The Economics of Self-Employment and Entrepreneurship

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ISBN: 9780521030632 | 0521030633
Cover: Paperback
Copyright: 7/31/2006

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As self-employment and entrepreneurship become increasingly important in our modern economies, Simon Parker provides a timely and comprehensive overview of the field. Bringing together considerable disparate literature, Parker offers an up-to-date assessment of new research findings. Key issues addressed include raising finance; job creation by the self-employed; growth and exit behavior of new ventures; and the role of government policy in promoting self-employment and entrepreneurship. This book will serve as an essential reference guide to researchers, students and teachers of entrepreneurship.

List of Figures

List of Tables

xii

Preface

xiii

Glossary of commonly used symbols

1 Introduction

(36)

1.1 Aims, motivation and scope of the book

(1)

1.2 Structure of the book

(2)

1.3 Definition and measurement issues

(3)

1.4 International evidence on self-employment rates and trends

(6)

1.4.1 The OECD countries

(3)

1.4.2 The transition economies of eastern Europe

(1)

1.4.3 Developing countries

(2)

1.5 Self-employment incomes and income inequality

(10)

1.5.1 Incomes and relative incomes

(4)

1.5.2 Income inequality

(2)

1.5.3 Earnings functions

(4)

1.6 Some useful econometric models

(7)

1.6.1 Occupational choice and probit/logit models

(2)

1.6.2 The structural probit model

(1)

1.6.3 Extensions to cross-section models of occupational choice

(2)

1.6.4 Issues arising from the use of time-series and panel data

(2)

Notes

(6)

I Entrepreneurship: theories, characteristics and evidence

(98)

2 Theories of entrepreneurship

(29)

2.1 'Early' views about entrepreneurship

(4)

2.2 'Modern' economic theories

(21)

2.2.1 Introduction and some definitions

(3)

2.2.2 Homogeneous individuals

(8)

2.2.3 Heterogeneous entrepreneurial ability

(7)

2.2.4 Heterogeneous risk aversion

(3)

2.3 Conclusion

(1)

Notes

(3)

3 Characteristics of entrepreneurs and the environment for entrepreneurship

(45)

3.1 Relative earnings, human and social capital

(6)

3.1.1 Earnings differentials

(2)

3.1.2 Human capital

(4)

3.1.3 Social capital

(1)

3.2 Personal characteristics and family circumstances

(12)

3.2.1 Marital status

(1)

3.2.2 Ill-health and disability

(1)

3.2.3 Psychological factors

(7)

3.2.4 Risk attitudes and risk

(1)

3.2.5 Family background

(2)

3.3 Entrepreneurship and macroeconomic factors

(20)

3.3.1 Economic development and changing industrial structure

(8)

3.3.2 Unemployment

(5)

3.3.3 Regional factors

(3)

3.3.4 Government policy variables

102

(4)

3.4 Conclusion

106

(1)

Notes

107

(6)

4 Ethnic minority and female entrepreneurship

113

(24)

4.1 Ethnic minority entrepreneurship

114

(10)

4.1.1 Discrimination

115

(5)

4.1.2 Positive factors

120

(3)

4.1.3 Conclusion

123

(1)

4.2 Female entrepreneurship

124

(5)

4.2.1 Explaining female self-employment rates

124

(2)

4.2.2 Female self-employed earnings

126

(3)

4.2.3 Conclusion

129

(1)

4.3 Immigration and entrepreneurship

129

(3)

Notes

132

(3)

II Financing entrepreneurial ventures

135

(56)

5 Debt finance for entrepreneurial ventures

137

(28)

5.1 Models of credit rationing and under-investment

139

(17)

5.1.1 Type I credit rationing

140

(2)

5.1.2 Type II credit rationing and under-investment

142

(8)

5.1.3 Arguments against the credit rationing hypothesis

150

(4)

5.1.4 Conclusion: evaluating the theoretical case for credit rationing

154

(2)

5.2 Over-investment

156

(2)

5.3 Multiple sources of inefficiency in the credit market

158

(1)

5.4 Conclusion

159

(1)

Notes

160

(5)

6 Other sources of finance

165

(14)

6.1 Informal sources of finance

165

(6)

6.1.1 Family finance

165

(2)

6.1.2 Micro-finance schemes

167

(2)

6.1.3 Credit co-operatives, mutual guarantee schemes and trade credit

169

(2)

6.2 Equity finance

171

(6)

6.2.1 Introduction

171

(1)

6.2.2 The scale of the equity finance market for entrepreneurs

171

(2)

6.2.3 Factors affecting the availability of equity finance for entrepreneurs

173

(1)

6.2.4 Equity rationing, funding gaps and under-investment

174

(2)

6.2.5 Policy recommendations

176

(1)

6.3 Conclusion

177

(1)

Notes

178

(1)

7 Evidence of credit rationing

179

(14)

7.1 Tests of Type I rationing

180

(3)

7.1.1 The Evans and Jovanovic (1989) model

180

(1)

7.1.2 Effects of assets on becoming or being self-employed

181

(1)

7.1.3 Effects of assets on firm survival

182

(1)

7.1.4 Effects of assets on investment decisions

183

(1)

7.2 Critique

183

(3)

7.3 Tests of Type II credit rationing

186

(3)

Notes

189

(2)

III Running and terminating an enterprise

191

(42)

8 Labour demand and supply

193

(15)

8.1 Entrepreneurs as employers

193

(4)

8.1.1 Evidence about self-employed 'job creators'

193

(1)

8.1.2 Evidence about job creation by small firms

194

(3)

8.2 Entrepreneurs as suppliers of labour

197

(9)

8.2.1 Hours of work

197

(7)

8.2.2 Retirement

204

(2)

Notes

206

(2)

9 Growth, innovation and exit

208

(25)

9.1 Jovanovic's (1982) dynamic selection model

208

(5)

9.2 Growth and innovation

213

(5)

9.2.1 Gibrat's Law and extensions

213

(2)

9.2.2 Evidence on growth rates

215

(1)

9.2.3 Innovation

216

(2)

9.3 Exit

218

(9)

9.3.1 Survival rates and their distribution

218

(2)

9.3.2 Two useful econometric models of firm survival

220

(2)

9.3.3 Determinants of entrepreneurial survival and exit

222

(5)

9.4 Conclusion

227

(2)

Notes

229

(4)

IV Government policy

233

(39)

10 Government policy: issues and evidence

235

(31)

10.1 Credit market interventions

236

(6)

10.1.1 Loan Guarantee Schemes

236

(5)

10.1.2 Other interventions

241

(1)

10.2 Taxation, subsidies and entrepreneurship: theory

242

(4)

10.3 Tax evasion and avoidance: theory

246

(3)

10.4 Taxation, tax evasion and entrepreneurship: evidence

249

(4)

10.4.1 Income under-reporting by the self-employed

249

(2)

10.4.2 Tax, tax evasion and occupational choice: econometric evidence

251

(2)

10.5 Direct government assistance and regulation

253

(7)

10.5.1 Entrepreneurship schemes targeted at the unemployed

253

(2)

10.5.2 Information-based support for start-ups

255

(2)

10.5.3 Regulation and other interventions

257

(3)

10.6 Conclusion

260

(2)

Notes

262

(4)

11 Conclusions

266

(6)

11.1 Summary

266

(2)

11.2 Implications for policy-makers

268

(3)

Note

271

(1)

References

272

(36)

Author index

308

(1)

Subject index

308

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