The Growth and Human Capital Structure of New Firms over the Business Cycle

Martin Murmann

VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking from Verein für Socialpolitik / German Economic Association

Abstract: Recent research based on aggregate data suggests that employment in young firms is more negatively impacted during economic crises than employment in incumbent firms. Using firm-level data, we show that under constant human capital of the firms' founders, employment growth in less than 1 1/2-year-old start-ups reacts countercyclically and employment growth in older start-ups reacts procyclically. The young start-ups realize their countercyclical growth by hiring qualified labor market entrants.

JEL-codes: D22 E32 J23 L11 L25 L26 M13 (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-bec, nep-ent, nep-eur, nep-ino, nep-mac, nep-sbm and nep-tid
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:vfsc17:168290

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