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We investigate how individual factors moderate the impact of bankruptcy exemption levels—that is, the amount of wealth individuals can keep in case of bankruptcy—on entry into self-employment. Conceptually, we combine Prospect Theory's axiom of diminishing sensitivity with insights from research on entrepreneurial failure. We hypothesize that individuals who face higher financial, social, or psychological costs because of bankruptcy will be less sensitive to higher exemption levels than will those who face lower costs across these dimensions. Our empirical results, which are based on a quasi-natural experiment in the United States, support our theoretical predictions. [ABSTRACT FROM AUTHOR]

Using data from the Current Population Survey, the authors studied self-employment among people with work limitations in the United States. They found that self-employment rates are higher among workers with limitations compared with workers without limitations. Furthermore, the self-employment differential increases with education and age. This investigation of possible explanations has revealed that expected wage differences between self-employed people and employees are similar between disability groups but average work hours are lower and more variable among the self-employed with work limitations. This evidence is consistent with the view that people with disabilities might choose self-employment because of non-monetary motives. [ABSTRACT FROM AUTHOR]

Entrepreneurs exit their businesses due to selection pressures they experience in the market place. In addition to this well-known ex-post decision to exit, entrepreneurs select ex-ante whether they are willing to pursue an entrepreneurial career at all, or to give up their entrepreneurial intentions. Hardly anything is known about the latter selection process in imagined markets that precedes the creation of variation and selection process in real markets. This article explores these two selection processes using survey data on 20,000 individuals in 27 European countries and the United States in 2007. We distinguish business failure from exit by sell-off. Individuals in the United States are less likely to exit imagined markets and are more likely to exit the real market than are Europeans. Individuals in a corporatist welfare state regime have relatively high chances to exit imagined markets but low chances to exit real markets (due to failure). Business owners in metropolitan and urban environments are more likely to fail than their rural counterparts, while individuals with a high risk tolerance and individuals with a self-employed parent are less likely to exit imagined or real markets (via business failure). In short, this study shows that exit in real and in imagined markets is differently affected by individual characteristics as well as by the competitive and institutional environment. [ABSTRACT FROM PUBLISHER]

The article discusses seven entrepreneurial engagement levels and decomposes entrepreneurial decision-making process using data collected from surveys in the United States and Europe. Research methods include the "Entrepreneurship Flash Eurobarometer" surveys are for the years 2002 and 2003 and a multinomial logit model which allows covariates to differ across engagement levels. Topics are: demographic and explanatory variables; respondents' perception of risk tolerance, the availability of financing, and administrative complexities; preference for self-employment; and country-specific effects.

The large and persistent racial and ethnic disparities found in business ownership and performance contribute to broader economic inequality. Using the latest US Census household microdata and statistical decomposition techniques, I explore several potential barriers to minority business ownership and income. I examine patterns for the four major racial and ethnic groups in the United States: African-Americans, Latinos, Asians, and non-Latino whites. I find that low levels of wealth contribute to why blacks and Latinos have lower business ownership rates, and high levels of wealth increase Asian business ownership rates. Low levels of education contribute to why blacks and Latinos have lower business income, and high levels of education increase Asian business income. Blacks, Latinos, and Asians are relatively young compared to whites, reducing business ownership rates. [ABSTRACT FROM AUTHOR]

The aim of this paper is to examine the relationship between social capital and entrepreneurship in deprived urban neighbourhoods (DUNs). While there is a great deal of research on social capital, its usage and value in deprived areas is an under-researched topic. Drawing on survey data, it is found that social capital in the form of network ties within a DUN is linked to how entrepreneurship develops in these places. The breadth and variety of network ties that individuals are able to identify as sources of advice is related to the probability of considering an entrepreneurial career, and is even more strongly related to the conversion of entrepreneurial intentions into full engagement. If entrepreneurship is to be harnessed in DUNs a starting point is the enhancement of initiatives for developing social capital incorporating local businesses, residents, and local government agencies. [ABSTRACT FROM AUTHOR]

Purpose – Promotion of entrepreneurial skills is often considered as an adequate policy to enhance job creation and economic growth. However, neither the definition of entrepreneurial skills, nor the costs and benefits of such a policy are clear. The purpose of this paper is to check whether the benefits of entrepreneurial skills extent beyond self-employment. The authors denote entrepreneurial skills as those competencies that enhance the likelihood of self-employment. Then the authors analyze whether they are rewarded in wage employment. Design/methodology/approach – The authors estimate a Heckman selection model with wages in a salaried job as the main dependent variable and working in wage employment vs self-employment as the selection equation. The authors use a sample of higher education graduates from Spain, from the year 2000 interviewed in 2005 within the REFLEX survey. Findings – Results reveal that alertness to new opportunities, ability to mobilize others and knowledge of other fields are the competencies that enhance self-employment in Spain. Yet, these skills are not rewarded in a salaried job. Therefore, benefits of policies fostering entrepreneurial skills do not extend to wage employment in Spain. Research limitations/implications – The exclusion restriction used in the analysis is father’s education. The authors assume that all the effect of parental education on wages goes through education attainment of the individual and her ability (proxied by her grade in secondary education). A better proxy for ability would be desirable. Originality/value – The authors identify which competencies enhance self-employment in Spain. The authors find that these competencies are not rewarded in wage employment, so the benefits of policies promoting entrepreneurial education remain within self-employment activity only. [ABSTRACT FROM AUTHOR]

