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Entrepreneurship and the Business Cycle: Do New Technology-Based Firms Differ?

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Author Info

  • Ejermo, Olof

    ()
    (CIRCLE, Lund University)

  • Xiao, Jing

    ()
    (CIRCLE, Lund University and Department of Economic History, Lund University, Sweden)

Abstract

We investigate the relationship between the survival performance of new technologybased firms (NTBFs) over the business cycle and compare them against other entrepreneurial firms. Our data comprise the entire population of entrepreneurial firms entering the Swedish economy from 1991 to 2002, which we follow until 2007. Discrete-time duration models are employed to investigate whether the business cycle impacts differently on the survival likelihood of NTBFs vs. other entrepreneurial firms. Our main findings are three. First, NTBFs generally experience a lower hazard rate compared to other entrepreneurial firms. Second, all entrepreneurial firms are sensitive to, and follow a pro-cyclical pattern of survival likelihood over the business cycle. Three, when comparing NTBFs with firms without self-employees we find that NTBFs are more sensitive to business cycle fluctuations

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Bibliographic Info

Paper provided by Lund University, CIRCLE - Center for Innovation, Research and Competences in the Learning Economy in its series CIRCLE Electronic Working Papers with number 2013/19.

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Length: 25 pages
Date of creation: 11 May 2013
Date of revision:
Handle: RePEc:hhs:lucirc:2013_019

Contact details of provider:
Postal: CIRCLE, Lund University, PO Box 117, SE-22100 Lund, Sweden
Phone: +46 (0) 46 222 74 68
Web page: http://www.circle.lu.se/
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Related research

Keywords: new technology-based firms; exit; survival probability; the business cycle; discrete-time duration models; Sweden;

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