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来源类型Working Paper
规范类型报告
DOI10.3386/w12435
来源IDWorking Paper 12435
Reaching for the Stars: Who Pays for Talent in Innovative Industries?
Fredrik Andersson; Matthew Freedman; John C. Haltiwanger; Julia Lane; Kathryn L. Shaw
发表日期2006-08-15
出版年2006
语种英语
摘要Innovation in the U.S. economy is about employing and rewarding highly talented workers to produce new products. Using unique longitudinal matched employer-employee data, this paper makes a key connection between talent and firms in markets with risky product innovations. We show that software firms that operate in product markets with highly skewed returns to innovation, or high variance payoffs, are more likely to attract and pay for star workers. Thus, firms in high variance product markets pay more up-front--in starting salaries--to attract and motivate star employees, because if these star workers produce home-run innovations, the firm's winnings will be huge. However, we also find these same firms pay highly for loyalty: star workers that stay with a firm have much higher earnings in firms with high variance product market payoffs. The large effects on earnings are robust to the inclusion of a wide range of controls for both workers and firm characteristics. One key control is that we also show that in firms that have actually hit home runs, with high revenues, the rewards for star talent are even greater. We also find that the dispersion of earnings is higher within firms with high variance product payoffs.
主题Labor Economics ; Labor Supply and Demand ; Labor Compensation ; Industrial Organization ; Firm Behavior ; Industry Studies
URLhttps://www.nber.org/papers/w12435
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/570093
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Fredrik Andersson,Matthew Freedman,John C. Haltiwanger,et al. Reaching for the Stars: Who Pays for Talent in Innovative Industries?. 2006.
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