We examine organizational capital risk on a micro level by identifying 120,017 quasi-voluntary inventor moves between firms over three decades. Consistent with survey results from Eisfeldt and Papanikolaou (2013), we find that a 10% increase in organizational capital results in a 1.8% greater annual exit of firm inventors. Exit risk is higher 1) where employees are more transferable between firms and 2) among financially constrained firms that cannot compensate valuable employees competitively. Valuations are lower for firms with greater levels of inventor turnover / outflows.

中文翻译：

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组织资本和公司风险——测试外部选择

我们通过确定 120,017 个半自愿的发明者在过去 30 年间在公司之间流动，在微观层面上检验了组织资本风险。与 Eisfeldt 和 Papanikolaou (2013) 的调查结果一致，我们发现组织资本增加 10% 会导致公司发明人的年度退出增加 1.8%。退出风险较高 1) 员工在公司之间更容易转移，2) 在财务受限的公司之间无法竞争性地补偿有价值的员工。对于发明人流动/流出水平较高的公司，估值较低。