nep-sbm New Economics Papers
on Small Business Management
Issue of 2015‒01‒03
nineteen papers chosen by
João Carlos Correia Leitão
Universidade da Beira Interior

  1. University knowledge and firm innovation. Evidence from European countries By Andrea Bellucci; Luca Pennacchio
  2. “Cooperation in R&D, firm size and type of partnership: Evidence for the Spanish automotive industry” By Erika Raquel Badillo; Francisco Llorente; Rosina Moreno
  3. “Cooperation in R&D, firm size and type of partnership: Evidence for the Spanish automotive industry” By Erika Raquel Badillo; Francisco Llorente; Rosina Moreno
  4. An international cohort comparison of size effects on job growth By Anyadike-Danes, Michael; Bjuggren, Carl-Magnus; Gottschalk, Sandra; Hölzl, Werner; Johansson, Dan; Maliranta, Mika; Myrann, Anja
  5. Cultural diversity and entrepreneurship in England and Wales By Hardy, Daniel; Rodriguez-Pose, Andres
  6. Job creation, firm creation, and de novo entry By Geurts, Karen; Van Biesebroeck, Johannes
  7. Growth Paths and Survival Chances: An Application of Gambler's Ruin Theory By Coad, Alex; Frankish, Julian; Roberts, Richard; Storey, David
  8. Determinants of research-based spin-offs survival By Oscarina Conceição; Ana Paula Faria
  9. University research alliances, absorptive capacity, and the contribution of startups to employment growths By Toole, Andrew A.; Czarnitzki, Dirk; Rammer, Christian
  10. Ideation, Entrepreneurship, and Innovation By Link, Albert
  11. Innovation development and the emergence of fast-growing companies in Russian regions By Alla Sorokina
  12. Entrepreneurial Clusters and the Co-agglomeration of Related Industries: Spinouts in Portuguese Plastics and Molds By Rui Baptista; Carla Costa
  13. Financial Crisis and Financing Constraints of SMEs in Visegrad Countries By Petr Koráb; Jitka Pomenková
  14. International Knowledge Spillovers: The Benefits from Employing Immigrants By Jürgen Bitzer; Erkan Gören; Sanne Hiller
  15. The contribution of academic research to innovation and growth By Reinhilde Veugelers
  16. The impact of knowledge spillovers on regional total factor productivity. New empirical evidence from selected European countries By Paula Puskarova; Philipp Piribauer
  17. The Impact of Brazilian Regional Development Funds on Regional Economic Growth: A spatial panel approach By Guilherme Resende; Tulio Cravo; Alexandre Carvalho
  18. The Effects of the Government Research and Development Support Policies on the Local Firm¡¯s Innovative Performance By Deokho Cho; Kyunghee Choi
  19. The entrepreneurial earnings puzzle. Evidence from matched person-firm data By Arvid Raknerud; Mirjam van Praag

  1. By: Andrea Bellucci; Luca Pennacchio
    Abstract: In recent decades firms have intensified the exploration of external sources of knowledge to enhance their innovation capabilities. This paper presents an empirical analysis of the factors that affect the importance of academic knowledge for firms’ innovative activities. An integrated approach that simultaneously considers country-level and firm-level factors is adopted. Regarding the former factors, the analysis shows that the entrepreneurial orientation of university and the quality of academic research increase the importance of knowledge transfers from universities to firms. This suggests that the environmental and institutional context contribute to explain cross-national disparities in university-industry interactions and in the effectiveness of knowledge transfer. In regard to the latter factors, the results indicate that firms oriented toward open search strategies and radical innovations are more likely to draw knowledge from universities. Furthermore, firms belonging to high technology sectors and firms with high absorptive capacity place greater value on the various links with universities. With respect to firm size the estimates show an inverted U-shaped relation with the importance of universities as a source of knowledge. However, the greatest benefits from interacting with universities are achieved by small and young research-active firms.
