Which firms do the entrepreneurs come from?
Entrepreneurs who found new firms tend to work as employees in small rather than large firms prior to start-up and have previous experience of entrepreneurship. We provide a model of self-selection based on heterogeneous risk preferences which can explain these stylized facts.
Volume (Year): 10 (2007)
Issue (Month): 10 ()
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- Sarah Brown & Lisa Farrell & Mark N. Harris & John G. Sessions, 2006.
"Risk preference and employment contract type,"
Journal of the Royal Statistical Society Series A,
Royal Statistical Society, vol. 169(4), pages 849-863.
- Cramer, J. S. & Hartog, J. & Jonker, N. & Van Praag, C. M., 2002. "Low risk aversion encourages the choice for entrepreneurship: an empirical test of a truism," Journal of Economic Behavior & Organization, Elsevier, vol. 48(1), pages 29-36, May.
- Ekelund, Jesper & Johansson, Edvard & Jarvelin, Marjo-Riitta & Lichtermann, Dirk, 2005. "Self-employment and risk aversion--evidence from psychological test data," Labour Economics, Elsevier, vol. 12(5), pages 649-659, October.
- Evans, David S & Leighton, Linda S, 1989. "Some Empirical Aspects of Entrepreneurship," American Economic Review, American Economic Association, vol. 79(3), pages 519-35, June.
- Kihlstrom, Richard E & Laffont, Jean-Jacques, 1979. "A General Equilibrium Entrepreneurial Theory of Firm Formation Based on Risk Aversion," Journal of Political Economy, University of Chicago Press, vol. 87(4), pages 719-48, August.
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