This study examines the relation between employee incentives and corporate innovation. We find that firms with a higher defined benefit (DB) pension value secure more patents and patent citations. We further show that pension freezes, which stop the accumulation of pension obligations, negatively affect innovation outcomes. The value of a DB plan enhances innovation by motivating employees to produce higher output and through loyalty. However, pension deficits impede innovation because of the nature of inside debt. Overall, our findings call for a fresh look at pensions by policy makers and practitioners, given the historic shift away from DB plans. (JEL G31, G32, O31, O32).

中文翻译：

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金手铐与企业创新：来自固定收益养老金计划的证据

本研究考察了员工激励与企业创新之间的关系。我们发现，具有较高固定收益 (DB) 养老金价值的公司获得了更多的专利和专利引用。我们进一步表明，停止积累养老金义务的养老金冻结会对创新成果产生负面影响。DB 计划的价值通过激励员工产生更高的产出和忠诚度来增强创新。然而，由于内部债务的性质，养老金赤字阻碍了创新。总体而言，鉴于从 DB 计划的历史性转变，我们的研究结果要求政策制定者和从业者重新审视养老金。（杰尔 G31、G32、O31、O32）。