    Keywords: Innovation, industry-university links, knowledge transfer, university entrepreneurial orientation
    JEL: O32 O33 L20
    Date: 2014–11
  2. By: Erika Raquel Badillo (Faculty of Economics, University of Barcelona); Francisco Llorente (Faculty of Economics, University of Barcelona); Rosina Moreno (Faculty of Economics, University of Barcelona)
    Abstract: This paper aims to analyse cooperation in R&D in the automobile industry in Spain. It first examines to what extent firms cooperate with external actors in the field of technological innovation, and if so, with what type of cooperation partner, paying special attention to the differentiation according to the size of the firms. Second, it aims to study how the firm’s size may affect not only the decision of cooperating but also with which type of partner, while controlling for other determinants that have been considered in the literature as main drivers of collaborative activities in R&D. We use data provided by the Technological Innovation Panel in the 2006-2008 period for firms in the automotive sector. We estimate a bivariate probit model that takes into account the two types of cooperation mostly present in the automotive industry, vertical and institutional, explicitly considering the interdependencies that may arise in the simultaneous choice of both.
    Keywords: Innovation, Cooperation in R&D, Partnership, Firm size, Automotive Industry JEL classification: D22, O32, L24, L62
    Date: 2014–11
  3. By: Erika Raquel Badillo (Department of Econometrics. University of Barcelona); Francisco Llorente (Department of Econometrics. University of Barcelona); Rosina Moreno (Department of Econometrics. University of Barcelona)
    Abstract: This paper aims to analyse cooperation in R&D in the automobile industry in Spain. It first examines to what extent firms cooperate with external actors in the field of technological innovation, and if so, with what type of cooperation partner, paying special attention to the differentiation according to the size of the firms. Second, it aims to study how the firm’s size may affect not only the decision of cooperating but also with which type of partner, while controlling for other determinants that have been considered in the literature as main drivers of collaborative activities in R&D. We use data provided by the Technological Innovation Panel in the 2006-2008 period for firms in the automotive sector. We estimate a bivariate probit model that takes into account the two types of cooperation mostly present in the automotive industry, vertical and institutional, explicitly considering the interdependencies that may arise in the simultaneous choice of both.
    Keywords: Innovation, Cooperation in R&D, Partnership, Firm size, Automotive Industry JEL classification: D22, O32, L24, L62
    Date: 2014–10
  4. By: Anyadike-Danes, Michael; Bjuggren, Carl-Magnus; Gottschalk, Sandra; Hölzl, Werner; Johansson, Dan; Maliranta, Mika; Myrann, Anja
    Abstract: The contribution of different-sized businesses to job creation continues to attract policymakers' attention, however, it has recently been recognized that conclusions about size were confounded with the effect of age. We probe the role of size, controlling for age, by comparing the cohorts of firms born in 1998 over their first decade of life, using variation across half a dozen northern European countries Austria, Finland, Germany, Norway, Sweden, and the UK to pin down size effects. We find that a very small proportion of the smallest firms play a crucial role in accounting for cross-country differences in job growth. A closer analysis reveals that the initial size distribution and survival rates do not seem to explain job growth differences between countries, rather it is a small number of rapidly growing firms that are driving this result.
    Keywords: birth cohort,firm age,firm size,firm survival,firm growth,distributed micro-data analysis
    JEL: L25 L26 E24 M13
    Date: 2014
  5. By: Hardy, Daniel; Rodriguez-Pose, Andres
    Abstract: British regions are becoming increasingly culturally diverse, with migration as the main driver. Does this diversity benefit local economies? This research examines the impact of cultural diversity on the entrepreneurial performance of UK regions. We focus on two largely overlooked factors, the measurement of diversity, and the skills composition of diverse populations. First, more that demonstrating the importance of cultural diversity for entrepreneurship, we show that the type of cultural diversity measured is a decisive factor. Second, the skill composition of diverse populations is also key. Diversity amongst the ranks of the highly skilled exerts the strongest impact upon start-up intensities. The empirical investigation employs spatial regression techniques and carriers out several robustness checks, including instrumental variables specifications, to corroborate our findings.
    Keywords: cultural diversity; entrepreneurship; high-skilled migration; knowledge spillovers
    JEL: F22 J24 L26 M13
    Date: 2014–11
  6. By: Geurts, Karen; Van Biesebroeck, Johannes
    Abstract: Firm turnover and growth recorded in administrative data sets differ from underlying firm dynamics. By tracing the employment history of the workforce of new and disappearing administrative firm identifiers, we can accurately identify de novo entrants and true economic exits, even when firms change identifier, merge, or split-up. For a well-defined group of new firms entering the Belgian economy between 2004 and 2011, we find highly regular post-entry employment dynamics in spite of the volatile macroeconomic environment. Exit rates decrease with age and size. Surviving entrants record high employment growth that is monotonically decreasing with age in every size class. Most remarkably, we find that Gibrat’s law is violated for very young firms. Conditional on age, the relationship between employment growth and current size is strongly and robustly positive. This pattern is obscured, or even reversed, when administrative entrants and exits are taken at face value. De novo entrants’ contribution to job creation is relatively small and not very persistent, in particular for (the large majority of) new firms that enter with fewer than five employees.
