Small business survival and inheritance: evidence from Germany

被引：0
作者：
Dorothea Schäfer
Oleksandr Talavera
机构：
[1] German Institute for Economic Research,DIW Berlin
来源：
Small Business Economics | 2009年 / 32卷
关键词：
Entrepreneurship; Survival; Financial constraints; G30; J20; L10; L26;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
This paper investigates whether small businesses face financial constraints that affect their survival. A model of moral hazard is developed in which financial constraints arise endogenously. The model predicts that higher private assets relax financial constraints and have a positive effect on the firm’s probability of survival. The empirical analysis confirms that the entrepreneur has a higher propensity to stay in business when she inherits capital. This effect is particularly strong for entrepreneurs who switch from self-employment into wage employment.
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页码：95 / 109
页数：14
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