The Value of Employee Retention: Evidence From a Natural Experiment
JOURNAL OF ECONOMICS & MANAGEMENT STRATEGY(2016)
摘要
We estimate the firm-level returns to retaining employees using difference-in-differences analysis and a natural experiment where the enforcement of employee noncompete agreements was inadvertently reversed in Michigan. We find that noncompete enforcement boosted the short-term value of publicly traded companies by approximately 9%. The effect is increasing in local competition and growth opportunities, and offset by patenting.
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关键词
employee retention,value
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