Do Start-ups Pay Less?
利用1991-2006年丹麦登记数据，研究发现调整员工特征后，年轻企业比老企业支付更高工资，但规模效应更强，大型初创企业反而支付工资溢价。
The authors analyze Danish registry data from 1991 to 2006 to determine how firm age and firm size influence wages. Unadjusted statistics suggest that smaller firms paid less than larger firms paid, and that firm age had little or no bearing on wages. After adjusting for differences in the characteristics of employees hired by these firms, however, they observe both firm age and firm size effects. Larger firms paid more than did smaller firms for observationally equivalent individuals but, contrary to conventional wisdom, younger firms paid more than older firms. The size effect, however, dominates the age effect. Thus, although the typical start-up—being both young and small—paid less than a more established employer, the largest start-ups paid a wage premium.