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Do workers hired from superstar tech-firms contribute to better firm performance? To address this question, we analyze the effects of tacit knowledge spillovers from Nokia in the context of a quasi-natural experiment in Finland, the closure of Nokia’s mobile device division in 2014 and the massive labor movement it implied. We apply a two-stage difference-in-differences approach with heterogeneous treatment to estimate the causal effects of hiring former Nokia employees. Our results provide new evidence supporting the positive causal role of former Nokia workers on firm performance. The evidence of the positive spillovers on firms is particularly strong in terms of employment and value added.
Tiivistelmä.
Mergers and acquisitions (M&As) are drivenby the market for corporate control or industry-driven shocks. This studyconsiders whether patenting by a firm increases the probability that it will beacquired.There are several reasons one might expect this to be so: Firms thathave lost the patent race may wish to buy the patent; firms that amass patentportfolios may purchase firms with inefficient intellectual propertymanagement; firms may wish to buy technology that is divulged by patentapplications; and small startups may transfer patent ownership to larger firmsas part of trend to vertical mergers. The study was based on data for 817 Finnish firms. Of them, 405 were targetsof M&As, and 412 were...
AND DISCUSSION -- ICT and Nokia - the two alone? -- Can we explain it? Too much of a good thing? -- Future of Nokia-led Finland
Suomenkieliset tiivistelmät.