Labor Rights, Venture Capital, and Firm Performance
研究了工会对风险资本支持企业绩效的影响，发现高工会化行业中的风投企业托宾Q更低、存活率更差，表明强劳工权利阻碍创新企业绩效和生存。
We investigate the role of labor unions in the performance of venture capital (VC)‐backed firms. Using a large sample of initial public offering firms from 1983 to 2013, we find that VC‐backed firms in highly unionized industries have lower Tobin's Q and are less likely to survive. This effect is robust to endogeneity concerns and to controlling for industry and firm characteristics. The findings suggest that strong labor rights impede innovative firms’ performance and survival, thereby adversely affecting innovation, economic growth, and employment.