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Geographical Vibrancy and Firm Performance

Author

Listed:
  • Michael Cooper
  • Alexei Ovtchinnikov

    (HEC Paris - Ecole des Hautes Etudes Commerciales)

Abstract

We develop a geographical-based vibrancy index using important location characteristics that measure local economic health. We show that local vibrancy is associated with future firm outcomes, including investment, leverage, profitability, and firm value. More vibrant firms are located in counties with more highly educated populations, lower unemployment, higher labor force participation rate, higher home values, higher density of firms that pay higher wages, and a higher percent above poverty than are low vibrancy firms. Our results indicate that the local vibrancy of a firm headquarters is an important determinant of firm policies and profitability.

Suggested Citation

  • Michael Cooper & Alexei Ovtchinnikov, 2015. "Geographical Vibrancy and Firm Performance," Working Papers hal-02002786, HAL.
    • Handle: RePEc:hal:wpaper:hal-02002786
    as

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    Keywords

    geography; firm location; vibrancy; firm characteristics; firm performance;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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