| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10521 |
| DP10521 Access to Public Capital Markets and Employment Growth | |
| Andrew Ellul; Alexander Borisov; Merih Sevilir | |
| 发表日期 | 2015-04-05 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | This paper investigates the importance of accessing public capital markets through an initial public offering (IPO), and the consequent relaxation of firms? financial constraints, for firm-level long term employment decisions. We find that firms significantly increase post-IPO investment in human capital compared to the pre-IPO stage. To address endogeneity concerns, we use a novel dataset of private firms and compare employment growth of IPO firms with two different control groups: First, private firms that file for an IPO but eventually withdraw their offering due to exogenous market conditions, and second, a propensity score matched sample of private firms that never file for an IPO. Firms that complete the IPO process experience higher employment growth in the post-IPO period relative to each control group. Importantly, our results show that the most likely channel for the realization of higher employment growth is the relaxation of financial constraints, allowing the newly public firms to access both equity and debt markets for funding investment in human capital, and not only capital expansion. Overall, our results highlight the importance of public capital markets for job creation over long term horizons. |
| 主题 | Financial Economics |
| 关键词 | Corporate growth Employment growth Financial constraints Human capital Ipos |
| URL | https://cepr.org/publications/dp10521 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539353 |
| 推荐引用方式 GB/T 7714 | Andrew Ellul,Alexander Borisov,Merih Sevilir. DP10521 Access to Public Capital Markets and Employment Growth. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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