Noncompete covenants / Sampsa Samila in Management science, Vol. 57 N° 3 (Mars 2011)  

Public ISBD [article]  inManagement science > Vol. 57 N° 3 (Mars 2011) . - pp. 425-438 Titre : Noncompete covenants : Incentives to innovate or impediments to growth Type de document : texte imprimé Auteurs : Sampsa Samila, Auteur ; Olav Sorenson, Auteur Année de publication : 2011 Article en page(s) : pp. 425-438 Note générale : Management Langues : Anglais (eng) Mots-clés : Venture capital Financial intermediaries Legal institutions Entrepreneurship Employment Innovation Wages Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We find that the enforcement of noncompete clauses significantly impedes entrepreneurship and employment growth. Based on a panel of metropolitan areas in the United States from 1993 to 2002, our results indicate that, relative to states that enforce noncompete covenants, an increase in the local supply of venture capital in states that restrict the scope of these agreements has significantly stronger positive effects on (i) the number of patents, (ii) the number of firm starts, and (iii) employment. We address potential endogeneity in the supply of venture capital by using endowment returns as an instrumental variable. Our results point to a strong interaction between financial intermediation and the legal regime in promoting entrepreneurship and economic growth. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/57/3/425 [article] Noncompete covenants : Incentives to innovate or impediments to growth [texte imprimé] / Sampsa Samila, Auteur ; Olav Sorenson, Auteur . - 2011 . - pp. 425-438. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 3 (Mars 2011) . - pp. 425-438 Mots-clés : Venture capital Financial intermediaries Legal institutions Entrepreneurship Employment Innovation Wages Index. décimale : 658 Organisation des entreprises. Techniques du commerce Résumé : We find that the enforcement of noncompete clauses significantly impedes entrepreneurship and employment growth. Based on a panel of metropolitan areas in the United States from 1993 to 2002, our results indicate that, relative to states that enforce noncompete covenants, an increase in the local supply of venture capital in states that restrict the scope of these agreements has significantly stronger positive effects on (i) the number of patents, (ii) the number of firm starts, and (iii) employment. We address potential endogeneity in the supply of venture capital by using endowment returns as an instrumental variable. Our results point to a strong interaction between financial intermediation and the legal regime in promoting entrepreneurship and economic growth. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/cgi/content/abstract/57/3/425

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