Capital humano, falências empresariais e produtividade. Uma análise empírica das regiões portuguesas

Abstract

Some micro evidence demonstrated that plants which tended to hire workers with higher levels of human capital were those that, on average, presented a lower probability of survival. However, at the macro level the bulk of studies found a positive relation between human capital accumulation and productivity dynamics. In the present paper we try to match the micro and macro evidence resorting to a theoretical argument, which translates the schumpeterian issue of creative destruction. Empirical results based on data relative to 28 NUTs and 275 Portuguese municipalities between 1990-1999 demonstrate that regions that present higher levels of human capital are those that, on average, have higher levels of per capita income and higher firms failure rates. This suggests important policy implications, namely that policy measures involving schooling incentives should be complemented by policies aiming to easy bankruptcy processes.