| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4526 |
| 来源ID | Working Paper 4526 |
| Entrepreneurial Decisions and Liquidity Constraints | |
| Douglas Holtz-Eakin; David Joulfaian; Harvey S. Rosen | |
| 发表日期 | 1993-11-01 |
| 出版年 | 1993 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the role of liquidity constraints in the formation of new entrepreneurial enterprises. The basic empirical strategy is to determine whether an individual's wealth affects the probability of becoming an entrepreneur, and the conditional amounts of depreciable assets, ceteris paribus. If so, liquidity constraints are likely to be present. To be successful, such a research strategy requires a measure of asset variation that is both precisely measured and exogenous to the entrepreneurial decision. Our data are uniquely well-suited for this purpose. The sample consists of the 1981 and 1985 federal income tax returns of a group of people who received inheritances in 1982 and 1983, along with information on the size of those inheritances from a matched set of estate tax returns. Hence, we can examine how the exogenous receipt of capital affects the decision to become an entrepreneur and important financial characteristics of new enterprises. Our results suggest that the size of the inheritance has a substantial effect on the probability of becoming an entrepreneur, and that conditional on becoming an entrepreneur, the size of the inheritance has a statistically significant and quantitatively important effect on the amount of capital employed. These findings are consistent with the presence of liquidity constraints. |
| 主题 | Microeconomics ; Households and Firms |
| URL | https://www.nber.org/papers/w4526 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561906 |
| 推荐引用方式 GB/T 7714 | Douglas Holtz-Eakin,David Joulfaian,Harvey S. Rosen. Entrepreneurial Decisions and Liquidity Constraints. 1993. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4526.pdf（1908KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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