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on Entrepreneurship |
| By: | Dent, Robert C. (Federal Reserve Bank of New York); Karahan, Fatih (Federal Reserve Bank of New York); Pugsley, Benjamin (Federal Reserve Bank of New York); Sahin, Aysegul (Federal Reserve Bank of New York) |
| Abstract: | The U.S. economy has been going through a striking structural transformation—the secular reallocation of employment across sectors—over the past several decades. We propose a decomposition framework to assess the contributions of various margins of firm dynamics to this shift. Using firm-level data, we find that at least 50 percent of the adjustment has been taking place along the entry margin, owing to sectors receiving shares of start-up employment that differ from their overall employment shares. The rest is mostly the result of life cycle differences across sectors. Declining overall entry has a small but growing effect of dampening structural transformation. |
| Keywords: | structural transformation; employment dynamics; sectoral reallocation |
| JEL: | E24 J00 J23 L25 |
| Date: | 2016–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsr:762&r=ent |
| By: | Jean Bonnet (CREM, UMR CNRS 6211, UFR SEGGAT, University of Caen Normandie, France); Robert Cressy (Birmingham Business School, UK) |
| Abstract: | Using an unbalanced panel of some 36,500 French startup firms and 11,600 closures over the period 1994-2000 we test for a role of bank credit scoring in small business lending using an encompassing version (GEJ) of the seminal Evans-Jovanovic(1989) (EJ) model of credit constraints. In the GEJ model the bank’s estimate of the probabilty of individual company survival (business quality) is allowed to figure in the startup credit decision, alongside collateral. On the French data EJ is rejected in favour of GEJ. Thus we conclude with EJ that there is evidence of startup credit constraints via bank lending rules, but that this imperfection is ameliorated by the bank’s estimate of firm quality: better firms and entrepreneurs are more likely to get loans. Enrepreneurial human capital is also found (consistently with Cressy, 1996) to play a major role in the survival of startup businesses and hence in the chances of getting a loan. Consistent with other empirical work we also establish that startup loan refusal (an upper bound to rationing) affects only a small proportion (9%) of applicants. However, for those whose loan request is rejected, dynamics show that they have a permanently higher hazard of failure (by 50%-90%), relative to their funded counterparts. Credit constraints thus contribute to small business failure. |
| Keywords: | Entrepreneurship, startups, credit constraints, survival, France, panel data, hazard rate |
| JEL: | L25 L26 G33 |
| Date: | 2016–01 |
| URL: | http://d.repec.org/n?u=RePEc:tut:cremwp:2016-01&r=ent |
| By: | Jean Bonnet (CREM, UMR CNRS 6211, UFR SEGGAT, University of Caen Normandie, France) |
| Abstract: | In a market economy, reward structures are more or less favorable to opportunity entrepreneurship, which brings growth and jobs (Schreyer, 2000). Currently the small group of high-growth firms generates a large proportion of permanent jobs (Henrekson and Johansson, 2010; Falkenhall and Junkka, 2009) and new companies are widely represented (Daunfeldt and al, 2014). How to nurture these new companies with high-growth potential in France is a major issue that, we believe, is mainly based on a better functioning of the labor market, and the development of entrepreneurial education and ecosystems favorable to entrepreneurship. |
| Keywords: | Entrepreneurship by opportunity, Entrepreneurial Education, Entrepreneurial Ecosystems |
| JEL: | L26 J24 P16 |
| Date: | 2016–02 |
| URL: | http://d.repec.org/n?u=RePEc:tut:cremwp:2016-02&r=ent |
| By: | Ying Zhang (Harvard Business School); André van Stel (Trinity Business School, Trinity College Dublin, Ireland) |
| Abstract: | One of the most important transitions of China from a centrally planned economy to a market-based economy was the emergence of entrepreneurship in two different forms of private enterprise, viz. getihu and siyingqiye. Using a unique database for 31 Chinese regions over the period 1997-2009, we investigate the economic antecedents of regional rates of getihu and siyingqiye, and find that the antecedents of these rates are substantially different. We also investigate the mutual interactions between getihu and siyingqiye at the regional level. Our analysis suggests that both types of entrepreneurship play important but distinct roles in stimulating China's economic development. |
| Date: | 2016–02 |
