| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26717 |
| 来源ID | Working Paper 26717 |
| Do Cash Windfalls Affect Wages? Evidence from R&D Grants to Small Firms | |
| Sabrina T. Howell; J. David Brown | |
| 发表日期 | 2020-02-03 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper examines how employee earnings at small firms respond to a cash flow shock in the form of a government R&D grant. We use ranking data on applicant firms, which we link to IRS W2 earnings and other U.S. Census Bureau datasets. In a regression discontinuity design, we find that the grant increases average earnings with a rent-sharing elasticity of 0.07 (0.21) at the employee (firm) level. The beneficiaries are incumbent employees who were present at the firm before the award. Among incumbent employees, the effect increases with worker tenure. The grant also leads to higher employment and revenue, but productivity growth cannot fully explain the immediate effect on earnings. Instead, the data and a grantee survey are consistent with a backloaded wage contract channel, in which employees of financially constrained firms initially accept relatively low wages and are paid more when cash is available. |
| 主题 | Financial Economics ; Corporate Finance ; Labor Economics ; Labor Compensation ; Labor Market Structures |
| URL | https://www.nber.org/papers/w26717 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584391 |
| 推荐引用方式 GB/T 7714 | Sabrina T. Howell,J. David Brown. Do Cash Windfalls Affect Wages? Evidence from R&D Grants to Small Firms. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26717.pdf（2730KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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