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Does business ownership reduce the wealth disparity between Black and White households? The author uses Panel Study of Income Dynamics (PSID) data on family wealth in 1999 through 2009 to examine the levels of wealth and changes in wealth of entrepreneurs and workers among Black and White families. Black entrepreneurs (self-employed) have higher wealth levels and more upward wealth mobility than do Black workers. The upward wealth mobility of Black entrepreneurs is equivalent to that of White entrepreneurs, while the wealth mobility of White entrepreneurs is greater than that of White workers. These findings are consistent with Black entrepreneurship reducing the wealth disparity between Black and White families. [ABSTRACT FROM AUTHOR]

VanderZwanP., VerheulI., ThurikR. and GriloI. Entrepreneurial progress: climbing the entrepreneurial ladder in Europe and the United States,Regional Studies. This study investigates which countries have the highest potential to achieve entrepreneurial progress. This progress is defined as an entrepreneurial ladder with five successive steps: ‘never thought about starting a business’, ‘thinking about it’, ‘taking steps’, ‘running a young business’ and ‘running a mature business’. The influences of individual-level and country-level variables on the progression through these stages are analysed. Data from twenty-seven European countries and the United States are used (2007 Flash Eurobarometer Survey on Entrepreneurship). Findings show that in the United States many people think about setting up a business, whereas Europeans are better at achieving higher levels of engagement. Country differences can be explained mainly by levels of risk tolerance and economic development. A country's level of administrative complexity does not play a role, but individual perceptions of this complexity are a hindering factor. VanderZwanP., VerheulI., ThurikR. and GriloI. 公司发展：欧洲与美国的公司阶梯，区域研究。本研究旨在考察哪个国家在实现创业发展中拥有最大的潜力。这一进展被定义为五个阶段：“从未考虑过创业”、“开始思考”，“迈出步伐”，“经营一个年轻的公司”，“经营一个成熟的企业”。个体层面及国家层面通过上述步骤对公司进展产生的影响进行了考察。数据来自美国与欧洲 27 个国家（2007 年对于公司看法的欧洲民意调查）。结果表明，大多数美国人在考虑开创新公司，而欧洲人更多地考虑的是如何实现更高目标上的参与。风险承受力与经济发展能够对上述国家差异进行解释。一个国家层面的管理复杂性并未发挥作用，但是个体对于上述复杂性的认知却构成了阻碍要素。 公司 决定因素 公司民意调查 公司发展 管理复杂性 VanderZwanP., VerheulI., ThurikR. et GriloI. Le progrès entrepreneurial: monter l'échelle entrepreneuriale en Europe et aux Etats-Unis,Regional Studies. Cette étude examine les pays qui font preuve du potentiel le plus élevé pour réaliser le progrès entrepreneurial. On définit ce progrès comme une échelle entrepreneuriale à cinq barreaux: ‘Je n'ai jamais pensé à créer une entreprise’; ‘j'y pense’; ‘je prends des mesures’; ‘je gère une jeune entreprise’, ‘je gère une entreprise à l’étape de la maturité'. On analyse l'influence des variables relatives à l'individu et au pays sur le progrès à chaque étape. On emploie des données auprès de vingt-sept pays européens et des Etats-Unis (provenant du sondage Baromètre Flash 2007 sur l'esprit d'entreprise). Les résultats laissent voir que beaucoup de gens aux Etats-Unis pensent à créer une entreprise, alors que les Européens réussissent mieux à s'y engager. Les différences s'expliquent dans une large mesure par les niveaux de tolérance au risque et par les niveaux de développement économique. La complexité administrative d'un pays ne joue aucun rôle, mais les idées que l'on se fait de cette complexité sont une entrave. Esprit d'entreprise Facteurs déterminants Esprit d'entreprise naissant Progrès entrepreneurial Complexités administratives VanderZwanP., VerheulI., ThurikR. und GriloI. Unternehmerischer Fortschritt: Aufstieg auf der unternehmerischen Leiter in Europa und den USA,Regional Studies. In dieser Studie wird untersucht, welche Länder das höchste Potenzial zur Erreichung von unternehmerischem Fortschritt aufweisen. Dieser Fortschritt wird als unternehmerische Leiter mit fünf aufeinanderfolgenden Sprossen definiert: ‘noch nie an Unternehmensgründung gedacht’, ‘denke daran’, ‘unternehme Schritte’, ‘leite ein neues Unternehmen’ und ‘leite ein etabliertes Unternehmen’. Wir analysieren den Einfluss der Variablen auf individueller und Landesebene auf die Progression durch diese Phasen. Zum Einsatz kommen Daten aus 27 europäischen Ländern sowie aus den USA (Flash-Eurobarometer-Umfrage von 2007 über Unternehmertum). Aus den Ergebnissen geht hervor, dass viele Menschen in den USA an eine Unternehmensgründung denken, während die Europäer bei der Erzielung eines höheren Engagementniveaus erfolgreicher sind. Die Unterschiede zwischen den einzelnen Ländern lassen sich vor allem durch das Niveau der Risikotoleranz und Wirtschaftsentwicklung erklären. Das Niveau der administrativen Komplexität in einem Land spielt keine Rolle, wohl aber sind die Auffassungen der einzelnen Personen hinsichtlich dieser Komplexität ein behindernder Faktor. Unternehmertum Determinanten Neuunternehmertum Unternehmerischer Fortschritt Administrative Komplexität VanderZwanP., VerheulI., ThurikR. y GriloI. Progreso empresarial: trepando la escalera empresarial en Europa y los Estados Unidos,Regional Studies. En este estudio investigamos qué países tienen el máximo potencial de conseguir el progreso empresarial. Este progreso es definido como una escalera empresarial con cinco peldaños sucesivos: ‘nunca pensé en abrir un negocio’, ‘lo estoy pensando’, ‘estoy preparando el terreno’, ‘gestiono un negocio nuevo’, y ‘gestiono un negocio establecido’. Analizamos la influencia de las variables a nivel individual y por países en la progresión a través de estas fases. Utilizamos los datos de veintisiete países europeos y de los Estados Unidos (Encuesta Flash del Eurobarómetro sobre el Espíritu Empresarial 2007). Los resultados indican que en los Estados Unidos muchas personas piensan en comenzar un negocio, mientras que los europeos son mejores a la hora de conseguir niveles más altos de participación. Las diferencias por países pueden explicarse principalmente por los niveles de tolerancia de riesgo y el desarrollo económico. La complejidad administrativa de los países no desempeña un papel importante pero las percepciones individuales de esta complejidad representan un factor obstaculizador. Empresariado Determinantes Nuevos empresarios Progreso empresarial Complejidades administrativas [ABSTRACT FROM AUTHOR]

