h signi ican ly nega i e a he 1% le el, indica ing ha
cul u al inclusion can educe he income gap wi hin he i m.
The abo e esul s indica e ha cul u al inclusion can enhance
he pe o mance o en e p ises in "sha ing he cake well".
“Cul u al Dynamics and "Sha ing he Cake": Cul u al Inclusion o Cul u al Supe io i y”
4712
Xinyun Zhang, IJMEI Volume 11 Issue 10 Oc obe 2025
Table 2 Reg ession esul s o cul u al inclusion and sha ing he cake well
dis ibu ion_1
gap_ a
dis ibu ion_1
gap_ a
(1)
(2)
(3)
(4)
CTO_1
0.011***
-0.097***
(0.0026)
(0.0211)
CTO_2
0.028***
-0.140***
(0.0053)
(0.0430)
ROE
-0.072***
0.764***
-0.072***
0.764***
(0.0053)
(0.0428)
(0.0053)
(0.0428)
Size
-0.017***
0.187***
-0.017***
0.187***
(0.0007)
(0.0055)
(0.0007)
(0.0055)
Le
-0.052***
-0.110***
-0.052***
-0.109***
(0.0039)
(0.0312)
(0.0039)
(0.0312)
G ow h
-0.018***
-0.059***
-0.018***
-0.059***
(0.0015)
(0.0119)
(0.0015)
(0.0119)
Boa d
0.003***
0.002
0.003***
0.002
(0.0004)
(0.0036)
(0.0004)
(0.0036)
Indep
0.030**
-0.398***
0.030**
-0.388***
(0.0132)
(0.1070)
(0.0132)
(0.1070)
Top1
0.017***
-0.283***
0.017***
-0.279***
(0.0062)
(0.0502)
(0.0062)
(0.0502)
Balance
0.005***
0.043***
0.005***
0.044***
(0.0014)
(0.0116)
(0.0014)
(0.0116)
LQFLD
4.96e-05
0.001**
5.35e-05
0.001**
(7.95e-05)
(0.0006)
(7.94e-05)
(0.0006)
NXDS
-0.004
-0.170***
-0.004
-0.169***
(0.0050)
(0.0407)
(0.0050)
(0.0407)
SOE
0.008***
0.764***
0.008***
0.764***
(0.0015)
(0.0428)
(0.0014)
(0.0428)
Cons an
0.430***
-1.847***
0.428***
-1.864***
(0.0170)
(0.1370)
(0.0170)
(0.1380)
Yea & Ind
Y
Y
Y
Y
N
12,271
12,271
12,271
12,271
R2 -adj
0.399
0.254
0.399
0.254
No e: *, ** and *** indica e signi ican a he 10%, 5% and 1% le els, espec i ely, wi h s anda d e o s in pa en heses. Same below.
4.2 Cul u al dynamics and sha ing he cake: he cul u al
supe io i y es
Table 3 p esen s he eg ession esul s o cul u al
supe io i y (CTR) on labo income sha e (dis ibu ion_1) and
income gap (gap_abs). In column (1), cul u al supe io i y is
signi ican ly nega i e wi h labo income sha e a he 1% le el,
indica ing ha cul u al supe io i y can educe he labo
income sha e o i ms. In column (2), cul u al inclusion and
income gap a e signi ican ly posi i e a he 1% le el,
indica ing ha cul u al supe io i y can widen he pay gap
wi hin he i m. The abo e esul s sugges ha cul u al
supe io i y can educe he pe o mance o companies in
"sha ing he cake".
