Teams and Bankruptcy
Ramin P. Baghai,
Rui C Silva and
No 13198, CEPR Discussion Papers from C.E.P.R. Discussion Papers
We study the impact of corporate bankruptcies on teams and inventor productivity in the United States. We show that bankruptcy reduces team stability. After a bankruptcy, team inventors produce fewer and less impactful patents, and they are more likely to cease patenting. This points to the loss of team-specific human capital as a cost of resource reallocation through bankruptcy. Our findings also suggest that the labor market values teams and their stability. Past collaboration increases the probability of inventors jointly moving to a new firm after bankruptcy, and the productivity of inventors that relocate together with their team increases.
Keywords: bankruptcy; creative destruction; Innovation; labor productivity; Team-specific human capital; Teams; Teamwork (search for similar items in EconPapers)
JEL-codes: G33 J24 J63 O31 O32 (search for similar items in EconPapers)
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