Private Equity Investment and Local Employment Growth: A County-Level Analysis

IF 0.4 Q4 BUSINESS, FINANCE
Joshua Cox, Bronwyn Bailey
{"title":"Private Equity Investment and Local Employment Growth: A County-Level Analysis","authors":"Joshua Cox, Bronwyn Bailey","doi":"10.3905/jai.2019.1.082","DOIUrl":null,"url":null,"abstract":"This study examines the relationship between private equity investment and local employment growth. Using a sample of over 3,000 US counties, we estimate the effect of private equity investment volume and demographic determinants of employment growth (labor supply, labor quality, labor cost, unionization, agglomeration, industry concentration, and regional geography) on employment changes from 2011 to 2014. Controlling for these demographic factors, private equity investment shows a positive correlation with employment changes. TOPIC: Private equity Key Findings • The study finds a positive association between private equity investment and employment growth. Results indicate that for each $1 million in additional private equity investment, a little more than 1.3 new jobs are created. • Results imply that private equity investment could create positive externalities. Statistical tests using countywide employment data suggest that company specific private equity investment job-creation effects spill over from the company receiving financing to the local economy.","PeriodicalId":45142,"journal":{"name":"Journal of Alternative Investments","volume":null,"pages":null},"PeriodicalIF":0.4000,"publicationDate":"2019-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Alternative Investments","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.3905/jai.2019.1.082","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 1

Abstract

This study examines the relationship between private equity investment and local employment growth. Using a sample of over 3,000 US counties, we estimate the effect of private equity investment volume and demographic determinants of employment growth (labor supply, labor quality, labor cost, unionization, agglomeration, industry concentration, and regional geography) on employment changes from 2011 to 2014. Controlling for these demographic factors, private equity investment shows a positive correlation with employment changes. TOPIC: Private equity Key Findings • The study finds a positive association between private equity investment and employment growth. Results indicate that for each $1 million in additional private equity investment, a little more than 1.3 new jobs are created. • Results imply that private equity investment could create positive externalities. Statistical tests using countywide employment data suggest that company specific private equity investment job-creation effects spill over from the company receiving financing to the local economy.
私募股权投资与地方就业增长:一个县级的分析
本研究考察了私募股权投资与当地就业增长之间的关系。使用美国3000多个县的样本,我们估计了2011年至2014年私人股本投资量和就业增长的人口决定因素(劳动力供应、劳动力质量、劳动力成本、工会化、集聚、行业集中度和区域地理)对就业变化的影响。在控制这些人口因素的情况下,私募股权投资与就业变化呈正相关。主题:私募股权关键发现•研究发现私募股权投资与就业增长之间存在正相关。结果表明,每增加100万美元的私人股本投资,就会创造略多于1.3个新的就业机会。•结果表明,私人股本投资可以创造正外部性。使用全国就业数据进行的统计测试表明,公司特定的私募股权投资创造就业机会的影响从接受融资的公司蔓延到当地经济。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
CiteScore
1.50
自引率
14.30%
发文量
40
期刊介绍: The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信