    Keywords: employment growth; firm dynamics; Gibrat's law
    JEL: E24 L16 L25
    Date: 2014–08
  7. By: Coad, Alex (Ratio); Frankish, Julian (Ratio); Roberts, Richard (Ratio); Storey, David (Ratio)
    Abstract: This paper links new firm survival with growth, with a focus on the patterns in firms' growth paths. We theorise a Gambler's Ruin framework by arguing that new rm performance is best modelled as a random walk process, but that survival is nonrandom and depends primarily on the stock of accumulated resources. A firm's resources are either there when the business begins or are generated by successful periods `wins'. The empirical section tracks, over six years, the sales and survival/non-survival of 6,247 UK start-ups which all began trading in the same quarter of 2004. We do not find strong evidence in favour of a taxonomy of growth paths, because we observe that every possible growth path seems to occur with roughly equal probability. However, we observe that growth paths influence subsequent survival. Controlling for lagged size, we observe that longer lags of growth, and even start-up size, have signicant eects on survival.
    Keywords: Growth paths; firm growth; firm survival; gambler’s ruin; start-up size
    JEL: L25
    Date: 2014–12–04
  8. By: Oscarina Conceição (DINÂMIA-CET, University Institute of Lisbon, Lisbon, Portugal & Polytechnic Institute of Cavado and Ave); Ana Paula Faria (Universidade do Minho - NIPE)
    Abstract: Existing literature has shown that research-based spin-offs firms usually exhibit lower death risks than other start-ups. However, few studies have focused on the survival determinants of these particular firms. From a unique self-collected database of the population of research-based spin-offs created in Portugal from 1995 up to 2007 we analyze if founding conditions, parent organization characteristics and location characteristics play a role on their survival. Our results show that start-up size, firm age, parent reputation and region characteristics are key determinants of research-based spin-offs survival, casting doubts on the role played by the incubation process and the social ties with the parent organization as advanced in previous studies.
    Keywords: academic spin-offs; firm survival; duration analysis; group effects models
    JEL: L25 D22 O30 C41
    Date: 2014
  9. By: Toole, Andrew A.; Czarnitzki, Dirk; Rammer, Christian
    Abstract: This paper examines how university research alliances and other cooperative links with universities contribute to startup employment growth. We argue that 'scientific absorptive capacity' at the startup is critical for reaping the benefits from university research alliances, but not necessarily for other university connections. We also estimate the aggregate employment contribution from startup firms and attribute those employment gains to university research alliances and other university connections. We find significant contributions to employment growth from university research alliances and other university connections, but scientific absorptive capacity is critical for university research alliances. Only 7% of the startup population maintained a university research alliance, but among these firms, 3.4% of their total jobs created were attributable to their alliances. These results suggest university connections are quite important for job growth and university research alliances contributed substantially to job creation for those firms that had such alliances.
    Keywords: Academic Entrepreneurship,Startups,Firm performance,Technology Transfer,University Spinoff Policy,Human Capital
    JEL: L25 L26 J24
    Date: 2014
  10. By: Link, Albert (University of North Carolina at Greensboro, Department of Economics)
    Abstract: The origin of ideas is an important topic to be addressed by eminent disciplinary scholars, and then debated, and then debated, and then debated yet again. Even addressing the narrower topic of the origin of entrepreneurial or innovative ideas is a bold if not presumptuous undertaking. In this paper, which forms the basis of my keynote address, I set the stage with a brief summary statement about how two historical scholars viewed the source of ideas and then I move to a brief discussion about what academic researchers in the field of entrepreneurship and innovation know about sources that influence innovative behavior. In the final section, I present some inaugural findings from my own research in this area, or more accurately, the research on which I have just begun to embark. I conclude with a question: Why do scholars of entrepreneurship, innovation, and enterprise dynamics need to know about the sources of ideas that lead to new technology and innovation, and I offer a suggestive answer.
