Partisan Entrepreneurship

• 成果类型: Article
• 署名作者: Engelberg, Joseph; Guzman, Jorge; Lu, Runjing; Mullins, William
• 署名单位: University of California System; University of California San Diego; Columbia University; National Bureau of Economic Research; University of Toronto
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082; 1540-6261
• DOI: 10.1111/jofi.70042
• 发表日期: 2026-08
• 页码: 1841-1892
• 关键词: ECONOMIC-BEHAVIOR; gender-gap; BUSINESS; OPPORTUNITIES; polarization; decisions; Sentiment; WEALTH; FAMILY

摘要

Republicans start more firms than Democrats. In a sample of 40 million party-identified Americans between 2005 and 2017, we find that 5.5% of Republicans and 3.7% of Democrats become entrepreneurs. This partisan entrepreneurship gap is time-varying-Republicans increase their relative entrepreneurship during Republican administrations and decrease it during Democratic administrations, amounting to a partisan reallocation of 170,000 new firms over our 13-year sample. We find sharp changes in partisan entrepreneurship around the elections of President Obama and President Trump, with the strongest effects among the most politically active partisans: those that donate and vote.