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首页> 外文学位 >Destructive Creation at Work: How Financial Distress Spurs Entrepreneurship.
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Destructive Creation at Work: How Financial Distress Spurs Entrepreneurship.

机译：工作中的破坏性创造：财务困境如何刺激企业家精神。

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摘要

Why do employees become entrepreneurs? This dissertation shows that firm financial distress drives the exit of workers to pursue entrepreneurship. In a difference-in-difference setting, I find that, following unexpected industry shocks, employees at relatively more financially levered public firms are more likely to exit to found new firms. These new firms are likely created because financially distressed firms are less able to retain productive workers who exit to found start-ups. Entrepreneurs exiting financially distressed employers earn higher wages prior to leaving paid employment and after founding start-ups, as compared to entrepreneurs exiting non-distressed firms. Consistent with financial distress driving productive workers into entrepreneurship, start-ups created following financial distress have high future employment growth. Distressed firms are less able to retain entrepreneurial workers in part because ex ante contracts restricting employee mobility are not enforceable. In support of this argument, I find that the effect is concentrated in states with weaker enforcement of non-compete agreements. The results suggest that the social costs of distress might be lower than the private costs to financially distressed firms.
机译：为什么员工成为企业家？本文表明，企业的财务困境促使工人退出创业。在差异中，我发现，在意外的行业冲击之后，财务杠杆相对较高的上市公司的员工更有可能退出以找到新公司。这些新公司之所以成立，是因为财务困难的公司留住了退出初创企业的生产工人的能力较弱。与离开陷入困境的企业的企业家相比，离开陷入财务困境的雇主的企业家在离开有偿就业之前和成立初创企业之后的收入更高。与财务困境驱使生产工人进入企业家精神相一致，财务危机之后创建的初创企业具有较高的未来就业增长。陷入困境的公司留住企业家的能力较弱，部分原因是限制员工流动性的事前合同不可强制执行。为支持这一论点，我发现其影响集中在执行不竞争协议的州。结果表明，陷入困境的社会成本可能低于陷入财务困境的企业的私人成本。

著录项

  • 作者

    Babina, Tetyana.;

  • 作者单位

    The University of North Carolina at Chapel Hill.;

  • 授予单位 The University of North Carolina at Chapel Hill.;
  • 学科 Finance.;Entrepreneurship.
  • 学位 Ph.D.
  • 年度 2016
  • 页码 90 p.
  • 总页数 90
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

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