限制劳动力流动对企业投资和创业的影响

IF 6.8 1区经济学 Q1 BUSINESS, FINANCE

Review of Financial Studies Pub Date : 2023-07-13 DOI:10.1093/rfs/hhad054

Jessica S Jeffers

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引用次数: 0

摘要

本文考察了非竞争协议等劳动力流动限制如何影响企业的投资决策。通过使用领英(LinkedIn)上匹配的员工-雇主数据，我发现竞业禁止协议可执行性的提高导致员工离职率普遍下降，尤其是在知识密集型行业。那些更依赖这些知识密集型职业的老牌企业提高了它们在实物资本上的投资率。然而，相应行业的新公司进入率下降。我为解释这些模式的不同机制提供了证据。总之，研究结果表明，劳资摩擦在投资决策中起着重要作用。

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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The Impact of Restricting Labor Mobility on Corporate Investment and Entrepreneurship

This paper examines how labor mobility restrictions like noncompete agreements affect firms' investment decisions. Using matched employee-employer data from LinkedIn, I show that increases in the enforceability of noncompete agreements lead to widespread declines in employee departures, specifically in knowledge-intensive occupations. Established firms that rely more on these knowledge-intensive occupations increase their investment rate in physical capital. However, new firm entry in corresponding sectors declines. I provide evidence for different mechanisms to explain these patterns. Together, the findings show that labor frictions play an important role in investment decisions.

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来源期刊

Review of Financial Studies Multiple-

CiteScore

16.00

自引率

2.40%

发文量

期刊介绍： The Review of Financial Studies is a prominent platform that aims to foster and widely distribute noteworthy research in financial economics. With an expansive editorial board, the Review strives to maintain a balance between theoretical and empirical contributions. The primary focus of paper selection is based on the quality and significance of the research to the field of finance, rather than its level of technical complexity. The scope of finance within the Review encompasses its intersection with economics. Sponsoring The Society for Financial Studies, the Review and the Society appoint editors and officers through limited terms.