Can Unemployment Insurance Spur Entrepreneurial Activity? Evidence from France

• 成果类型: Article
• 署名作者: Hombert, Johan; Schoar, Antoinette; Sraer, David; Thesmar, David
• 署名单位: Hautes Etudes Commerciales (HEC) Paris; Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of California System; University of California Berkeley
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.12880
• 发表日期: 2020
• 页码: 1247-1285
• 关键词: INDUSTRY STRUCTURE; liquidity; returns; RISK; INVESTMENT; barrier; reforms

摘要

We evaluate the effect of downside insurance on self-employment. We exploit a large-scale reform of French unemployment benefits that insured unemployed workers starting businesses. The reform significantly increased firm creation without decreasing the quality of new entrants. Firms started postreform were initially smaller, but their employment growth, productivity, and survival rates are similar to those prereform. New entrepreneurs' characteristics and expectations are also similar. Finally, jobs created by new entrants crowd out employment in incumbent firms almost one-for-one, but have a higher productivity than incumbents. These results highlight the benefits of encouraging experimentation by lowering barriers to entry.