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|a Do cash windfalls affect wages?
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|a This paper examines how employee earnings at small firms respond to a cash flow shock in the form of a government R&D grant. We use ranking data on applicant firms, which we link to IRS W2 earnings and other U.S. Census Bureau datasets. In a regression discontinuity design, we find that the grant increases average earnings with a rent-sharing elasticity of 0.07 (0.21) at the employee (firm) level. The beneficiaries are incumbent employees who were present at the firm before the award. Among incumbent employees, the effect increases with worker tenure. The grant also leads to higher employment and revenue, but productivity growth cannot fully explain the immediate effect on earnings. Instead, the data and a grantee survey are consistent with a backloaded wage contract channel, in which employees of financially constrained firms initially accept relatively low wages and are paid more when cash is available.
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This paper examines how employee earnings at small firms respond to a cash flow shock in the form of a government R&D grant. We use ranking data on applicant firms, which we link to IRS W2 earnings and other U.S. Census Bureau datasets. In a regression discontinuity design, we find that the grant increases average earnings with a rent-sharing elasticity of 0.07 (0.21) at the employee (firm) level. The beneficiaries are incumbent employees who were present at the firm before the award. Among incumbent employees, the effect increases with worker tenure. The grant also leads to higher employment and revenue, but productivity growth cannot fully explain the immediate effect on earnings. Instead, the data and a grantee survey are consistent with a backloaded wage contract channel, in which employees of financially constrained firms initially accept relatively low wages and are paid more when cash is available. |
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Howell, Sabrina T. VerfasserIn (DE-588)120437709X (DE-627)1689669977 aut, Do cash windfalls affect wages? evidence from R&D grants to small firms Sabrina T. Howell, J. David Brown, Bonn, Germany IZA - Institute of Labor Economics January 2020, 1 Online-Ressource (circa 69 Seiten) Illustrationen, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, Discussion paper series / IZA no. 12942, This paper examines how employee earnings at small firms respond to a cash flow shock in the form of a government R&D grant. We use ranking data on applicant firms, which we link to IRS W2 earnings and other U.S. Census Bureau datasets. In a regression discontinuity design, we find that the grant increases average earnings with a rent-sharing elasticity of 0.07 (0.21) at the employee (firm) level. The beneficiaries are incumbent employees who were present at the firm before the award. Among incumbent employees, the effect increases with worker tenure. The grant also leads to higher employment and revenue, but productivity growth cannot fully explain the immediate effect on earnings. Instead, the data and a grantee survey are consistent with a backloaded wage contract channel, in which employees of financially constrained firms initially accept relatively low wages and are paid more when cash is available., Brown, J. David VerfasserIn (DE-588)17156829X (DE-627)061784133 (DE-576)132352583 aut, Forschungsinstitut zur Zukunft der Arbeit Discussion paper series no. 12942 12942 (DE-627)369870360 (DE-576)281231559 (DE-600)2120053-1, http://ftp.iza.org/dp12942.pdf Verlag kostenfrei, https://www.iza.org/publications/dp/12942/do-cash-windfalls-affect-wages-evidence-from-rd-grants-to-small-firms Verlag kostenfrei, http://hdl.handle.net/10419/215338 Resolving-System kostenfrei, http://ftp.iza.org/dp12942.pdf LFER, LFER 2020-03-09T00:00:00Z |
| spellingShingle |
Howell, Sabrina T., Brown, J. David, Do cash windfalls affect wages?: evidence from R&D grants to small firms, Forschungsinstitut zur Zukunft der Arbeit, Discussion paper series, no. 12942, This paper examines how employee earnings at small firms respond to a cash flow shock in the form of a government R&D grant. We use ranking data on applicant firms, which we link to IRS W2 earnings and other U.S. Census Bureau datasets. In a regression discontinuity design, we find that the grant increases average earnings with a rent-sharing elasticity of 0.07 (0.21) at the employee (firm) level. The beneficiaries are incumbent employees who were present at the firm before the award. Among incumbent employees, the effect increases with worker tenure. The grant also leads to higher employment and revenue, but productivity growth cannot fully explain the immediate effect on earnings. Instead, the data and a grantee survey are consistent with a backloaded wage contract channel, in which employees of financially constrained firms initially accept relatively low wages and are paid more when cash is available. |
| title |
Do cash windfalls affect wages?: evidence from R&D grants to small firms |
| title_auth |
Do cash windfalls affect wages? evidence from R&D grants to small firms |
| title_full |
Do cash windfalls affect wages? evidence from R&D grants to small firms Sabrina T. Howell, J. David Brown |
| title_fullStr |
Do cash windfalls affect wages? evidence from R&D grants to small firms Sabrina T. Howell, J. David Brown |
| title_full_unstemmed |
Do cash windfalls affect wages? evidence from R&D grants to small firms Sabrina T. Howell, J. David Brown |
| title_in_hierarchy |
no. 12942. Do cash windfalls affect wages?: evidence from R&D grants to small firms (January 2020) |
| title_short |
Do cash windfalls affect wages? |
| title_sort |
do cash windfalls affect wages evidence from r d grants to small firms |
| title_sub |
evidence from R&D grants to small firms |
| url |
http://ftp.iza.org/dp12942.pdf, https://www.iza.org/publications/dp/12942/do-cash-windfalls-affect-wages-evidence-from-rd-grants-to-small-firms, http://hdl.handle.net/10419/215338 |
