Intra-Industry Knowledge Spillovers and Scientic Labor Mobility
نویسنده
چکیده
I test the hypothesis that the mobility of scienti c and technical personnel is a conduit for knowledge spillovers among innovative rms. Using a variant of the standard Tobins Q equation, I show that rms who have access to large pools of externally created knowledge in their industrial and technological neighborhoods enjoy additional market value as a result of higher scienti c labor mobility, while they su¤er from higher mobility whenever external knowledge is limited. Speci cally, a percentage point increase in the mobility rate (one additional job change for each 100 scientists) increases market value by 1% to 3.1% through spillovers for a rm that has access to the mean spillover pool. This e¤ect is largely o¤set by the standalone negative impact of labor mobility on market value, thus the rm breaks even in terms of the net private value of increased labor turnover. These results are consistent with previous ndings and anecdotal evidence, and provide further insight into why innovative rms cluster in industrial districts.
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