Référence

Jessica Jeffers (The University of Chicago Booth School of Business), « The Impact of Restricting Labor Mobility onCorporate Investment and Entrepreneurship », Fédération des Banques Françaises Seminar, TSE, 13 novembre 2017, 12h30–14h00, salle MF 323.

Résumé

I investigate the impact of restricting labor mobility on two components of growth: en-trepreneurship and capital investment. To identify the mechanism, I combine LinkedIn’sdatabase of employment histories with staggered changes in the enforceability of non-competeagreements that come mostly from state supreme court rulings. Stronger enforceability leadsto a substantial decline in employee departures, especially in knowledge-intensive occupations,and reduces entrepreneurship in corresponding sectors. However, these shocks increase the in-vestment rate at existing knowledge-intensive firms. The estimates in my sample suggest that,in such sectors, there is roughly $1.5 million of additional capital investment from publicly-heldfirms for every lost new firm entry.

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