Firm Age, Investment Opportunities, and Job Creation
Manuel AdelinoFuqua School of Business, 100 Fuqua Drive, Durham, NC 27708Song MaFuqua School of Business, 100 Fuqua Drive, Durham, NC 27708David T. RobinsonAdelino is with Duke University's Fuqua School of Business; Ma is with Yale School of Management; and Robinson is with Duke University's Fuqua School of Business and NBER. We thank Ken Singleton (Editor), an anonymous Associate Editor, and two anonymous referees. We are also grateful to Andrew Abel; Hengjie Ai; Simon Gervais; John Haltiwanger; Javier Miranda; Ben Pugsley; Manju Puri; Michael Roberts; Martin Schmalz; Vish Viswanathan; and seminar participants at Chicago Booth, Darden, Duke, Econometric Society Meetings 2016, Emory, Harvard Business School, HEC Paris, Minnesota Corporate Finance Conference, NBER Productivity, NBER Entrepreneurship, Nova SBE, Red Rock Conference, Stanford, UCLA, UNC Charlotte, University of Miami, UT Austin, Wharton, and Yale for providing helpful feedback. We have read the Journal of Finance's disclosure policy and have no conflicts of interest to disclose. The usual disclaimer applies
2017en
ABI
Аннотация
ABSTRACT 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.
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