Going Entrepreneurial? IPOs and New Firm Creation

T. Babina, P. Ouimet, Rebecca Zarutskie
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引用次数: 25

Abstract

Using matched employee-employer US Census data, we examine the effect of a successful initial public offering (IPO) on employee departures to startups. Accounting for the endogeneity of a firm’s choice to go public, we find strong evidence that going public induces employees to leave for start-ups. Moreover, we document that the increase in turnover following an IPO is driven by employees departing to start-ups; we find no change in the rate of employee departures for established firms. We present evidence that, following an IPO, many employees who received stock grants experience a positive shock to their wealth which allows them to better tolerate the risks associated with joining a startup or to obtain funding. Our results suggest that the recent declines in IPO activity and new firm creation in the US may be causally linked. The recent decline in IPOs means fewer workers may move to startups, decreasing overall new firm creation in the economy.
要创业吗?ipo和新公司创建
使用匹配的雇员-雇主美国人口普查数据,我们研究了成功的首次公开募股(IPO)对员工离职的影响。考虑到公司上市选择的内生性,我们发现了强有力的证据,表明上市会促使员工离开公司去创业。此外,我们还发现,IPO后员工流动率的上升是由员工跳槽到初创企业推动的;我们发现老牌公司的员工离职率没有变化。我们提供的证据表明,在IPO之后,许多获得股票授予的员工的财富经历了积极的冲击,这使他们能够更好地忍受加入初创公司或获得资金的风险。我们的研究结果表明,最近美国IPO活动的下降和新公司的创建可能是因果联系的。最近首次公开募股的减少意味着更少的工人可能会转向创业公司,从而减少了经济中新公司的总体创建。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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