| URL: | http://d.repec.org/n?u=RePEc:hbs:wpaper:16-086&r=ent |
| By: | Gabaix, Xavier; Lasry, Jean-Michel; Lions, Pierre-Louis; Moll, Benjamin |
| Abstract: | The past forty years have seen a rapid rise in top income inequality in the United States. While there is a large number of existing theories of the Pareto tail of the long-run income distributions, almost none of these address the fast rise in top inequality observed in the data. We show that standard theories, which build on a random growth mechanism, generate transition dynamics that are an order of magnitude too slow relative to those observed in the data. We then suggest two parsimonious deviations from the canonical model that can explain such changes: "scale dependence" that may arise from changes in skill prices, and "type dependence," i.e. the presence of some "high-growth types." These deviations are consistent with theories in which the increase in top income inequality is driven by the rise of "superstar" entrepreneurs or managers. |
| Keywords: | inequality; operator methods; Pareto distribution; speed of transition; superstars |
| JEL: | D31 E24 |
| Date: | 2015–12 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:11028&r=ent |
| By: | Jean-Luc Moriceau (DEFIS - Droit, Economie, Finances et Sociologie - Télécom Ecole de Management - Institut Mines-Télécom); Isabela Dos Santos Paes (DEFIS - Droit, Economie, Finances et Sociologie - Télécom Ecole de Management - Institut Mines-Télécom); Géraldine Guérillot (Umalis lab (ESCP Europe & Institut Mines-Télécom-Télécom Ecole de Management)) |
| Abstract: | How do identities get constructed in new employment models, such as umbrella companies, which blur the borders between salary-employment, independent work and entrepreneurship? This exploratory qualitative study inquiries tracks some trajectories, affects and construction of the self of executive in umbrella companies. It sketches a portrait of professionals inventing their own path to practice their expertise in their ways amid liberal discourses, in need of support, sometimes with doubts and angst. At stake is a possible increase of capabilities, a way of life and a mode of subjectivity. However social outcomes of such new employment form still need to be addressed. |
| Abstract: | Comment se construisent les identités dans les nouvelles formes d'emploi, tel le portage salarial, qui brouillent les frontières et repères entre salariat, travail indépendant et entrepreneuriat ? Une enquête qualitative exploratoire suit le parcours et les affects de cadres portés et s'interroge sur leur construction de soi. Elle dessine le portrait de portés inventant leur chemin pour exercer à leur manière leur expertise, au sein d'un discours libéral, ayant besoin de support, parfois doutant ou angoissés. Ce qui se joue est pour eux un possible accroissement de ‘capabilités', un mode de vie et une forme de subjectivité mais il reste à réfléchir sur les évolutions sociales liées à ces nouvelles formes d'emploi. |
| Keywords: | Umbrella companies,Construction of the self,Affects,Independent work,Portage salarial,Construction de soi,Travail indépendant |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01267012&r=ent |
| By: | Fritsch, Michael; Wyrwich, Michael; Bublitz, Elisabeth; Sorgner, Alina |
| Abstract: | New business formation plays an important role for economic development. Therefore, policy makers put emphasis on fostering start-up activity. Aims and scope of entrepreneurs can be very heterogeneous much as the structure of new ventures. The project "New business formation and the labor market in East and West German growth regimes" within the Collaborative Research Center (SFB 580) "Social developments in post-socialistic societies: discontinuity, tradition, structural formation" at the Friedrich-Schiller University Jena investigated the development and structures of new firms. To this end, the project team conducted the GAW survey by means of computer-assisted telephone interviewing (CATI). In total, there have been 1105 interviews with firm founders. The data include personal information on the founder and her firm. These information can be merged with administrative data of the Establishment History Panel (BHP = Betriebs-Historik Panel) of the Research Data Centre of the German Institute for Employment Research (IAB). The BHP comprises detailed information on the establishment characteristics. Therefore, the GAW survey data provide the unique opportunity to link characteristics of the entrepreneur with detailed information about his or her establishment. Additional Information Auszählungen |
| Date: | 2015–12–17 |
| URL: | http://d.repec.org/n?u=RePEc:iab:iabfda:201505_de&r=ent |