Starting and developing a business is no longer a challenge as booth an adventure. Wold (economic, social, cultural) today differs fundamentally from that of a century ago and half of the United States of America or Europe, when there were first a family business or individual as the predecessor of today's small and medium enterprises. Reality economic, social and European policy today requires more than ever to create a business environment to highlight the private initiative, entrepreneurship, competitiveness and innovation. Most of the characteristics of small and medium-sized private business in Romania are similar to those in countries where such organizations is encouraged. A small portion of them are influenced by specific factors, however, when presenting a comparative analysis of certain elements of differentiation. The current phase they go through private small and medium enterprises in Romania, which began with ongoing EU accession prospects have the seeds of Romanian entrepreneurship in the coming years. How real economic integration efforts are consistent on both sides, the focus of political attention is warranted and is intended to be a sustainable. [ABSTRACT FROM AUTHOR]

This article argues that existing theories of new and small firms fail to capture the temporal diversity of such enterprises. Most are ‘one-way bets’ because they provide an explanation only for growing firms. To address this, this article combines the role of chance with the optimism of the business owner into optimism and chance (OC) theory. This provides an insight into why, for example, very few new or small firms grow continuously and why, when compared to Europe, individuals in the USA who initially failed in business, ultimately became successful. [ABSTRACT FROM PUBLISHER]

This study examines the discrepancies in health insurance coverage and type across Asian American ethnic groups and the potential factors that may explain why these differences exist. Asian Americans are often considered as a homogeneous population and consequently, remain largely “invisible” in the current research literature. Recent data have highlighted discrepancies in the health insurance coverage between different Asian American ethnic groups—particularly the high uninsurance rates among Korean and Vietnamese Americans. For this study, the 2003 and 2005 California Health Interview Surveys were pooled to obtain a sample of 6,610 Asian American adults aged 18–64, including those of Chinese, Filipino, Japanese, South Asian, and Vietnamese ethnicity. Binomial and multinomial logistic regression models were used to examine the likelihood of current health coverage and insurance type (employer-based vs. private vs. public), respectively. The results showed that ethnic differences in uninsurance and insurance type were partially explained by socioeconomic and immigration-related characteristics—particularly for Vietnamese Americans and to a lesser extent, for Chinese and Korean Americans. There were also key differences in the extent to which specific ethnic groups purchased private insurance or relied on public programs (e.g., Medicaid) to offset the lack of employer-based coverage. This study reaffirms the tremendous heterogeneity in the Asian American population and the need for more targeted policy approaches. With the lack of adequate national data, more localized studies may help to improve our understanding of the health issues affecting specific Asian ethnic groups. [ABSTRACT FROM AUTHOR]

We conduct a comprehensive analysis of Mexican-American entrepreneurship. We find that low levels of education and wealth explain the entire gap between Mexican immigrants and non-Latino whites in business formation rates; together with language ability, these factors explain nearly the entire gap in business income. Legal status represents an additional barrier for Mexican immigrants, reducing business ownership rates by 0.7 percentage points. Human and financial capital deficiencies limit business ownership and business success among second and third-generation Mexican-Americans to a lesser extent. These findings have implications for the debates over the assimilation of Mexican-Americans in the United States. [ABSTRACT FROM AUTHOR]