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Regulation is commonly viewed as a hindrance to entrepreneurship, butheterogeneity in the effects of regulation is rarely explored. We focus onregional variation in the effects of national-level regulations by developing atheory of hierarchical institutional interdependence. Using the politicalscience theory of market-preserving federalism, we argue that regional economicfreedom attenuates the negative influence of national regulation on net jobcreation. Using U.S. data, we find that regulation destroys jobs on net, butregional economic freedom moderates this effect. In regions with averageeconomic freedom, a one percent increase in regulation results in 14 fewer jobscreated on net. However, a standard deviation increase in economic freedomattenuates this relationship by four fewer jobs. Interestingly, this moderationaccrues strictly to older firms; regulation usually harms young firm jobcreation, and economic freedom does not attenuate this relationship.

The Interdependence of Hierarchical Institutions: Federal Regulation, Job Creation, and the Moderating Effect of State Economic Freedom