S Forschungsinstitut zur Zukunft der Arbeit Institute for the Study of Labor Does Local Business Ownership Insulate Cities from Economic Shocks ? IZA DP No . 4415 September 2009
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چکیده
Does Local Business Ownership Insulate Cities from Economic Shocks? * We assess a prominent argument for local economic policies that favor locally-owned businesses – namely, that locally-owned firms are more likely to internalize the costs to the community of decisions to reduce employment and hence help to insulate cities from adverse economic shocks. We test this argument by examining how establishment-level employment responses to economic shocks are affected by establishment ownership. We find evidence hat some types of local ownership do insulate regions from economic shocks, although the clearest benefits do not come from small, independent businesses, but instead from corporate headquarters and, to a lesser extent, from small, locally-owned chains. JEL Classification: R11, R38, J23
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*Professor of economics, University of Texas at Austin; Edward Everett Hale Centennial professor of economics, University of Texas at Austin, research associate, National Bureau of Economic Research, and program director, Forschungsinstitut zur Zukunft der Arbeit (IZA). We thank John Siegfried and the staff of the American Economic Association, who are in no way complicit in any of the conclusi...
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