Fighting for Talent: Risk‐Taking, Corporate Volatility and Organisation Change
研究发现融资渠道通过劳动力市场影响企业：有才华的员工为规避收入风险倾向大企业，但消费信贷普及降低了这种顾虑，使小企业获得人才优势，进而导致大企业通过分拆子公司应对。
We show that access to finance may affect firms through the labour market. Talented workers want to realise their ideas but also seek insurance against income risk. Large firms default less often than small firms but they investigate more thoroughly and reject more good ideas. With easier access to consumer credit, talented workers become less averse to the income risk of working in small firms. Thus, small firms gain an advantage on the labour market, their profit volatility increases and large firms react by creating spin-offs. Existing and original empirical evidence is consistent with the implications of our theory. Copyright © The Author(s). Journal compilation © Royal Economic Society 2009.