This paper examines how the enforceability of noncompete covenants affects the creation, growth, and survival of spinouts and other new entrants. The impact of noncompete enforceability on new firms is ambiguous, since noncompetes reduce knowledge leakage but impose hiring costs. However, we...

The notion of value creation by firms is central to strategy. Despite its importance, value creation has been defined in many different ways, often with a narrow focus on shareholders, which can lead to confusion about the notion. In this paper, we clarify some commonly used concepts of value...