The return-to-entrepreneurship puzzle
Pekka Ilmakunnas () and
Otto Toivanen ()
MPRA Paper from University Library of Munich, Germany
The returns to entrepreneurship are monetary and non-monetary. We offer new evidence on these returns using a large sample of genetically identical male twins. Our within-twin analysis suggests that OLS estimates are downwards, and traditional first-differenced panel data estimates upwards biased. We find no differences in the earnings of men with either low or high education. Our within-twin analysis of non-monetary returns shows that entrepreneurs with low education work longer hours and have greater responsibilities, but also face a reduced risk of divorce and less monotonous work tasks. The same does not apply to highly educated entrepreneurs.
Keywords: entrepreneurship; earnings; twin data; education; monetary returns; nonmonetary returns; selection (search for similar items in EconPapers)
JEL-codes: J24 L26 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ent and nep-lab
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Journal Article: The return-to-entrepreneurship puzzle (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:30076
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