haku: @indexterm small business / yhteensä: 2030
viite: 10 / 2030
| Tekijä: | Elston, J.A. Audretsch, D.B. |
| Otsikko: | Financing the entrepreneurial decision: an empirical approach using the experimental data on risk attitudes |
| Lehti: | Small business economics
2011 : FEB, VOL 36:2 p. 209-222 |
| Asiasana: | finance surveys small business liquidity entrepreneurship market entry risk behaviour |
| Kieli: | eng |
| Tiivistelmä: | This paper empirically investigates the role of personal capital in the entry decisions of US high-technology entrepreneurs. We utilize both survey data and data from economics-based field experiments, which permits us to elicit and control for the risk attitudes of individual entrepreneurs in the research. Empirical findings indicate that (1) Small Business Innovation Research (SBIR) grants, (2) credit cards, and (3) salaried job earnings are among the most important sources of financing for entrepreneurs in their decision to start up a firm. Our results support Evans and Jovanovic (Journal of Political Economy 97(4):808-827, ) in that wealth appears to have a positive effect on the likelihood of starting up a firm, even after controlling for risk attitudes; however, risk attitudes do not seem to have a strong role in the entry decision. Policy implications imply that firm start-ups are dependent on capital access in both initial and early development stages, and that government funding, for instance SBIR grants, is an important source of capital for potential and nascent high-technology entrepreneurs. |
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