Affiliation:
1. HEC Paris , France
2. Schulich School of Business, York University , Canada
3. School of Administrative Studies, York University , Canada
Abstract
Abstract
Firms in younger labor markets produce more innovation. We establish this by instrumenting the current labor force with historical births in each local labor market in the United States. Analyses of firms and inventors allow us to rule out unobservable heterogeneity across local labor markets and firms, life cycles, and other effects. Corporate innovation in younger labor markets reflects the innovative characteristics of younger labor forces, and its market value is higher. Younger workers as a group, not merely inventors by themselves, produce more innovation for firms through the labor force channel rather than through a financing or consumption channel.
Publisher
Oxford University Press (OUP)
Subject
Economics and Econometrics,Finance,Accounting
Reference52 articles.
1. Radical and incremental innovation: The roles of firms, managers and innovators;Acemoglu,;American Economic Journal: Macroeconomics,2022
2. Demographics and automation;Acemoglu,;Review of Economic Studies,2022
3. Labor laws and innovation;Acharya,;Journal of Law and Economics,2013
4. Wrongful discharge laws and innovation;Acharya,;Review of Financial Studies,2014
5. Firm age, investment opportunities, and job creation;Adelino,;Journal of Finance,2017
Cited by
2 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献