“Cul u al Dynamics and "Sha ing he Cake": Cul u al Inclusion o Cul u al Supe io i y”
4713
Xinyun Zhang, IJMEI Volume 11 Issue 10 Oc obe 2025
Table 3 Reg ession esul s o cul u al supe io i y and sha ing he cake well
dis ibu ion_1
gap_abs
(1)
(2)
CTR
-0.008***
0.102***
(0.0023)
(0.0189)
ROE
-0.072***
0.764***
(0.0053)
(0.0428)
Size
-0.017***
0.187***
(0.0007)
(0.0055)
Le
-0.052***
-0.110***
(0.0039)
(0.0312)
G ow h
-0.018***
-0.059***
(0.0015)
(0.0119)
Boa d
0.003***
0.002
(0.0004)
(0.0036)
Indep
0.029**
-0.396***
(0.0132)
(0.1070)
Top1
0.017***
-0.284***
(0.0062)
(0.0502)
Balance
0.005***
0.043***
(0.0014)
(0.0116)
LQFLD
5.36e-05
0.001**
(7.95e-05)
(0.0006)
NXDS
-0.004
-0.169***
(0.0050)
(0.0406)
SOE
0.008***
-0.108***
(0.0015)
(0.0117)
Cons an
0.441***
-1.937***
(0.0169)
(0.1360)
Yea & Ind
Y
Y
N
12,271
12,271
R2 -adj
0.398
0.255
4.3 Robus ness es
4.3.1 p oxy a iables o labo income sha e
Following he idea in he a iable de ini ion sec ion
abo e, he sha e o labo income (con ibu ion_2) is measu ed
as a p oxy o he sha e o labo income by using "cash paid
o and o employees" plus he pay oll payable a he end o
he pe iod minus he pay oll payable a he beginning o he
pe iod, di ided by he o al ope a ing income o he i m. As
shown in Table 4, in columns (1) and (2), cul u al inclusion
(CTO_1, CTO_2) and labo income sha e (dis ibu ion_2) a e
bo h signi ican ly posi i e a he 1% le el. In columns (3) and
(3), cul u al supe io i y (CTR) and labo income sha e
(dis ibu ion_2) a e signi ican ly nega i e a he 1% le el,
indica ing ha he indings o his pape a e obus .
“Cul u al Dynamics and "Sha ing he Cake": Cul u al Inclusion o Cul u al Supe io i y”
4714
Xinyun Zhang, IJMEI Volume 11 Issue 10 Oc obe 2025
Table 4 Tes s o labo income p oxy a iables
dis ibu ion_2
dis ibu ion_2
dis ibu ion_2
(1)
(2)
(3)
CTO_1
0.011***
(0.0027)
CTO_2
0.028***
(0.0054)
CTR
-0.008***
(0.0024)
Con ols
Y
Y
Y
Yea & Ind
Y
Y
Y
N
12,271
12,271
12,271
R2 -adj
0.394
0.394
0.393
4.3.2 p oxy a iables o income dispa i y
Following he idea in he a iable de ini ion sec ion
abo e, he a io o he a e age compensa ion o he op h ee
execu i es o he compensa ion o he emaining employees
( h eegap) and he na u al loga i hm o he di e ence be ween
he a e age compensa ion o managemen and he a e age
compensa ion o employees (gap_abs) a e used as p oxy
a iables o he pay gap. As shown in Table 5, in columns
(1), (2), (4), and (5), cul u al inclusion (CTO_1, CTO_2) and
income gap ( h eegap, gap_abs) a e signi ican ly nega i e. In
columns (3) and (6), cul u al supe io i y (CTR) and income
dispa i y ( h eegap, gap_abs) a e bo h signi ican ly posi i e
a he 1% le el, indica ing ha he indings o his pape a e
obus .
Table 5 Tes s o income gap p oxy a iables
h eegap
h eegap
h eegap
gap_abs
gap_abs
gap_abs
(1)
(2)
(3)
(4)
(5)
(6)
CTO_1
-0.862***
-0.234***
(0.2300)
(0.0267)
CTO_2
-1.049**
-0.382***
(0.4700)
(0.0546)
CTR
0.751***
0.209***
(0.2060)
(0.0240)
Con ols
Y
Y
Y
Y
Y
Y
Yea & Ind
Y
Y
Y
Y
Y
Y
N
12,271
12,271
12,271
12,271
12,271
12,271
R2 -adj
0.276
0.275
0.276
0.365
0.363
0.365
4.3.3 Al e na i e a iables o cul u al inclusion and
cul u al supe io i y
The cul u al inclusion and cul u al supe io i y a iables
in he benchma k model a e calcula ed based on he numbe
o i e eligious emples in he p e ec u e whe e he i m is
egis e ed, bu he CEO, as he cen al igu e in de e mining
he i m's business s a egy[26] , has a pe sonal s yle ha
la gely de e mines how he i m is in luenced by he cul u al
dynamics. The e o e, his pape calcula es cul u al inclusion
(CTO_1_CEO, CTO_2_CEO) and cul u al supe io i y
(CTR_CEO) by he numbe o i e eligious emples based
on he CEO's bi hplace as a p oxy a iable o cul u al
inclusion and cul u al supe io i y in he benchma k eg ession
o obus ness es ing. Since he disclosu e o CEO bi hplace
da a o lis ed companies is no comp ehensi e, in o de o
keep he amoun o da a no oo much missing, his pape does
no exclude he missing da a o CEO bi hplace da a. The
esul s a e shown in Table 6, and he conclusions o his pape
emain obus .
