Destructive Creation at Work: How Financial Distress Spurs Entrepreneurship
利用美国人口普查数据，研究发现企业财务困境显著促使员工离职创业，尤其在科技和服务业中影响更大；困境驱动的创业者往往来自高薪岗位，创办的企业在就业、薪酬和存活率上表现更好。
Abstract Using U.S. Census firm-worker data, I document that firms’ financial distress has an economically important effect on employee departures to entrepreneurship. The impact is amplified in the high-tech and service sectors, where employees are key assets. In states with enforceable noncompete contracts, the effect is mitigated. Compared to typical entrepreneurs, distress-driven entrepreneurs are high-wage workers who found better firms, as measured by jobs, pay, and survival. Startup jobs compensate for 33% of job losses at the constrained incumbents. Overall, the financial inability of incumbent firms to pursue productive opportunities increases the reallocation of economic activity into new firms. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.