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Evaluating the Determinants of Self-Employed Income Across Regional Economies: A Case-Study of the U.S. Southeast

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  • Willis, David B.
  • Boys, Kathryn A.
  • Hughs, David W.
  • Swindall, Devin C.
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    Abstract

    Supporters claim that entrepreneurship is critical to building and sustaining the regional economies of urban and rural areas across the nation. Proponents argue that economic development practices that enhance and support entrepreneurship are essential because they cultivate innovation which, in turn, creates new jobs, new wealth, and a better quality of life. However, South Carolina’s real self-employed per capita income has decreased over the last decade. This downward trend highlights the need to examine the drivers of entrepreneurial income. The income of self-employed workers, as opposed to the number of self-employed, is critical to economic development because a major goal of economic policy is to increase incomes not just employment. Identifying and quantifying the personal, cultural, and economic factors that influence self-employed income provides policy makers with another tool to enhance economic development policies. This study uses data from the American Community Survey for South Carolina in both an ordinary regression approach and a quantile regression approach to investigate the relationship between individual entrepreneurial income and individual personal attributes, social/institutional assets available to the entrepreneur, and the regional economic environment the entrepreneur operates within. Personal attributes, such as education and sex, and the importance of self-employed income to total family income are significant variables in explaining income variation among self-employed individuals.

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    Bibliographic Info

    Paper provided by Agricultural and Applied Economics Association in its series 2012 Annual Meeting, August 12-14, 2012, Seattle, Washington with number 124912.

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    Date of creation: 12 Aug 2012
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    Handle: RePEc:ags:aaea12:124912

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    Keywords: Consumer/Household Economics;

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    1. Enrico Colombatto & Arie Melnik, 2007. "Early Work Experience and the Transition into Entrepreneurship," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 12(1), pages 9-26, Spring.
    2. Edward Glaeser & Janet Kohlhase, 2003. "Cities, regions and the decline of transport costs," Economics of Governance, Springer, vol. 83(1), pages 197-228, October.
    3. Holtz-Eakin, Douglas & Penrod, John R. & Rosen, Harvey S., 1996. "Health insurance and the supply of entrepreneurs," Journal of Public Economics, Elsevier, vol. 62(1-2), pages 209-235, October.
    4. Douglas Holtz-Eakin & David Joulfaian & Harvey S. Rosen, 1994. "Entrepreneurial Decisions and Liquidity Constraints," RAND Journal of Economics, The RAND Corporation, vol. 25(2), pages 334-347, Summer.
    5. Barton H. Hamilton, 2000. "Does Entrepreneurship Pay? An Empirical Analysis of the Returns to Self-Employment," Journal of Political Economy, University of Chicago Press, vol. 108(3), pages 604-631, June.
    6. Shrestha, Sundar S. & Goetz, Stephan J. & Rupasingha, Anil, 2007. "Proprietorship Formations and U.S. Job Growth," The Review of Regional Studies, Southern Regional Science Association, vol. 37(2), pages 146-68.
    7. Stephan J. Goetz & David Freshwater, 2001. "State-Level Determinants of Entrepreneurship and a Preliminary Measure of Entrepreneurial Climate," Economic Development Quarterly, , vol. 15(1), pages 58-70, February.
    8. Aldrich, Howard E. & Cliff, Jennifer E., 2003. "The pervasive effects of family on entrepreneurship: toward a family embeddedness perspective," Journal of Business Venturing, Elsevier, vol. 18(5), pages 573-596, September.
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