    Keywords: entrepreneurship; innovation; ideation; technology
    JEL: L26 O31 O32
    Date: 2014–12–15
  11. By: Alla Sorokina
    Abstract: In my presentation I would like to describe the results of a RANEPA team research project in which I am participating. The main object of presented research is factors that determine companies' growth. The research area is limited by companies that achieved high-speed growth by improving their competitiveness and not as a result of market extension. There are a vast majority of studies that search for determinants of companies' competitiveness (description is presented in the overview article "P. Mohnen and B.H. Hall. Innovation and Productivity: an Update / Eurasian Business Review, 3(1), 2013, 47-65"). Most of them indicates that implementation of different types of innovations (product, process, marketing and organizational) are important for firm's growth. I would like to present the results of econometric and statistical analyses of internal and external factors that influence on company's growth rate. There is strong evidence that emergence of high growth companies (gazelles) is more likely in regions that are famous for their innovativeness. It is an external factor which could be called "appropriate environment for high growth firms". Statistical analyses of regional data demonstrates existence of correlation (coefficient of correlation exceeds 0.5) between the number of high-growth companies and such indicators as "The number of researchers per 10 000 people" (k = 0.59), "The ratio of number of PCT applications to the economically active population" (k = 0.56), "The share of employees with higher education in the total number of population in economically active age" (k = 0.55) and "The ratio of the number of applications for inventions submitted to the Russian Patent Bureau by national applicants, to the economically active population" (k = 0.52). The next step of analysis was to examine intramural factors that determine companies' growth rates. We used closed data collected via national survey of high growth innovative companies ("Rating-TechUp" that was completed in 2013 year - Econometric analysis provided evidence that the mains intramural factor that determine company's growth rates are share of new (innovative) production in the company's overall sales and expenditures on education of company's staff. Determined external and intramural factors could be used for elaborating recommendations for implementation of industrial policy in Russia.
    Keywords: high-growth companies; gazelles; innovative regions; determinants of competitiveness
    Date: 2014–11
  12. By: Rui Baptista; Carla Costa
    Abstract: The success of ?entrepreneurial clusters' has led policymakers towards extensive efforts to seed local entrepreneurship. A particularly important determinant of the ?supply of entrepreneurs' are industry linkages within cities or regions. Indeed, studies consistently find that the most powerful predictor of future entrepreneurship for a city or region is the presence and strength of incumbent firms in the same or in related industries. This study examines how co-agglomeration (or collocation) of entrepreneurial firms in related industries influences cluster growth. Two types of effects are considered that may drive collocation: the inheritance of capabilities from local incumbents by spinout founders; and agglomeration benefits stemming from local access to supply-side spillovers. These effects are examined for the Portuguese molds and plastics industries. If agglomeration economies explain industry collocation, one would expect firms from related industries to collocate in the agglomerated region. Firms locating in the agglomerated region should perform better than firms located elsewhere, independently of their background. If heritage is the main force behind collocation, then spinouts will locate close to parent firms regardless of their region of origin. Spinouts from parent firms in the same or a related industry perform better than other startups. Our methodology is twofold. We first present a historical account of the evolution of the Portuguese molds and plastics industries, focusing on the location and genealogy of firms. Second, we conduct an econometric analysis of detailed data on firms, founders, and workers in the Portuguese molds and plastics industries covering the period 1986-2009. In order to test the predictions derived from agglomeration and organizational heritage theories, two main types of models are estimated, regarding: I. the probability of firms in molds and plastics industries cross-spawning entrants in those industries; II. the determinants of the performance of entrants, according to their geographical origin and founder background (i.e. spinouts vs. independent startups), using survival and sales growth models. Results suggest that the transmission of capabilities from parent firms to spinouts locating in the same region is the foremost driver of collocation and performance for the molds and plastic injection industries. The presence of the plastics industry has a positive impact on the molds industry but not the inverse, implying that while collocation with molds is not a requirement for the plastics industry to flourish, collocation with plastics is important for the molds industry.
