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Windfalls, Wealth, and the Transition to Self-Employment

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Author Info

  • Yannis Georgellis
  • John Sessions
  • Nikolaos Tsitsianis

Abstract

We examine the transition to, and survival in, self-employment among a sample of British workers. We find evidence of capital constrains, with wealthier individuals being more likely to transit ceteris paribus. Windfall gains raise the probability of transition at a decreasing rate – gains or more than £20000–£22000 reduce the probability of transition – and larger gains reduce the probability of transition amongst relatively wealthier respondents. We also find peculiarities in the effects of particular types of windfall; redundancy payments and inheritances raise the probability of transition, whilst lottery wins reduce the probability of (especially male) transitions. In contrast, inheritances (lottery wins) hinder (augment) self-employment survival. Copyright Springer 2005

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Bibliographic Info

Article provided by Springer in its journal Small Business Economics.

Volume (Year): 25 (2005)
Issue (Month): 5 (December)
Pages: 407-428

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Handle: RePEc:kap:sbusec:v:25:y:2005:i:5:p:407-428

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Web page: http://www.springerlink.com/link.asp?id=100338

Related research

Keywords: Self-employment; transitions; windfalls; J0; J5; J23;

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References

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  1. P Abell & R Crouchley & D Smeaton, 1994. "An Aggregate Time Series Analysis of Non-Agricultural Self-Employment in the UK," CEP Discussion Papers dp0209, Centre for Economic Performance, LSE.
  2. Bruce D. Meyer, 1990. "Why Are There So Few Black Entrepreneurs?," NBER Working Papers 3537, National Bureau of Economic Research, Inc.
  3. repec:ese:iserwp:96-18 is not listed on IDEAS
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Citations

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Cited by:
  1. Alexander Muravyev & Dorothea Schaefer & Oleksandr Talavera, 2008. "Entrepreneurs' gender and financial constraints: evidence from international data," Discussion Papers 11, Kyiv School of Economics.
  2. 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.
  3. Julie Elston & David Audretsch, 2011. "Financing the entrepreneurial decision: an empirical approach using experimental data on risk attitudes," Small Business Economics, Springer, vol. 36(2), pages 209-222, February.
  4. Bosma, Niels & Hessels, Jolanda & Schutjens, Veronique & Praag, Mirjam Van & Verheul, Ingrid, 2012. "Entrepreneurship and role models," Journal of Economic Psychology, Elsevier, vol. 33(2), pages 410-424.
  5. Blanchflower, David G. & Shadforth, Chris, 2007. "Entrepreneurship in the UK," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 3(4), pages 257-364, July.
  6. repec:dgr:uvatin:2011061 is not listed on IDEAS
  7. Georgellis, Yannis & Sessions, John G. & Tsitsianis, Nikolaos, 2008. "Social capital and windfalls: Empirical evidence," Economics Letters, Elsevier, vol. 99(3), pages 521-525, June.
  8. Verheul, Ingrid & Thurik, Roy & Grilo, Isabel & van der Zwan, Peter, 2012. "Explaining preferences and actual involvement in self-employment: Gender and the entrepreneurial personality," Journal of Economic Psychology, Elsevier, vol. 33(2), pages 325-341.
  9. repec:dgr:uvatin:2009070 is not listed on IDEAS
  10. Giuseppe Coco & Giuseppe Pignataro, 2013. "Unfair credit allocations," Small Business Economics, Springer, vol. 41(1), pages 241-251, June.
  11. Elston, Julie Ann & Audretsch, David B., 2010. "Risk attitudes, wealth and sources of entrepreneurial start-up capital," Journal of Economic Behavior & Organization, Elsevier, vol. 76(1), pages 82-89, October.
  12. Heinrichs, Simon & Walter, Sascha, 2013. "Who Becomes an Entrepreneur? A 30-Years-Review of Individual-Level Research and an Agenda for Future Research," EconStor Preprints 68590, ZBW - German National Library of Economics.
  13. Dirk Dohse & Sascha Walter, 2012. "Knowledge context and entrepreneurial intentions among students," Small Business Economics, Springer, vol. 39(4), pages 877-895, November.
  14. Darja Reuschke, 2011. "Self-Employment and Geographical Mobility in Germany," SOEPpapers on Multidisciplinary Panel Data Research 417, DIW Berlin, The German Socio-Economic Panel (SOEP).

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