Ability or Finances as Constraints on Entrepreneurship? Evidence from Survival Rates in a Natural Experiment

• 成果类型: Article
• 署名作者: Andersen, Steffen; Nielsen, Kasper Meisner
• 署名单位: Copenhagen Business School; Hong Kong University of Science & Technology
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhs107
• 发表日期: 2012
• 页码: 3684
• 关键词: wealth; MODEL; GROWTH

摘要

We use a natural experiment in Denmark to test the hypothesis that aspiring entrepreneurs face financial constraints because of low entrepreneurial quality. We identify 304 constrained entrepreneurs who start a business after receiving windfall wealth and examine the performance of these marginal entrepreneurs. We find that constrained entrepreneurs have significantly lower survival rates and lower profits when compared with a matched sample of unconstrained entrepreneurs. These results are consistent with the hypothesis that the marginal entrepreneur is of low quality.