Right-to-work laws and venture capital investment
利用美国1980-2020年州级数据，采用双重差分法发现工作权利法的通过使风险投资增加80%，对工会化程度高和技术密集型州影响更显著。
Using state-level data from the United States covering the period 1980 to 2020, we explore the effect of right-to-work (RTW) laws on venture capital (VC) investment. Employing a difference-in-differences strategy, we find that the passage of right-to-work laws increases venture capital investment. The results are robust to omitted variable bias, reverse causality and unobservable local economic conditions. We find that the positive effect of RTW laws on VC investments remains significant in states that are highly unionized and technological. • Right to work laws encourage Venture Capital Investment. • Uses state-level data from the United States covering the period 1980 to 2020. • Employs a difference-in-differences strategy. • The passage of right-to-work law increases Venture Capital investment by 80%.