Who creates new firms when local opportunities arise?

• 成果类型: Article
• 署名作者: Bernstein, Shai; Colonnelli, Emanuele; Malacrino, Davide; McQuade, Tim
• 署名单位: Harvard University; University of Chicago; International Monetary Fund; University of Colorado System; University of Colorado Boulder
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.05.045
• 发表日期: 2022
• 页码: 107-130
• 关键词: firms; entrepreneurs; BRAZIL; demand shocks

摘要

We examine the characteristics of the individuals who become entrepreneurs when local opportunities arise. We identify local demand shocks by linking fluctuations in global commodity prices to municipality-level agricultural endowments in Brazil. We find that the firm creation response is mostly driven by young and skilled individuals. The characteristics of these responsive entrepreneurs are significantly different from those of average entrepreneurs in the economy. By structurally estimating a novel two-sector model of a local economy, we highlight how the demographic composition of the local population can significantly affect the entrepreneurial responsiveness of the economy. (c) 2021 Elsevier B.V. All rights reserved.