Bell, Brian, Bukowski, Pawel & Machin, Stephen (2024) The decline in rent sharing. Labor Economics, 42(3), 683 - 716. https://doi.org/10.1086/724570, links here and working paper here study the extent to which wages are correlated with UK company profits/rents. Using industry and company data and controlling for exogeneity etc. they find a consistent picture, summarised in their Figure 3, working paper version, below
Before 1999, the central estiamte was that wages were marked up by around 25% of firm value added and 7% of profits. After 1999 that figure is below 10% and 1% respectively and insignificantly different from zero. Similar results are obtained for EU industries using industry level data.