    Keywords: Clusters; Spinouts; Regional development; Agglomeration Economies; Organizational Heritage
    JEL: L26 M13 R30
    Date: 2014–11
  13. By: Petr Koráb; Jitka Pomenková
    Abstract: The paper investigates the access of small and medium-sized enterprises to external financing during the recent financial crisis via non-parametric density estimation. The kernel density estimation is applied on a firm-level measure of financing constraints and evaluates its distribution on a balanced panel of SMEs. For application and cross-country comparison we use panel data on Limited Liability enterprises in the Czech Republic, Poland, Slovakia and Hungary. Our results reveal asymmetric impact of the financial crisis on the ability of SMEs to secure external financing. We identify that there is no sizeable difference in access to credit of SMEs in Hungary and Poland before and during the crisis. In Slovakia and the Czech Republic our results suggest that firms were more constrained during the crisis and their financing constraints did not largely improve after the end of financial crisis. We argue that economic recession was the driving factor of financing constraints in Slovakia and the Czech Republic.
    Keywords: financing constraints, KZ index, credit crunch, financial accelerator, non-parametric estimation, kernel density
    Date: 2014–12–04
  14. By: Jürgen Bitzer (Carl von Ossietzky University Oldenburg); Erkan Gören (Carl von Ossietzky University Oldenburg and Aarhus University); Sanne Hiller (Ruhr-University Bochum and Aarhus University)
    Abstract: This paper explores the role of immigrant employees for a firm’s capability to absorb international knowledge. Using matched employer-employee data from Denmark for the years 1999 to 2009, we are able to show that non-Danish employees contribute significantly to a firm’s economic output through their ability to access international knowledge. The immigrants’ impact increases if they come from technological advanced countries, have a high educational level, and are employed in high skilled positions. However, the latter does not hold for immigrant managers.
    Keywords: R&D Spillovers, Absorptive Capacity, Firm-Level Analysis, Foreign Workers, Immigrants
    JEL: D20 J82 L20 O30
    Date: 2014–11
  15. By: Reinhilde Veugelers
    Abstract: To better understand how academic research can contribute to innovative growth and to assess how Europe is and could be doing in this respect, we review the analysis and evidence of business science links and Europe’s record on this. The evidence and analysis shows that the link between science and industry is neither direct nor obvious. When looking at the evidence for Europe, there is a general lagging behind relative to the US, particularly on academic patenting and university spin-offs. Patenting and licensing is only two of a number of pathways for the transfer of knowledge from universities to industry, and perhaps not even the best forms. Student & researchers’ mobility from academe to industry is a critical mechanism to transfer knowledge from the university to industry, particularly when the knowledge to be transferred is hard to codify and is embodied in human capital as is the case for science-based knowledge. Although this is an area of great importance to the study of the innovation process, only recently research has started to attempt to trace researchers’ intersectoral mobility When looking for ways to improve the transfers from science to innovation, most of the attention in the academic literature and policy is on finding the critical success factors on the science side. Most of this analysis looks at academic patenting and faculty spin-offs and comes from best US practices. These include proper intellectual property right regimes, where Bayh-Dole type of reforms which allocate property rights to the university, are considered to have cleared the path towards tech transfer in the US. Other best practices include having in place incentive schemes for tech transfers, with a fair share for researchers in royaltees and spin-offs and having in place a dedicated technology transfer office, which critical scale, expertise and experience in mediating technology transfer. But perhaps the most important success factor for tech transfer identified is the quality of the research faculty and their created ideas. Overall, the most salient policy recommendations that stems from the analysis is that policy makers looking for ways to improve the contribution of universities to innovation based growth, should take a long-term perspective for developing an industry-science eco-system, avoiding the temptation of quick “success stories”. A particular dangerous policy practice is a target focusing only on the commercialization of university technologies through academic patenting and spin-offs, ignoring the broader contribution to economic development with other pathways, most notably the research based training and mobility of human capital from universities. Policy makers should be more “innovative” in their search for effective policy interventions, venturing beyond the classic spin-off and incubator programs. At the same time, they should be more serious about evaluating their new and existing instruments. To progress, policy makers should support more systematic data collection and analysis on the various pathways for universities’ contribution to economic prosperity.
