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Essays on entrepreneurship.

机译：关于企业家精神的论文。

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摘要

This dissertation consists of three essays on entrepreneurship. How prior firm- founding experience affects subsequent venture performance is the common theme in the first two essays. The third essay examines the relationship between bankruptcy law and entrepreneurial activity.;I examine the effect of a founder's prior firm-founding experience on the survival rate of subsequent ventures in the first essay, and on the annualized rate of return on investment in subsequent ventures in the second essay. Estimates of this relationship take into account selection effect of serial entrepreneurs and two roles of venture capitalists (VCs): (i) evaluating venture quality by screening deals and (ii) adding value to the portfolio company through mentoring. An analysis of U.S. VC-financed semiconductor firms that entered the market during 1995-1999 shows that prior firm-founding experience helps entrepreneurs acquire skills that are conducive to the survival of early- stage firms, but not necessarily conducive to the financial success of a venture as measured by the annualized rate of return on investment. In addition, I find that the mentoring role of VCs helps the portfolio company survive through the early stages of a venture and earn a higher rate of return. These findings add to our understanding of how founders acquire entrepreneurial skills and the usefulness of these skills in entrepreneurial activities. These findings also shed light on the potential deadweight loss that may be imposed on the economy if serial entrepreneurs are not been funded because of past failure. Given the low success rate of entrepreneurship, this has implications for countries where failed entrepreneurs rarely get a second chance.;The third chapter investigates the effect of the U.S. bankruptcy reform act of 2005, which made bankruptcy more costly for debtors, on entrepreneurial activity as measured by the likelihood of switching into self-employment. I find that the bankruptcy reform act of 2005 reduced entrepreneurial activity for unincorporated firms and for small incorporated firms but not for medium- or large-size incorporated firms. This implies that evaluation of a country's bankruptcy law, which structures the monetary consequences of failure, should include analysis of the estimated impact of the law on entrepreneurial activity.
机译：本文由三篇关于企业家精神的论文组成。前两篇文章的共同主题是，先前的公司创建经验如何影响后续的企业绩效。第三篇文章探讨了破产法与企业家活动之间的关系。我研究了创始人的先有公司创立经验对第一篇文章中后续企业的生存率以及后续企业的年化投资回报率的影响在第二篇文章中。这种关系的估计考虑了连续企业家的选择效应和风险资本家（VC）的两个作用：（i）通过筛选交易评估风险质量，以及（ii）通过指导为投资组合公司增值。对1995-1999年间进入市场的美国风险投资半导体公司的分析表明，先前的公司创立经验可帮助企业家获得有利于早期公司生存的技能，但不一定有助于某家公司的财务成功。以年化投资回报率衡量的风险投资。此外，我发现风险投资人的指导作用有助于投资组合公司在风险投资的早期阶段生存下来，并获得更高的回报率。这些发现增加了我们对创始人如何获得创业技能以及这些技能在创业活动中的有用性的理解。这些发现还揭示了如果由于过去的失败而无法为连续企业家提供资金的话，经济可能遭受的无谓损失。鉴于企业家精神的成功率低，这对那些失败的企业家很少有第二次机会的国家产生影响。第三章研究了2005年美国破产改革法案的影响，该法案使债务人的破产成本增加，因为用转为自雇的可能性来衡量。我发现，2005年的破产改革法案减少了非法人公司和小型公司的创业活动，但没有减少中型或大型公司的创业活动。这意味着对构成破产的金钱后果的国家破产法的评估应包括对法律对创业活动影响的估计分析。

著录项

  • 作者

    Paik, Yongwook.;

  • 作者单位

    University of California, Berkeley.;

  • 授予单位 University of California, Berkeley.;
  • 学科 Economics General.;Economics Commerce-Business.
  • 学位 Ph.D.
  • 年度 2009
  • 页码 109 p.
  • 总页数 109
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

  • 入库时间 2022-08-17 11:38:25

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