Cyclical Fluctuations, Financial Shocks, and the Entry of Fast-Growing Entrepreneurial Startups

• 成果类型: Article
• 署名作者: Albert, Christoph; Caggese, Andrea
• 署名单位: Pompeu Fabra University; Barcelona School of Economics; Centre de Recerca en Economia Internacional (CREI)
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhaa112
• 发表日期: 2021
• 页码: 2508
• 关键词: business-cycle; house prices; constraints; GROWTH; dependence; DYNAMICS; crises

摘要

We analyze a multiyear, multicountry entrepreneurship survey with more than one million observations to identify startups with low and high growth potential. We confirm the validity of these ex ante measures with ex post firm-level information on employment growth. We find that negative aggregate financial shocks reduce all startup types, but their effect is significantly stronger for startups with high growth potential, especially when GDP growth is low. Our results uncover a new composition of entry channel that significantly reduces employment growth and is potentially important for explaining slow recoveries after financial crises.