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Entrepreneurship and Liquidity Constraints: Evidence from Sweden

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  • Jenny Nykvist
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    Abstract

    Hurst and Lusardi (2004) use a specification with higher-order polynomials to estimate the relationship between wealth and entrepreneurship. They find evidence against the existence of extensive liquidity constraints in the United States. In this paper, their approach is replicated on Swedish data. A positive relationship between wealth and entrepreneurship is found, which supports the liquidity constraints hypothesis. Alternative methods for handling the endogeneity problem and distinguishing between absolute decreasing risk aversion and liquidity constraints lend further support to the hypothesis. The analysis suggests that there exist liquidity constraints in Sweden, which are possibly more extensive than in the United States. Copyright � The editors of the "Scandinavian Journal of Economics" 2008 .

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Scandinavian Journal of Economics.

    Volume (Year): 110 (2008)
    Issue (Month): 1 (03)
    Pages: 23-43

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    Handle: RePEc:bla:scandj:v:110:y:2008:i:1:p:23-43

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    Web page: http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1467-9442

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    Cited by:
    1. Backman, Mikaela, 2013. "Banks and New Firm Formation," Working Paper Series in Economics and Institutions of Innovation 301, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
    2. Henrekson, Magnus & Stenkula, Mikael, 2009. "Entrepreneurship and Public Policy," Working Paper Series 804, Research Institute of Industrial Economics.
    3. Åsa Hansson, 2012. "Tax policy and entrepreneurship: empirical evidence from Sweden," Small Business Economics, Springer, vol. 38(4), pages 495-513, May.
    4. David G. Blanchflower, 2008. "Minority Self-Employment in the United States and the Impact of Affirmative Action Programs," NBER Working Papers 13972, National Bureau of Economic Research, Inc.
    5. Altin Vejsiu, 2011. "Incentives to self-employment decision in Sweden," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(4), pages 379-403.
    6. Robert W. Fairlie & Harry A. Krashinsky, 2012. "Liquidity Constraints, Household Wealth, And Entrepreneurship Revisited," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 58(2), pages 279-306, 06.
    7. Carlos Carreira & Filipe Silva, 2010. "No Deep Pockets: Some Stylized Empirical Results On Firms' Financial Constraints," Journal of Economic Surveys, Wiley Blackwell, vol. 24(4), pages 731-753, 09.
    8. Jean Bonnet & Sylvie Cieply & Marcus Dejardin, 2013. "Credit rationing or overlending:Who is right ?," Economics Working Paper Archive (University of Rennes 1 & University of Caen) 201309, Center for Research in Economics and Management (CREM), University of Rennes 1, University of Caen and CNRS.
    9. Simoes, Nadia & Moreira, Sandrina B. & Crespo, Nuno, 2013. "Individual Determinants of Self-Employment Entry – What Do We Really Know?," MPRA Paper 48403, University Library of Munich, Germany.
    10. Frijters, Paul & Kong, Tao & Meng, Xin, 2011. "Migrant Entrepreneurs and Credit Constraints under Labour Market Discrimination," IZA Discussion Papers 5967, Institute for the Study of Labor (IZA).

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