Appropriated growth

• 成果类型: Article
• 署名作者: Chen, Yuchen; Li, Xuelin; Thakor, Richard T.; Ward, Colin
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; Columbia University; University of Minnesota System; University of Minnesota Twin Cities; University of Alberta
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2025.104207
• 发表日期: 2026-02
• 页码: 104207
• 关键词: Intangible investment; Agency friction; knowledge spillovers; labor mobility; outside option; continuous-time; executive-compensation; capital structure; security design; cross-section; asset; INVESTMENT; AGREEMENTS; MARKET; AGENCY

摘要

We assess how labor mobility affects intangible investment in a dynamic agency model featuring both knowledge appropriation and moral hazard. We argue that restricting worker mobility, while reducing employees' appropriation of firm intangible capital, can hurt their incentives to exert effort. Our calibration to U.S. data targets responses of employee turnover and firms' intangible investment to variations in workers' outside option values, identified through exogenous shocks to non-compete enforcement. The model simulation shows that knowledge spillovers mitigate the costs of incentive provision when agency frictions are severe, and the optimal labor mobility regulation should balance this benefit against turnover risk. Finally, we highlight the use of deferred compensation bonuses in the optimal contract as a retention mechanism, even among under-performing firms.