New hires, adjustment costs, and knowledge transfer—evidence from the mobility of entrepreneurs and skills on firm productivity

Author:

Lappi Emma12ORCID

Affiliation:

1. Centre for Entrepreneurship and Spatial Economics (CEnSE), Jönköping International Business School , P.O. Box 1026, Jönköping 55111, Sweden

2. Department of Strategy and Innovation, Copenhagen Business School , Kilevej 14A, 2nd Floor, Frederiksberg, Hovedstaden 2000, Denmark . email: el.si@cbs.dk

Abstract

Abstract This paper evaluates the productivity impacts and the subsequent adjustment costs associated with hiring different knowledge workers. I focus on the difference between hiring former entrepreneurs, employees who change jobs, and unemployed individuals. I am the first to evaluate the direct impact that hiring former entrepreneurs has on firm productivity and the heterogenous adjustment costs associated with the different types of new hires. I find no difference between the first-year adjustment costs of entrepreneurs and those of regular-wage employees. Hiring former entrepreneurs is a way to increase productivity after the first year of employment only if the former entrepreneurs are from the highest end of the ability distribution.

Publisher

Oxford University Press (OUP)

Subject

Economics and Econometrics,General Economics, Econometrics and Finance,Management of Technology and Innovation

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