The State of American Entrepreneurship: New Estimates of the Quantity and Quality of Entrepreneurship for 32 US States, 1988-2014

• 成果类型: Article
• 署名作者: Guzman, Jorge; Stern, Scott
• 署名单位: Columbia University; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20170498
• 发表日期: 2020
• 页码: 212-243
• 关键词: job creation; AGENCY COSTS; net worth; GROWTH; INNOVATION; entry; FIRMS; acquisitions; mergers; EXIT

摘要

Assessing the state of American entrepreneurship requires not simply counting the quantity but also the initial quality of new ventures. Combining comprehensive business registries and predictive analytics, we present estimates of entrepreneurial quantity and quality from 1988 to 2014. Rather than a secular pattern of declining business dynamism, our quality-adjusted measures follow a cyclical pattern sensitive to economic and capital market conditions. Consistent with the role of investment cycles as a driver of high-growth entrepreneurship, our results highlight the role of economic and institutional conditions as a driver of both initial entrepreneurial quality and the scaling of new ventures over time.