Windfalls, Wealth, and the Transition to Self-Employment
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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Volume (Year): 25 (2005)
Issue (Month): 5 (December)
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References listed on IDEAS
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- 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.
- Bruce D. Meyer, 1990. "Why Are There So Few Black Entrepreneurs?," NBER Working Papers 3537, National Bureau of Economic Research, Inc.