Wrongful Discharge Laws and Innovation

被引：341

作者：

Acharya, Viral V. ^{[1
,2
]}

Baghai, Ramin P. ^{[3
]}

Subramanian, Krishnamurthy V. ^{[4
]}

机构：

[1] NYU Stern, CEPR, ECGI, New York, NY USA

[2] NBER, Cambridge, MA 02138 USA

[3] Stockholm Sch Econ, Stockholm, Sweden

[4] Indian Sch Business, Hyderabad 500032, Andhra Pradesh, India

来源：

REVIEW OF FINANCIAL STUDIES | 2014年 / 27卷 / 01期

关键词：

JOB SECURITY; EMPLOYMENT; COSTS; GOVERNANCE; GROWTH; RIGHTS; POLICY; WILL;

D O I：

10.1093/rfs/hht009

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We show that wrongful discharge laws-laws that protect employees against unjust dismissal-spur innovation and new firm creation. Wrongful discharge laws, particularly those that prohibit employers from acting in bad faith ex post, limit employers' ability to hold up innovating employees after the innovation is successful. By reducing the possibility of holdup, these laws enhance employees'innovative efforts and encourage firms to invest in risky but potentially mould-breaking projects. We develop a model and provide supporting empirical evidence of this effect using the staggered adoption of wrongful discharge laws across U.S. states.

引用

页码：301 / 346

页数：46

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