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Entrepreneurship, windfall gains and financial constraints: Evidence from Germany
Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
The University of Sheffield.
The Robert Gordon University.
2011 (English)In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 28, no 5, 2174-2180 p.Article in journal (Refereed) Published
Abstract [en]

We investigate the link between the propensity to become an entrepreneur and the exogenous release from financial constraints in Germany. This is defined in terms of the movement from employment to self-employment on receipt of a financial windfall. A theoretical framework developing Evans and Jovanovic (1989) is set up and tested with panel data from German households. The results show that financial constraints do exist given that individuals are more likely to start a personal business after receiving a windfall gain. The value of windfall gains has a significant but non linear effect on the decision to become self employed. The data reveal that differences in ability and income affect the change in employment status. We also report that there is no evidence that becoming self-employed involves the anticipation of windfall gains.

Place, publisher, year, edition, pages
2011. Vol. 28, no 5, 2174-2180 p.
Keyword [en]
Entrepreneurship, Windfall gains, Financial constraints
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-23252DOI: 10.1016/j.econmod.2011.05.010OAI: oai:DiVA.org:hj-23252DiVA: diva2:690620
Available from: 2014-01-24 Created: 2014-01-24 Last updated: 2014-02-11Bibliographically approved

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