Entrepreneurial finance, credit cards, and race

• 成果类型: Article
• 署名作者: Chatterji, Aaron K.; Seamans, Robert C.
• 署名单位: New York University; Duke University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2012.04.007
• 发表日期: 2012
• 页码: 182-195
• 关键词: Financial constraints; entrepreneurship; Barriers to entry; RACE

摘要

This paper examines the impact of financial deregulation on entrepreneurship. We assess the impact of credit card deregulation on transitions into self-employment using state-level removal of credit card interest rate ceilings following the US Supreme Court's 1978 Marquette decision as a quasi-natural experiment. We find that credit card deregulation increases the probability of entrepreneurial entry, with a particularly strong effect for black entrepreneurs. We demonstrate that these effects are magnified in states with a history of racial discrimination and link the results to discrimination-based barriers to entry. (c) 2012 Elsevier B.V. All rights reserved.