    Keywords: Academic research, Clusters, Innovation, Innovation policy, New technologies, Patents, Research
    JEL: O31 O38
    Date: 2014–12
  16. By: Paula Puskarova; Philipp Piribauer
    Abstract: This paper aims to identify the contribution of knowledge capital and its determinant - human capital - to total factor productivity differences among regions within a regression framework in general and the impact of their spillovers on regional total factor productivity in particular. The focus is laid on interregional spillovers between the Western and Eastern EU and namely, within the triangle of capital regions Vienna-Budapest-Bratislava. The results challenge some previous empirical studies in the sense that once the human capital is accounted for, the significance and magnitude of spillovers from conventional reservoirs of knowledge - patent stocks - falls. Vienna appears to be the largest contributor to the productivity increases in Bratislava. Budapest's productivity seems to be sensitive to knowledge and human capital endowments of EU, but not those of Vienna. Keywords: knowledge capital, knowledge spillover, human capital, human capital spillover, total factor productivity, spatial panel
    Keywords: knowledge capital; knowledge spillover; human capital; human capital spillover; total factor productivity; spatial panel
    JEL: O33 O47 R12
    Date: 2014–11
  17. By: Guilherme Resende; Tulio Cravo; Alexandre Carvalho
    Abstract: In Brazil, the regional development policy is directed by the regional development funds for the Northeast (FNE), the North (FNO), and the Central-West (FCO), which invested more than ?36 billion in lagging regions between 2004 and 2010. This policy seeks to facilitate the economic and social development of lagging regions by offering loans below market interest rates, primarily, to small-scale farmers and small industrial firms. This paper evaluates the economic impact of these Regional Funds using for the first time unique and recent data provided by the Brazilian Government. The study uses the different spatial scales of municipalities and micro-regions to analyse the impact of Regional funds on GDP per capita growth between 2004 and 2010. The results of the panel data estimations suggest that constitutional funds have some positive impact on GDP per capita growth mainly at municipality level, which is the smallest spatial scale. Nevertheless, the results estimated by fixed effect estimations neither control for spatial dependence nor provide evidence on the magnitude of the spatial spillover stemming from the Regional Constitutional Funds. Thus, to control for these caveats, this paper also applies the Spatial Econometrics estimator for panel data suggested by Elhorst (2010). The results indicate that different modalities of FCO, FNO and FNE affect regional growth differently and the spatial estimations did not indicate the existence of spatial spillovers stemming directly from the constitutional funds.
    Keywords: impact evaluation; regional development; regional funds; Brazil;
    JEL: C52 R58
    Date: 2014–11
  18. By: Deokho Cho; Kyunghee Choi
    Abstract: This study basically focuses on the analysis of the net effect of the government R&D support program on the local firms' technology development and its performance. And then it examines whether and how much R&D raises the effects of local firms' technology development and its performance. It basically tries to investigate the net effect of government's R&D support policies. Especially, it focuses on analyzing the net effects of R&D support policies on the innovative performance of local firms in the Gyeongbuk area where these policies were implemented for the first time in Korea. And more specifically it evaluates the performance of the government R&D support policies, using the propensity score matching in order to control the unobserved heterogeneity. This study finally suggests the R&D support policy alternatives and gives some lessons to the other policies and areas.
    Keywords: Innovation; Propensity Score Method; Regional Development; Logit Model
    Date: 2014–11
  19. By: Arvid Raknerud; Mirjam van Praag (Statistics Norway)
    Abstract: Empirical studies show that the pecuniary returns to an individual's decision to switch from wage employment to entrepreneurship are low. We reconsider the pecuniary gains from this transition using a unified and flexible approach based on a mixed model with heterogeneous returns to entrepreneurship. Addressing the issue of self-selection, we analyze to what extent earlier findings are obscured by mixing individuals who become entrepreneurs without interesting wage alternatives with those who do have a realistic alternative opportunity. Our data set covers the whole Norwegian population of individuals matched to the entire population of firms established in the period 2002-- 2011, and includes extensive income and ownership share measures. The results indicate that the average return to entrepreneurship is significantly negative for individuals entering entrepreneurship through self-employment. Entrepreneurs who establish firms by injecting the minimum (or close to minimum) required amount of equity in an incorporated firm at start-up, have a significantly positive, but low return to entrepreneurship on average. Finally, persons who become entrepreneurs by establishing firms that are at least twice as large as the minimum requirement, increase their earnings by 10 percent on average by becoming entrepreneurs. We identify a significant positive selection by absolute advantage with regard to the choice of becoming an incorporated entrepreneur, but not with regard to self-employment.
    Keywords: Entrepreneurship; Returns to entrepreneurship; Earnings distribution; Matched personfirm data
    JEL: L26 C23 J31
    Date: 2014–11

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