An Analysis of Risk-Taking Behavior for Public Defined Benefit Pension Plans

T. William Lester (), Nichola Lowe () and Allan Freyer
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T. William Lester: University of NOrth Carolina at Chapel Hill
Nichola Lowe: University of North Carolina at Chapel Hill
Allan Freyer: University of North Carolina at Chapel Hill

No 12-184, Upjohn Working Papers from W.E. Upjohn Institute for Employment Research

Abstract: State incentive granting for the purpose of firm retention or recruitment remains highly controversial and is often portrayed as antithetical to long-range economic development planning. This paper uses quasi-experimental methods to measure the impact of state-level economic development incentives on employment growth at the establishment level in North Carolina. Using North Carolina’s rich history of strategic planning and sector-based economic development as a backdrop, we develop a theory of sectoral “mediation.” This enables us to compare the effectiveness of incentives offered in mediated and nonmediated industries and show that when incentives are coupled with sectoral economic development efforts they generate substantially stronger employment effects than at establishments with limited sector-based institutional support.

Keywords: Incentives; mediation; employment impacts; firm retention; recruitment (search for similar items in EconPapers)
JEL-codes: O20 O25 O43 R58 (search for similar items in EconPapers)
Date: 2012-04
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