Weitere Artikel dieser Ausgabe durch Wischen aufrufen
This paper empirically examines the role of personal capital in the entry decision for US high-technology entrepreneurs. Our innovative approach utilizes both survey data and data from economics-based field experiments, which enables us to elicit and control for the risk attitudes of individual entrepreneurs in the study. Empirical findings suggest that (1) Small Business Innovation Research (SBIR) grants, (2) credit cards, and (3) earnings from a salaried job are among the most important sources of funds for entrepreneurs in their decision to start up a firm. Our findings support Evans and Jovanovic (Journal of Political Economy 97(4):808–827, 1989) in that wealth appears to have a positive impact on the probability of starting up a firm, even when controlling for risk attitudes; however, risk attitudes do not appear to have a strong role to play in the entry decision overall. Policy implications suggest that firm start-ups are dependent on access to capital in both initial and early stages of development, and that government funding, including SBIR grants, is an important source of capital for potential and nascent high-technology entrepreneurs.
Bitte loggen Sie sich ein, um Zugang zu diesem Inhalt zu erhalten
Sie möchten Zugang zu diesem Inhalt erhalten? Dann informieren Sie sich jetzt über unsere Produkte:
Bates, T. (1990). Entrepreneur human capital inputs and small business longevity. The Review of Economics and Statistics, 72(4), 551–559. CrossRef
Blanchflower, D. G., & Meyer, B. (1994). A longitudinal analysis of young entrepreneurs in Australia and the United States. Small Business Economics, 6(1), 1–20. CrossRef
Blanchflower, D. G., & Oswald, A. G. (1998). What makes an entrepreneur? Journal of Labor Economics, 16, 26–60. CrossRef
Branscomb, L. M., & Auerswald, P. A. (2002). Between invention and innovation: An analysis of funding for early-stage technology development. NIST GCR 02-841 (p. 23). Gaithersburg, MD: NIST.
Cressy, R. (2000). Credit rationing or entrepreneurial aversion? An alternative explanation for the Evans and Jovanovic finding. Economic Letters, 66, 235–240. CrossRef
de Meza, D., & Webb, D. C. (1987). Too much investment: A problem of asymmetric information. Quarterly Journal of Economics, 102, 281–292. CrossRef
Douglas, E., & Shepherd, D. (2002). Self-employment as a career choice: Attitudes, entrepreneurial intentions, and utility maximization. Entrepreneurship Theory and Practice, 26, 81–90.
Elston, J. A., Harrison, G., & Rutström, E. E. (2005). Characterizing the entrepreneur using field experiments. Discussion paper, Department of Economics, College of Business Administration, University of Central Florida. http://cebr.dk/upload/harrison.pdf.
Evans, D. S., & Jovanovic, B. (1989). An estimated model of entrepreneurial choice under liquidity constraints. Journal of Political Economy, 97(4), 808–827. CrossRef
Evans, D. S., & Leighton, L. S. (1989a). Some empirical aspects of entrepreneurship. American Economic Review, 79(3), 519–535.
Evans, D. S., & Leighton, L. S. (1989b). The determinants of changes in U.S. self-employment. Small Business Economics, 1(2), 11–120. CrossRef
Evans, D. S., & Leighton, L. S. (1990). Small business formation by unemployed and employed workers. Small Business Economics, 2(4), 319–330. CrossRef
Georgellis, Y., Sessions, J., & Tsitsianis, N. (2005). Windfalls, wealth, and the transition to self-employment. Small Business Economics, 25, 407–428. CrossRef
Hart, O., & Moore, J. (1994). A theory of debt based on the inalienability of human capital. The Quarterly Journal of Economics, 109(4), 841–879. CrossRef
Holt, C. A., & Laury, S. K. (2002). Risk aversion and incentive effects. The American Economic Review, 92, 1644–1655. CrossRef
Jaffe, D. M., & Russell, T. (1976). Imperfect information, uncertainty and credit rationing. Quarterly Journal of Economics, 90, 651–666. CrossRef
Kan, K. K., & Tsai, W. (2006). Entrepreneurship and risk aversion. Small Business Economics, 26, 465–474. CrossRef
Keh, H. T., Foo, M. D., & Lim, B. C. (2002). Opportunity evaluation under risky conditions: The cognitive processes of entrepreneurs. Entrepreneurship Theory and Practice, 27(2), 125–148.
Levesque, M., & Schade, C. (2005). Intuitive optimizing: Experimental findings on time allocation decisions with newly formed ventures. Journal of Business Venturing, 20, 313–342. CrossRef
Palich, L. E., & Bagby, D. R. (1995). Using cognitive theory to explain entrepreneurial risk-taking: Challenging conventional wisdom. Journal of Business Venturing, 10, 425–438. CrossRef
Parker, S. (2004). The economics of self-employment and entrepreneurship. Cambridge: Cambridge University Press. CrossRef
Parker, S. (2005). The economics of entrepreneurship: What we know and what we don’t. Discussion papers on entrepreneurship, growth, and public policy #1805. The Max Planck Institute for Research into Economic Systems.
Petersen, M. A., & Rajan, R. G. (1992). The benefits of firm-creditor relationships: Evidence from small business data. University of Chicago working paper #362.
Stiglitz, J., & Weiss, A. (1981). Credit rationing in markets with imperfect information. American Economic Review, 71, 393–410.
Wessner, C. (Ed.). (2002). The small business innovation research program: Challenges and opportunities. Washington, D.C.: National Academy Press.
- Financing the entrepreneurial decision: an empirical approach using experimental data on risk attitudes
Julie A. Elston
David B. Audretsch
- Springer US
Neuer Inhalt/© Stellmach, Neuer Inhalt/© BBL, Neuer Inhalt/© Maturus, Pluta Logo/© Pluta, Neuer Inhalt/© hww, digitale Transformation/© Maksym Yemelyanov | Fotolia