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Self-employment, financial development and well-being: Evidence from China, Russia and Ukraine

Tho Pham, Oleksandr Talavera and Mao Zhang

No 2018-03, Working Papers from Swansea University, School of Management

Abstract: This paper investigates the impact of financial development on entrepreneurs' well-being. Using longitudinal data from China, Russia and Ukraine, we find that Chinese and Russian entrepreneurs experience a higher level of well-being while the Ukrainian self-employed are prone to dissatisfaction. We also observe that the extent to which financial development can improve entrepreneurs' utility differs across countries. First, the development of formal financial sector does not affect Chinese entrepreneurs’ happiness. Second, greater financial development increases life satisfaction of Ukrainian self-employed but decreases Russian entrepreneurs' job satisfaction. The results suggest that financial development could affect well-being through both monetary and nonmonetary channels.

Keywords: Entrepreneurship; self-employment; satisfaction; financial development. (search for similar items in EconPapers)
JEL-codes: J24 O16 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cis, nep-cna, nep-ent, nep-hap and nep-tra
Date: 2018-01-25
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