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Intra-Industry Knowledge Spillovers and Scientific Labor Mobility

I test the hypothesis that the mobility of scientific and technical personnel is a conduit for knowledge spillovers among innovative firms. Using a variant of the standard Tobin's Q equation, I show that firms who have access to large pools of externally created knowledge in their industrial and technological neighborhoods enjoy additional market value as a result of higher scientific labor mobility, while they suffer from higher mobility whenever external knowledge is limited. Specifically, a percentage point increase in the mobility rate (one additional job change for each 100 scientists) increases market value by 1% to 3.1% through spillovers for a firm that has access to the mean spillover pool. This effect is largely offset by the standalone negative impact of labor mobility on market value, thus the firm breaks even in terms of the net private value of increased labor turnover. These results are consistent with previous findings and anecdotal evidence, and provide further insight into why innovative firms cluster in industrial districts.