Who works for startups? The relation between firm age, employee age, and growth

• 成果类型: Article
• 署名作者: Ouimet, Paige; Zarutskie, Rebecca
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill; Federal Reserve System - USA; Federal Reserve System Board of Governors
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2014.03.003
• 发表日期: 2014
• 页码: 386-407
• 关键词: Firm age; Employee age; entrepreneurship; wages; venture capital

摘要

Young firms disproportionately employ and hire young workers. On average, young employees in young firms earn higher wages than young employees in older firms. Young employees disproportionately join young firms with greater innovation potential and that exhibit higher growth, conditional on survival. We argue that the skills, risk tolerance, and joint dynamics of young workers contribute to their disproportionate share of employment in young firms. Moreover, an increase in the supply of young workers is positively related to new firm creation in high-tech industries, supporting a causal link between the supply of young workers and new firm creation. Published by Elsevier B.V.