| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w19845 |
| 来源ID | Working Paper 19845 |
| Firm Age, Investment Opportunities, and Job Creation | |
| Manuel Adelino; Song Ma; David T. Robinson | |
| 发表日期 | 2014-01-23 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | This paper asks whether startups react more to changing investment opportunities than more mature firms do. We use the fact that a region's pre-existing industrial structure creates exogenous variation in the severity of its exposure to nation-wide manufacturing shocks to develop an instrument for changing investment opportunities, and examine employment creation in the non-tradable sector as a response to those opportunities. Startups are much more responsive to changing local economic conditions than older firms. Moreover, their responsiveness doubles in areas with better access to small business finance, suggesting that financing constraints are an important brake on job creation in the startup sector. Although we focus mostly on the non-tradable sector for empirical identification, our results extend to other sectors of the economy, indicating that the mechanisms we uncover are economically pervasive. This suggests that factors like organizational flexibility and innovativeness may be important drivers of job creation among startups. |
| 主题 | Financial Economics ; Financial Institutions ; Corporate Finance ; Labor Economics ; Labor Supply and Demand ; Unemployment and Immigration |
| URL | https://www.nber.org/papers/w19845 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/577519 |
| 推荐引用方式 GB/T 7714 | Manuel Adelino,Song Ma,David T. Robinson. Firm Age, Investment Opportunities, and Job Creation. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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