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Noncompete covenants: Incentives to innovate or impediments to growth

机译:竞业禁止契约:激励创新或阻碍增长的因素

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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.
机译:我们发现,执行非竞争条款会严重阻碍企业家精神和就业增长。根据1993年至2002年美国大都市地区小组的调查,我们的结果表明,相对于执行不竞争盟约的州而言,限制这些协议范围的州的风险投资本地供应的增加显着增强了对(i)专利数量,(ii)公司启动数量和(iii)就业产生积极影响。我们通过使用捐赠回报作为工具变量来解决风险资本供应中的潜在内生性。我们的结果表明,金融中介与法律制度之间在促进企业家精神和经济增长方面有很强的相互作用。

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