Who creates new firms when local opportunities arise?
We examine the characteristics of the individuals who become entrepreneurs when local opportunities arise. We identify local demand shocks by linking fluctuations in global commodity prices to municipality-level agricultural endowments in Brazil. We find that the firm creation response is mostly dri...
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| Veröffentlicht in: | Journal of financial economics 2022-01, Vol.143 (1), p.107-130 |
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| container_end_page | 130 |
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| container_issue | 1 |
| container_start_page | 107 |
| container_title | Journal of financial economics |
| container_volume | 143 |
| creator | Bernstein, Shai Colonnelli, Emanuele Malacrino, Davide McQuade, Tim |
| description | We examine the characteristics of the individuals who become entrepreneurs when local opportunities arise. We identify local demand shocks by linking fluctuations in global commodity prices to municipality-level agricultural endowments in Brazil. We find that the firm creation response is mostly driven by young and skilled individuals. The characteristics of these responsive entrepreneurs are significantly different from those of average entrepreneurs in the economy. By structurally estimating a novel two-sector model of a local economy, we highlight how the demographic composition of the local population can significantly affect the entrepreneurial responsiveness of the economy. |
| doi_str_mv | 10.1016/j.jfineco.2021.05.045 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 0304-405X |
| ispartof | Journal of financial economics, 2022-01, Vol.143 (1), p.107-130 |
| issn | 0304-405X 1879-2774 |
| language | eng |
| recordid | cdi_proquest_journals_2617213965 |
| source | ScienceDirect Journals (5 years ago - present) |
| subjects | Brazil Commodity prices Demand shocks Economic development Entrepreneurs Entrepreneurship Firms Local economy Local population Responsiveness Success |
| title | Who creates new firms when local opportunities arise? |
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