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Entrepreneurial optimism and survival

Ari Hyytinen, Jukka Lahtonen and Mika Pajarinen

No 20/2012, Bank of Finland Research Discussion Papers from Bank of Finland

Abstract: This paper uses entrepreneurs´ survival expectations around the time of market entry and subsequent venture exits to study entrepreneurial optimism. Using data on a large number of nascent entrepreneurs in the US and start-ups in Finland, we find that new entrepreneurs´ survival beliefs are on average optimistic but heterogeneous: Some are excessively optimistic, whereas a small subset holds unbiased beliefs. Entrepreneurial optimism is increasing in the relative (interpersonal) optimism and de- creasing in entrepreneurs´ level of education and industry experience in both countries. At least in Finland, those holding optimistic views are more likely to transit into entrepreneurship.

Keywords: entrepreneurship; survival; optimism; overestimation (search for similar items in EconPapers)
JEL-codes: D21 L20 (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:bofrdp:rdp2012_020

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