Firm Age, Investment Opportunities, and Job Creation

• 成果类型: Article
• 署名作者: Adelino, Manuel; Ma, Song; Robinson, David
• 署名单位: Duke University; Yale University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12495
• 发表日期: 2017
• 页码: 999-1038
• 关键词: business-cycle; house prices; cash flow; MARKET; INNOVATION; entrepreneurship; reallocation; destruction; performance; DYNAMICS

摘要

New firms are an important source of job creation, but the underlying economic mechanisms for why this is so are not well understood. Using an identification strategy that links shocks to local income to job creation in the nontradable sector, we ask whether job creation arises more through new firm creation or through the expansion of existing firms. We find that new firms account for the bulk of net employment creation in response to local investment opportunities. We also find significant gross job creation and destruction by existing firms, suggesting that positive local shocks accelerate churn.