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  • During the nineties, talented workers began to spurn secure jobs in large organizations, which were formerly considered prestigious. They developed more positive attitudes towards jobs in small, innovative startups, although these involved less job security. We build a model that identiÖes some of the economic forces behind the shift in the supply for talent from large to small Örms. Small Örms with little capital at stake take excessive risk. They realize more of their workersí risky ideas, which allows to poach creative workers from better capitalized Örms. We show that small Örmsí advantage in attracting creative workers emerges if ideas have ex ante positive net present value and increases if workers can smooth consumption through Önancial markets. As small Örms take excessive risk, average enterprise proÖtability in the a§ected sectors decreases, while bankruptcy increases. Moreover, large Örms react through ine¢ cient organizational changes. We also provide some empirical evidence consistent with the implications of our theory. (xsd:string)
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  • https://economicdynamics.org/meetpapers/2007/paper_263.pdf. (ISSP) (xsd:string)
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  • Fighting for Talent: Risk-taking, Corporate Volatility, and Organizational Change (xsd:string)
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  • (263), 54, 2006 (xsd:string)
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