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Cyclical fluctuations, financial shocks, and the entry of fast-growing entrepreneurial startups

Christoph Albert () and Andrea Caggese ()

Economics Working Papers from Department of Economics and Business, Universitat Pompeu Fabra

Abstract: We analyze a multi-year, multi-country entrepreneurship survey with more than one million observations to identify startups with low- and high growth potential, and we confirm the validity of these ex-ante measures with ex post firm-level information on employment growth. We find that negative aggregate financial shocks reduce all startup types, but their effect is significantly stronger for startups with high growth potential, especially when GDP growth is low. Our results uncover a new composition of entry channel that significantly reduces employment growth and is potentially important for explaining slow recoveries after financial crises.

Keywords: Financial crisis; entrepreneurship (search for similar items in EconPapers)
JEL-codes: E20 E32 D22 J23 M13 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ent, nep-fdg, nep-mac and nep-sbm
Date: 2018-12, Revised 2019-06
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Working Paper: Cyclical Fluctuations, Financial Shocks, and the Entry of Fast-Growing Entrepreneurial Startups (2018) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:upf:upfgen:1628

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