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Windfalls, Wealth, and the Transition to Self-Employment

  • Yannis Georgellis
  • John Sessions
  • Nikolaos Tsitsianis

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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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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  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.
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