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Jyrki Ali-Yrkkö, Reda Cherif, Fuad Hasanov, Natalia Kuosmanen, and Mika Pajarinen
Do workers hired from superstar tech-firms contribute to better firm performance? To address this question, we analyze the effects of tacit knowledge spillovers from Nokia in the context of a quasi-natural experiment in Finland, the closure of Nokia’s mobile device division in 2014 and the massive labor movement it implied. We apply a two-stage difference-in-differences approach with heterogeneous treatment to estimate the causal effects of hiring former Nokia employees. Our results provide new evidence supporting the positive causal role of former Nokia workers on firm performance. The evidence of the positive spillovers on firms is particularly strong in terms of employment and value added.
Jyrki Ali-Yrkkö, Reda Cherif, Fuad Hasanov, Natalia Kuosmanen, and Mika Pajarinen

the control group Table 3. Treatment effects estimated on the sample of All hires Table 4. Treatment effects estimated on the sample of Specialist hires Table 5. The average spillover effects from Nokia on firm performance for the sample of All hires (in percent) Appendix Appendix A. Nokia’s expenditure on R&D and the net sales in 1999–2014 Appendix B. The control variables included in the analysis Appendix C. Pre-trends of outcome variables prior to the treatment time Appendix D. Average treatment intensities for specifications (i)-(iii) for

Jyrki Ali-Yrkkö, Reda Cherif, Fuad Hasanov, Natalia Kuosmanen, and Mika Pajarinen

between about 17 and 20 years of Nokia experience, suggests an increase in employment, value added, net sales, and operating profit by about 3, 10, 13, and 14 percent, respectively. In specification (iii), the average spillover effects from Nokia modeled by job tenure during Nokia’s decline period are positive and have the largest effects on the performance of hiring firms compared to other specifications. For instance, the average treatment represented by the years of job tenure during the decline period (about 6 years of work experience at Nokia in 2009–2014) implies