Trade secrets protection and employment of public firms: Evidence from the Uniform Trade Secrets Act
研究发现《统一商业秘密法》的通过使上市公司就业增加5.1%，尤其影响初始就业低、债务成本高和知识溢出潜力大的企业，并导致熟练工人招聘增加9.4%。
I demonstrate that the adoption of the Uniform Trade Secrets Act (UTSA) results in a 5.1% increase in employment among public firms in Compustat. The effects are concentrated in firms with below-median initial employment, higher debt costs, and greater potential for knowledge spillovers. R&D expenditures and the accumulation of intangible assets emerge as key drivers of these employment effects. An analysis of labor demand reveals a 9.4% rise in vacancy postings, particularly for skilled workers, following UTSA adoption. Counties with higher initial exposure to public firms’ labor demand experience declines in unemployment rates, underscoring the UTSA’s non-uniform impact on local labor markets and employment growth.