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Selection into Entrepreneurship and Self-Employment

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  • Ross Levine
  • Yona Rubinstein

Abstract

We study the effects of ability and liquidity constraints on entrepreneurship. We develop a three sector Roy model that differentiates between entrepreneurs and other self-employed to address puzzling gaps that have emerged between theory and evidence on entry into entrepreneurship. The model predicts—and the data confirm—that entrepreneurs are positively selected on highly-remunerated human capital, but other self-employed are negatively selected on those same abilities; entrepreneurs are positively selected on collateral, but other self-employed are not; and entrepreneurship is procyclical, but self-employment is countercyclical.

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  • Ross Levine & Yona Rubinstein, 2018. "Selection into Entrepreneurship and Self-Employment," NBER Working Papers 25350, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:25350
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    Cited by:

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    5. Naijia Guo & Charles Ka Yui Leung, 2021. "Do Elite Colleges Matter? The Impact on Entrepreneurship Decisions and Career Dynamics," GRU Working Paper Series GRU_2021_006, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    6. Fairlie, Robert W, 2020. "The Impact of COVID-19 on Small Business Owners: Continued Losses and the Partial Rebound in May 2020," Santa Cruz Department of Economics, Working Paper Series qt21f993s2, Department of Economics, UC Santa Cruz.
    7. Fairlie, Robert W, 2020. "The Impact of Covid-19 on Small Business Owners: Evidence of Early-Stage Losses from the April 2020 Current Population Survey," Santa Cruz Department of Economics, Working Paper Series qt89w827c9, Department of Economics, UC Santa Cruz.
    8. Mustafizur Rahman & Debapriya Bhattacharya & Md Al-Hasan, 2019. "Dimensions of Informality in Bangladesh Labour Market and the Consequent Wage Penalty," South Asia Economic Journal, Institute of Policy Studies of Sri Lanka, vol. 20(2), pages 224-247, September.
    9. Boyan Jovanovic, 2019. "The entrepreneurship premium," Small Business Economics, Springer, vol. 53(3), pages 555-568, October.
    10. Robert W. Fairlie, 2020. "The Impact of Covid-19 on Small Business Owners: Evidence of Early-Stage Losses from the April 2020 Current Population Survey," NBER Working Papers 27309, National Bureau of Economic Research, Inc.
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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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