Аннотация
The propensity to become a business owner is a nonlinear function
of wealth. The relationship between wealth and entry into entrepreneurship
is essentially flat over the majority of the wealth distribution.
It is only at the top of the wealth distribution—after the ninety‐fifth
percentile—that a positive relationship can be found. Segmenting
businesses into industries with high– and low–starting capital requirements,
we find no evidence that wealth matters more for businesses requiring
higher initial capital. When using inheritances as an instrument
for wealth, we find that both past and future inheritances predict
current business entry, showing that inheritances capture more than
simply liquidity. We further exploit the regional variation in house
prices and find that households that lived in regions in which housing
prices appreciated strongly were no more likely to start a business
than households in other regions.
Пользователи данного ресурса
Пожалуйста,
войдите в систему, чтобы принять участие в дискуссии (добавить собственные рецензию, или комментарий)